Gautam Adani
India, US need to resolve issues relating to strategic areas to cooperate, says Gautam Adani
New Delhi: The existing $150 billion India-US trade is “no more than a speck in the ocean” given that the combined value of the GDP of the two nations in 2050 is expected to be a staggering USD 70 trillion dollars or 35-40 percent of the global economy, billionaire businessman Gautam Adani Wednesday said.
He also pointed out that in the same year, the combined population of the two countries will be over 2 billion with a median age of less than 40 years as compared to the already median age of 44 in Europe and 40 in China.
Adani was speaking at a US-India Business Council (USIBC) award function in New Delhi where he was presented with the USIBC Global Leadership Award for 2022.
On the stuck India-US trade deal, he said the two countries need to resolve issues relating to trade and tariffs to cooperate, especially in some strategic areas.
"What we cannot afford - is to remain stuck in the belief - that all aspects of trade and relations are being hampered as a result of tariffs," he said.
“While negotiators from both our countries have struggled to reach a deal on a trade package and tariffs, I believe we are closer than ever before to addressing the open matters. I am confident we will resolve this and mutually accept some compromises," he added.
Adani said climate change, semiconductors, healthcare, defence and cyberspace among the strategic areas where US and India can progress jointly. He said the US could provide technology to India in defence and cyber.
Reasserting his commitment to green energy, Gautam Adani said his conglomerate will set up three gigafactories to manufacture renewable energy equipment, including solar panels, wind turbines, and hydrogen electrolyzers.
This is part of Adani's plan to invest USD 70 billion in clean energy by 2030.
It is increasing investment in the green energy value chain to be the biggest renewable energy producer in the world by 2030.
With the fulfillment of this plan, there will be an addition of 45 GW to Adani Group's existing 20 GW capacity as well as 3 million tons of hydrogen by 2030, Gautam Adani said.
This value chain will be fully indigenous and aligned with the geopolitical needs of our nation, he added.
Adani's announcement comes after, Reliance Industries chairman Mukesh Ambani announced a fifth gigafactory last week as part of an investment in low carbon energy.
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