‘China will feel increasingly isolated,’ says Gautam Adani
television 2023-11-29 12:38:41869323
Gautam Adani, China, which was once regarded as the leading proponent of globalisation, may face significant challenges in its quest to revive its economy and will likely have to deal with isolation as foreign investors look for alternative opportunities. Adani listed out increasing nationalism, supply chain risk mitigation, and technology restrictions among the challenges that could impact the second largest economy in the world. Adani made these remarks while delivering the keynote address at the 20th Forbes Global CEO Conference held in Singapore. “I anticipate that China - that was seen as the foremost champion of globalisation - will feel increasingly isolated. Increasing nationalism, supply chain risk mitigation, and technology restrictions will have an impact. China's Belt and Road initiative was expected to be a demonstration of its global ambitions, but the resistance now makes it challenging," he said. Adani discussed India's economic prospects in his nearly 30-minute speech. He claimed that although India's economy is far from perfect, it is precisely this imperfection that makes the nation's democracy unique. "What many see as India`s imperfections reflects a thriving and noisy democracy. Only the free can afford to make noise - to have their imperfections visible. To over-manage this would be to destroy India`s unique ability to express its diversity,'' Adani said. Adani, who recently surpassed Amazon CEO Jeff Bezos to take second place in the list of richest people in the world, noted that India recently surpassed China to become the fifth-largest economy in the world and is on track to overtake it by 2030. "The fact is India`s real growth is just starting - as it goes from its 75th year of freedom this year - towards its 100th year of independence. Our country calls this period - Amrit Kaal. Meaning the perfect period for beginning a better tomorrow," he said. Adani stated that when looking ahead to India's next 25 years, "India will easily reach its goal of having a completely literate population. Prior to 2050, India will also be free of poverty. "He said India will also be the country that attracts the highest levels of foreign direct investment given the sheer scale of consumption of 1.6 billion people. “We will be the country that will go from a 3 trillion-dollar economy to a 30 trillion-dollar economy, a country with a stock market capitalization of 45 trillion dollars, and a country that will be supremely confident of its position in the world," he added. Adani went on to elaborate on the country's growth prospects, claiming that it is full of amazing opportunities and that its true growth story has only just begun. "This is the best window for companies to embrace India's economic resurgence and the incredible multi-decade tailwind the world's largest and most youthful democracy offers," he said. (with inputs from ANI)
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