Ambani says Indian economy to grow 13-fold to $40 trillion by 2047

Mukesh Ambani said the COVID-19 period was a trial by fire that taught invaluable lessons, shaped better professionals and made people tougher from within

India is likely to become a $40 trillion economy by 2047 — a 13-fold jump from its current size — driven primarily by a clean energy revolution and digitalisation, billionaire Mukesh Ambani said on Tuesday.

Mr. Ambani's estimate for the Indian economy, currently the fifth largest in the world behind only the U.S., China, Japan and Germany, is more optimistic than Asia's richest man Gautam Adani, who last week stated that India will become a $30 trillion economy by 2050 on back of rising consumption and socio-economic reforms.

"From a 3 trillion-dollar economy, India will grow to become a 40 trillion-dollar economy by 2047, ranking among the top three economies of the world," Mr. Ambani said at the 10th convocation of Pandit Deendayal Energy University.

As the 'Amrit Kaal' — the period between now and 2047 when India will be celebrating 100 years of independence — unfolds, the country will witness an unprecedented explosion in economic growth and opportunities, he asserted.

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"Three game-changing revolutions will govern India's growth in the decades ahead," he said. "The clean energy revolution, the bio-energy revolution and the digital revolution."

Mr. Ambani's oil-to-telecom conglomerate Reliance Industries Ltd has a finger in each of the pies as it invests billions of dollars in creating a clean energy value chain from solar panels to hydrogen. His Jio disrupted the telecom sector, offering free voice calls and dirt-cheap data which played the role of a catalyst in bringing about the digital revolution in the country.