India to become $40-trillion economy in Amrit Kaal: Mukesh Ambani

Reliance Industries Ltd (RIL) chairman Mukesh Ambani has said that from a $3-trillion economy, India will grow to become a $40 trillion economy by 2047, a 13-fold jump in the next 25 years. The mega-billionaire, at the 10th convocation of PDEU (Pandit Deendayal Energy University), said the clean energy revolution and digitalisation will propel India to become the world's third-largest economy by 2047.

India is currently the fifth largest economy in the world behind the U.S., China, Japan and Germany. In September, it overtook the U.K. to become the world's fifth-largest economy, the IMF data showed. A decade back, India was among the 11th biggest economies, while the U.K. was in the fifth position.

"As Amrit Kaal unfolds, India will witness an unprecedented explosion in economic growth and opportunities. From a $3 trillion economy, India will grow to become $40 trillion by 2047, ranking among the top three economies of the world in your working life," Ambani said during the convocation.

Amrit Kaal is referred to as the 25-year period from 75 years to 100 years of India's independence, which will be in 2047. The clarion call to make India a developed nation in the ‘Amrit Kaal’ was first given by Prime Minister Narendra Modi during his Independence Day speech this year.

Projections by Ambani are more optimistic than Adani group chairman and billionaire Gautam Adani’s estimates, who this year said India’s GDP will go from $3 trillion to $30 trillion by 2050, aided by the digital revolution that'll transform every type of activity at a national scale.

The RIL chairman said three game-changing revolutions will govern India's growth in the decades ahead -- the clean energy revolution, the bio-energy revolution and the digital revolution. Together, they'll transform lives in ways unimagined, he said. "While the clean energy revolution and the bio-energy revolution will produce energy sustainably, the digital revolution will enable us to consume energy efficiently," he said, adding that these three revolutions were crucial to saving the planet from the climate crisis.

To the students, Ambani said three mantras can help them achieve success -- think big, think green and think digital. "Clean energy movement is about adopting a green mindset. It is about being sensitive to mother nature. In your mission of making India a clean energy leader, digitisation will play the role of a force multiplier," said Ambani.

Ambani-led RIL, India's biggest private company by market cap, is investing heavily to build green energy and digital infrastructure. It's already a leader in key industries like oil and refining, telecom and retail.

This year in August, Ambani announced a giga-factory for photovoltaic panels, energy storage, green hydrogen and fuel-cell systems. The company is also building significant capabilities in the design and manufacturing of power electronics and software systems, integrating with its capabilities in telecom, cloud computing and IoT.

Last year, Ambani announced the setting up of Dhirubhai Ambani Green Energy Giga Complex, Jamnagar, a new energy manufacturing ecosystem where RIL will invest ₹75,000 crore. As the world moves from oil to green energy solutions, Ambani said RIL will set up at least 100GW of solar energy by 2030.