India's richest man predicts economic growth to reach $40 trillion by 2047

Asia's richest man, Mukesh Ambani, believes that India's economy will grow from $3.5 trillion to $40 trillion by 2047 . The World Bank predicted that by 2047 India will be among the countries with high income levels Mukesh Ambani

India's economy will grow to $40 trillion by 2047 from the current $3.5 trillion. This forecast was made by the richest man in Asia, the HEAD of Reliance Industries, Mukesh Ambani ($92.8 billion according to FORBES , 15th place in the world), speaking at an event of the Pandit Deendayal Energy University (PDEU) in Gandhinagar, Gujarat, Hindustan Times reports.

He believes India's energy needs will double by the end of the decade, so to support such growth, the country will need "enormous amounts of energy - clean, green energy that does not suffocate Mother Nature for the sake of human progress."

In this regard, India faces three questions, which Ambani called the “energy trilemma”:

ensuring access to “adequate” energy for all consumers in the country; rapid transition to clean energy; reducing the risk of increasing needs of a fast-growing economy due to an unstable external environment.

Ambani believes that the energy transition is the most important factor in making India a global leader in green, sustainable and inclusive development. Addressing the students, he stated, “Know that you are truly fortunate to be young in today's India... An India that is today marching forward so confidently that the 21st century will truly be India's century.”

India, with a population of 1.4 billion, is one of the world's fastest-growing economies and could achieve high-income status by 2047, according to the World Bank. Growth over the past two decades has meant that India has made significant progress in reducing extreme poverty. Between 2011 and 2019, the country halved the proportion of its population living in extreme poverty (by less than $2.15 per person per day). However, the pace of poverty reduction has slowed in recent years, especially during the covid-19 pandemic , the World Bank notes.

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According to a forecast published in July by the American investment bank Goldman Sachs, India's economy will become the second largest in the world by 2075, overtaking Japan, Germany and the United States and approaching CHINA. The bank predicts that China's economy will be $57 trillion in 52 years, India's will be $52.5 trillion, and the United States' economy will be $51.5 trillion.