Singapore: China, which was previously seen as the leading proponent of globalisation, may face significant challenges in its quest to revive its economy and will likely have to deal with isolation as foreign investors look for alternative opportunities, the chairman of the Adani Group Gautham Adani said.

During his keynote speech at the 20th Forbes Global CEO Conference in Singapore, Adani said that he identified several issues that might affect the world's second-largest economy, including rising nationalism, supply chain risk mitigation, and technological limitations.

Adani Group mentioned the property and credit concerns in China and linked them to what occurred to Japan's economy during the 1990s "lost decade." While he expects  that all of these economies would eventually rebalance and recover, he noted that this time around for China, "the friction of the bounce-back appears significantly worse."
"China, which was once seen as the leading proponent of globalisation, will likely feel more alone, in my opinion. Technology limitations, supply chain risk reduction, and rising nationalism will all have an effect. Although the Belt and Road programme was supposed to be a sign of China's desire to expand globally, the opposition today makes it difficult," Adani said.

Adani discussed India's economic prospects in his approximately 30-minute speech. He claimed that although India's economy is far from flawless, its imperfections are what make the nation's democracy unique.

"What many people perceive as India's flaws is actually a thriving, boisterous democracy. Only those who are free can afford to draw attention to themselves and make their flaws obvious. Overregulating this will obliterate India's special capacity to showcase its variety," Adani said.

Adani, who recently overcame Amazon CEO Jeff Bezos to claim the title of second-richest man in the world, noted that India had just moved up to fifth place in the global economic rankings and is expected to overtake China as the third-largest economy by the year 2030.

"The truth is that as India approaches its 100th year of independence and enters its 75th year of freedom this year, its real growth has just begun. This time frame is known in our nation as Amrit Kaal. Specifically, the ideal time to start building a brighter tomorrow " he added.

Adani said that when looking ahead to India's next 25 years, "India will easily reach its goal of having a 100% literacy rate. Prior to 2050, India will also be rid of poverty." Given the size of its population (1.6 billion) India will also be the nation that draws the biggest levels of foreign direct investment, he  said. "We will be the country with a stock market capitalization of 45 trillion dollars, a country that will be supremely assured of its position in the world, and a country that will go from a 3 trillion dollar GDP to a 30 trillion dollar economy," he added.

Adani went on to say that by describing the huge potential opportunities in India and claiming that the country's true growth story has only just started. The world's largest and most recent democracy offers a fantastic multi-decade tailwind, he said, and here is the perfect time for businesses to take use of it.

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