Team News Riveting
New Delhi, September 7
Gautam Adani, the Chairman of integrated business conglomerate Adani Group, said there could be no disagreement that given the fast-evolving and new emerging global dynamics, the success of the partnership between the two largest global democracies of India and the United States would be one of the most defining relationships of this century.
“A central element of the India-U.S. relationship will need to be the mutual acceptance – that free trade, openness, and integration into each other’s economies – are needed to set the foundation for the range of possibilities that remain unexploited,” Adani said in his address after receiving the prestigious USIBC Global Leadership Award. The theme of the summit – Maximizing the Next 75 Years of US-India Prosperity – is impeccable in terms of timing, he said, adding that while there is strategic alignment, they would all agree that far more needed to be done in terms of ground execution.
“I would therefore urge the USIBC to facilitate a broader platform that brings together executives from similar industries on both sides on a regular basis. There are a lot of gains to divide with the size of the two economies beginning to converge as we approach 2050,” Adani said. “The outcome from these forums would be multiple. It would lay the foundation for a broader business development platform, continuously highlight the policy challenges that must be addressed, as well as get the businesses and policymakers on a common platform,” he added.
Vice Chairman Nasdaq, Ed Knight Executive Vice President and Head of International affairs of US Chamber of Commerce, Myron Brilliant President of US India Business Council, Ambassador Atul Keshap and distinguished guests were present on the occasion.
The founder of Adani Group said it was an honour to be a recipient of the USIBC Global Leadership Award. “I am grateful to have the opportunity to speak in the presence of so many industry leaders and senior government officials. At a personal level, the fact that the award comes on the occasion of the 75th anniversary of India’s freedom makes it even more significant and memorable,” he added.
Elaborating on some macro numbers, he said if they fast forward to 2050, the combined value of the US and Indian GDP is expected to be a staggering 70 trillion dollars. It would make up 35-40 per cent of the global economy. By 2050, the combined population of the two countries will be over 2 billion people – and about 20 per cent of the global population. More importantly, the combined median age of the two nations will still be less than 40 years even in 2050. Contrast this with Europe and China – the median age in Europe is already 44, and in China, 40 years.
When seen through these lenses of economics and the raw power of consumption it is evident that the existing 150 billion dollars of bilateral trade between the US and India is no more than a speck in the ocean.
Asserting that the outcome from these forums would be multiple as it would lay the foundation for a broader business development platform, Adani urged USIBC to facilitate a broader platform that brings together executives from similar industries on both sides on a regular basis. There are a lot of gains to divide with the size of the two economies beginning to converge as they approach 2050.
