Billionaire industrialist Gautam Adani on Wednesday said that existing $150 billion of bilateral trade between the US and India is no more than a speck in the ocean and far more needs to be done. His comments came after he was honoured with the USIBC Global Leadership Award.
"The theme of this summit –Maximizing the Next 75 Years of US-India Prosperity– is impeccable in terms of timing. There can be no disagreement that given the fast-evolving and new emerging global dynamics–the success of the partnership –between the two largest global democracies of India and the United States –will be one of the most defining relationships of this century. However, while there is strategic alignment–I am sure we would all agree that far more needs to be done in terms of ground execution," Adani said.
Stressing upon the business opportunities that arise from climate change he said that cooling the planet down – equitably – is necessary and can be one of the most profitable businesses over the next several decades.
"The first and foremost– not surprisingly –is Climate Change. There has been a lot of talk about the developed nations supporting the developing nations but far more needs to be done– urgently –in terms of partnering in this space. Cooling the planet down – equitably – is necessary and can be one of the most profitable businesses over the next several decades. With the signing of the US climate bill into law, both our nations must find a mechanism to benefit from this massive stimulus. The governments have done their part, it’s now the job of the businesses to find a way to collaborate," the world's third richest person said.
Adani added that his group has committed to invest $70 billion towards its fight against climate change and it will build giga factories, make polysilicon, solar modules, wind turbines and hydrogen electrolyzers.
"The Adani Group has already committed $70 billion to this effort. This will see us building three giga factories in India leading to one of the world’s most integrated green-energy value chains. This will extend from polysilicon to solar modules, complete manufacturing of Wind Turbines, and the manufacturing of Hydrogen Electrolyzers. As a result, we will generate an additional 45 GW of renewable energy to add to our existing 20 GW capacity, as well as 3 million tons of Hydrogen – all of which will be completed before 2030. This value chain will be fully indigenous and aligned with the geopolitical needs of our nation. However, I believe we can further accelerate our goals with support from companies in the US that are willing to work with us," Adani said.
Delving upon need to manufacture semiconductors in the country he said that while India has the best global pool of millions of engineers but but the primary value addition to the businesses happens outside India.
"We live in a world where semiconductors are essential to almost all sectors of the economy. The ongoing war has only accelerated this recognition. The paradox of capitalism is that India continues to be the best global pool for millions of engineers – especially for US companies – but the primary value addition to the businesses happens outside India. The semiconductor industry is a classic example with more engineers deployed in India than anywhere else in the world, and yet, India has no semiconductor plant. India cannot remain dependent on global supply chains that are based on semiconductor nationalism and will need US support with technology transfer," Adani said.
