India on the cusp of explosive growth, GST is a driving agent: Gautam Adani

Gautam Adani said over the past few years, the Narendra Modi government has introduced "game-changing" policies which will drive foundational changes across India

Chairman of USD 11-billion Adani Group Gautam Adani today said India now stands on the "cusp of explosive growth" and game-changing policies like GST, Aadhaar, and Jan Dhan Yojana will lay the platform for decades of strong growth.

With GDP growth rates of over 7 per cent, it is anticipated that India will become the world's third-largest economy by 2030 and second largest by 2050, he said.

"India now stands on the cusp of explosive growth that barring the US and China, no nation in modern history has witnessed," Adani said while addressing the SRCC Business Conclave.

He said over the past few years, there has been a dramatic progress in positioning India as a nation integrated into the global economy, a nation flexing its power and building key strategic alliances and a nation that is firm yet restrained and extending a helping hand to those in need.

Adani said over the past few years, the Narendra Modi government has introduced "game-changing" policies which will drive foundational changes across India.

The implementation of the GST - while still to be streamlined - will unify internal markets and become the catalyst for GDP growth, he said.

Stating that Aadhaar is a "remarkable initiative" of getting 1.3 billion people on one common identification platform is a game changer for both tax collections and direct benefits distribution, Adani said it will transform the way the government manages its subsidies.

Over 31 crore bank accounts opened under the Jan Dhan Yojana in just three years and have yielded a staggering Rs 73,000 crore of deposits.

Besides, the Digital India revolution is on track to ensure over 100 crore of our fellow countrymen have a mobile device in their hands by 2020 and over 50 crore internet users come online - thereby enabling a technology revolution of unprecedented scale, he said.

"The combination of these initiatives will change India in ways hard to imagine. It will unlock the bottom-of-the-pyramid and lay the platform for expanding the middle class and setting off decades of strong growth," Adani said.

He also highlighted the hurdles to economy saying India faces deepening income inequality, the challenge of income security of farmers, job growth, and increased geostrategic polarisation.