Gautam Adani on Hindenburg report: ‘It was not a typical financial strike…’

Gautam Adani asserted that India is on a path to a $30 trillion economy by 2050, with significant GDP growth anticipated.

Gautam Adani, Adani Group chairman said that India is on track to becoming a $30 trillion economy by 2050 as the country poised to add a trillion dollars to its GDP every 18 months in the next decade. Addressing students of Mumbai’s Jai Hind College, he said that after Independence, India took 58 years to reach its first trillion dollars of GDP, 12 years for the next trillion, and just 5 years for the third.

Gautam Adani speaks during an interview in Ahmedabad. (Reuters)

“I anticipate that in the next decade, India will begin adding a trillion dollars to its GDP every 18 months putting us on track to become a $30 trillion economy by 2050. This pace and scale of growth will drive incredible possibilities for all of us,” he said.

India, however, faces several challenges, he said, adding, “Given the all-round progress we have witnessed over the past decade, we can be optimistic that we will have the economic strength to work through the challenges.”

Talking about US-based short seller Hindenburg Research’s report in January last year, hr said, “This was not a typical financial strike. It was a dual assault targeting our financial stability and pulling us into a political storm. It was a calculated move, timed just days before the close of our follow-on public offer and designed to cause maximum damage, and amplified by certain media with vested interests."

He added, “In the middle of this turbulence, we made an extraordinary decision. After successfully raising ₹20,000 crore through India’s largest-ever FPO, we decided to return the proceeds as a sign of commitment to the values we hold."