On the 27th of November 2022, the Chairman and owner of the multinational conglomerate Adani Group, Gautam Adani, at the keynote address of the 21st World Congress of Accountants in Jio World Convention Centre, Mumbai, stated that India is on its investable journey to become an economic superpower in the world economy. There are two factors responsible for this remarkable change. According to the Chairman, India now has a majority government of its own after two decades of coalitions and short-term-based governments.
Additionally, the Indian nation is considered a role model for the peaceful transfer of power from one government to the next globally. All of the above has allowed India to initiate structural reforms in its political and administrative systems. Along with the delivery of public services and balancing a long-term view with rapid execution has been incremented gradually. He added that India had completed 75 years of democracy, and through this period, it has seen a remarkable acceleration.
It took 58 years to get to the first trillion dollars of the GDP (Gross Domestic Product), 12 years for the next trillion and a short five years for the third trillion. The current pace will lead India to add trillion dollars to its GDP every 12 to 18 months and exceed 45 trillion dollars.
Adani added that the world is currently facing uncertainty. Numerous factors have intersected and interfered with one another. The Covid pandemic, Russia-Ukraine war, climate change, inflation and their repercussions have impacted Globalisation. The contours of International Relations have changed fundamentally.
Certain assumptions, such as the intactness of the European Union, Russia playing a reduced international role, and China accepting the western democratic systems and support of the developed nations to assist the developing countries during the pandemic, have shattered the myth of a unipolar or bipolar world superpower to step in and stabilise global governments.
According to Adani, in the emergence of the multipolar world, superpowers must take up the responsibility to step in and fight crises and not bully other nations into submission. The superpowers need to keep “Humanity” as their foremost operating principle and focus on a modus operandi based on this principle.
He concluded his talk by stating that if there is a time for becoming an Indian, it is now. The foundation of building a self-reliant and resilient India has been laid. There is a need for India to tap into its markets to help it become self-reliant. A self-reliant India means 100 per cent eradication of poverty, 100 per cent literacy, 100 per cent healthy and 100 per cent vocationally trained. This is what a superpower should be all about.
The World Congress of Accountants has been held every four years since 1904. Around 6000 top accountants from 130 countries took part directly, whereas 10000 joined virtually. This event is organised by the Institute of Chartered Accountants, India (ICAI).
