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The same as Prime Minister Modi, Gautam Adani says, ‘This Would Not Work For India.’

China will feel more alone, according to billionaire Gautam Adani, as the second-largest economy in the world is threatened by rising nationalism, changes in supply chains, and technological limitations.
The third-richest man in the world said at a conference in Singapore on Tuesday that Beijing’s worldwide ambitions have been hampered by hostility to China’s Belt and Road Initiative in many nations. He continued by saying that the collapse of the property market there has prompted analogies to what occurred in Japan during the 1990s ‘lost decade.’ Although I anticipate that all of these economies will eventually adapt and rebound, he said, ‘the friction to the bounce-back looks significantly harder this time.’
Adani’s remarks on China and the world economy come as the 60-year-old ports-to-power entrepreneur seeks to increase his international image after increasing his personal wealth by more than $58 billion this year. He claimed that by raising interest rates so high that they could send an economy into a recession, central banks are doing the ‘unthinkable.’
In addition, he responded to criticism of India’s plans to create more electricity using polluting fossil fuels, as the tycoon funds and supports both sides of the green energy debate.
Critics want us to immediately stop using any fossil fuels that India needs to support its large population, he said. ‘India would not benefit from this.’
Adani, a billionaire, underlined his intention to invest $70 billion in transition while mobilising his conglomerate’s resources towards renewable energy. At the same time, Adani has come under attack from environmental organisations who assert that his plans to finance additional coal mines and fossil fuel-powered plants are part of his energy ambitions.
The businessman’s remarks are similar to those of Prime Minister Narendra Modi, who has attributed historic emissions from the industrialised world to climate change and made it his goal to supply energy to every Indian home, which requires inexpensive fuel.
India, the third-largest emitter of greenhouse gases in the world, will add nearly 56 gigawatts of coal power capacity unless the cost of storing electricity significantly decreases, according to Power Minister Raj Kumar Singh, who spoke to Bloomberg News this month. This is because the government places a high priority on economic growth and a consistent supply of electricity.
According to Singh, India is likewise preparing large investments in renewable energy. India is delaying the closure of ageing coal plants and expanding mining output as a result of the country’s spike in electricity consumption this summer as a result of record-high temperatures.


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