Billionaire Gautam Adani said China will feel increasingly isolated as rising nationalism, shifts in supply chains and technology curbs threaten the world’s second-biggest economy.
China’s Belt and Road Initiative has run into resistance in many countries, challenging Beijing’s global ambitions, the world’s third-richest man told a conference in Singapore on Tuesday. The property market meltdown there has drawn comparisons with what happened to Japan during the “lost decade” of the 1990s, he added.
“While I expect all these economies will readjust over time — and bounce back — the friction to the bounce-back looks far harder this time,” he said.
Adani’s comments on China and the global economy come at a time when the 60-year-old ports-to-power tycoon is seeking to raise his international profile as he added more than $58 billion to his personal fortune this year. Central banks are doing the “unthinkable” by raising interest rates so much that they can crash an economy into recession, he said.
He also hit back at criticism over India’s plans to increase the amount of power it generates from dirty fossil fuel as the tycoon funds and straddles both sides of the green-energy divide.
“Critics would have us instantly get rid of all fossil fuel sources that India needs to serve large population,” he said. “This would not work for India.”
Adani’s conglomerate is marshaling its resources into renewables and the billionaire reiterated his plans to invest $70 billion for transition. At the same time, Adani has faced pressure from environmental groups who claim his energy ambitions also include the financing of new coal mines and fossil-fuel powered plants.
The tycoon’s comments mirror those of Prime Minister Narendra Modi, who has blamed climate change on historic emissions from the developed world and made it his mission to provide electricity to every Indian home, for which he needs cheap fuel.
Despite being the world’s third-biggest emitter of greenhouse gases, India will add nearly 56 gigawatts of coal power capacity unless there’s a substantial drop in the cost of storing electricity as the government prioritizes economic growth and reliable electricity supply, Power Minister Raj Kumar Singh told Bloomberg News this month.
India is also planning major investments in renewable energy, Singh said. India, which saw power demand surge this summer as temperatures rose to a record, is also delaying shutting older coal plants and increasing mining output.
‘You made me Chief Minister, I paid back…’: Jitan Ram Manjhi to Nitish Kumar
Jitan Ram Manjhi has said he repaid a favour to Chief Minister Nitish Kumar by contributing four crucial votes for him in the Bihar Assembly.
Bihar’s former Chief Minister and Hindustani Awam Morcha (HAM) chief Jitan Ram Manjhi on Friday said he repaid a favour to Chief Minister Nitish Kumar by extending him his support to form a government with the NDA in Bihar.
Speaking at an event, Jitan Ram Manjhi recalled the Chief Minister secured a total of 125 votes in the Bihar Assembly. He asserted he contributed to four votes for Kumar.
What James Prinsep and his 200-year-old map reveal about Gyanvapi
James Prinsep, because of whom the world knows of emperor Ashoka, lived in Varanasi for 10 years. In 1831, the British scholar drew a lithographic map of the old Kashi Vishwanath temple, and showed how Aurangzeb’s Gyanvapi mosque stood on it. That will now be a crucial piece of evidence.
At a walking distance from Kolkata’s Eden Gardens is the Prinsep Ghat on the banks of the Hooghly. One gets a close view of the Vidyasagar Setu and can take a boat ride on the River Hooghly from Prinsep Ghat.
The ghat is named after James Prinsep, a British numismatist and archaeologist, who made significant contributions to India’s historiography. He came to India when he was 28 and was the youngest fellow of the British Asiatic Society.
In address to Parliament, President Droupadi Murmu hails Ram Mandir, says strong government India’s advantage
strong and stable government would lead to rapid development at the domestic level and could place the country as “Vishwa-Mitra” (friend of the world) during the period of upheaval in the global scenario, President Droupadi Murmu said on Wednesday in her last address to the joint session of Parliament ahead of the Lok Sabha elections.
In her almost 90-minute long speech, President Murmu, who listed the achievements of the Narendra Modi-led governments in the last decade, said that January 22, the day the newly constructed Ram temple in Ayodhya was consecrated, was a defining moment.
“There come junctures in the history of civilizations which shape the future for the coming centuries. There have been many such defining moments in the history of India too. This year, on January 22, the country witnessed a similar epochal moment. After waiting for centuries, Ram Lalla has now been enshrined in his grand temple in Ayodhya,” the President said in her address.