India likely to become the 3rd largest economy by 2030, says Mukesh Ambani

Reliance Industries Limited (RIL) Managing Director and Chairman Mukesh Ambani on Wednesday said that Asia is leading towards an inclusive global economy and India is likely to overtake countries to become the 3rd largest economy by 2030. India’s growth story will be more exciting in the coming decades. It is India’s time, he said while talking to Dr Raghunath Anant Mashelkar at the Asia Economic Dialogue.

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India could become a global green energy superpower with exports of clean energy rising to $500 billion over the next 20 years, said Ambani, reports Reuters.

Several Indian companies, including Reliance, have announced plans worth billions of dollars to boost India’s renewable energy capacity, including building battery storage, fuel cells, and producing green hydrogen for less than $1 per kilogram.

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Ambani said, “If in the last 20 years, we were known for India’s emergence as an IT superpower, the next 20 years, I believe, along with technology, will mark our emergence as a superpower in energy and life sciences”.

He pointed to climate change as the biggest threat to mankind and called for a green industrial revolution. Transitioning to clean energy is not an option anymore, it’s a compulsion. “We only have one planet, there is no planet B,” said Ambani.

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India should build a strategy to end dependence on fossil fuels in the next two to three decades, said one of the world’s richest men. India’s power sector is heavily reliant on coal and it is the world’s third-largest oil importer and consumer.

The billionaire said that in the coming two to three decades, India’s dependence on coal and imported oil will continue but we should have a plan to eliminate them.

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In the near and medium term, India would have to follow “low-carbon and no-carbon strategies,” he added.

Ambani said, “We have to make sure (we)… bring the cost of green hydrogen at a dollar per kilo and make sure that we transport and disburse it also at less than a dollar per kilo.”

“I think we will be able to do all this plus or minus 20%,” he added.