Sunil Bharti Mittal Calls for Increased Investment in India, Reduced Focus on Gold Imports
India's Telecom Czar Backs PM Modi's Call for Domestic Investment Amid Global Uncertainties
Sunil Bharti Mittal, Chairman of Bharti Airtel, India's telecom czar, has voiced his support for Prime Minister Narendra Modi's appeal to help the country navigate global economic uncertainties. Speaking at the Confederation of Indian Industry Annual Business Summit, Mittal emphasized the need for increased domestic investment in India.
Mittal highlighted the importance of investing within India, citing his own company's experience. In 2024-25, Bharti Airtel spent approximately ₹31,000 crore in capital expenditure, with an additional ₹7,000 crore invested in a subsidiary for tower infrastructure. He emphasized that this is not the time to shy away from investment, but rather to double down on domestic investment, as the underlying growth in the country remains strong.
The current global economic situation, fueled by soaring crude oil prices and the ongoing US-Iran conflict, has created significant pressure on global economies, including India. Mittal acknowledged that the country has been growing at a rate of 6-7% year over year, but emphasized the need to address the challenges posed by the current situation.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
In addition to advocating for domestic investment, Mittal also emphasized the importance of using renewable energy. He stated that the industry must move faster towards renewable energy to reduce energy costs and reliance on imported fuel.
The Prime Minister's message, according to Mittal, was "profound" and emphasized the need for industry to play its role in helping the country navigate these challenging times. He noted that India has millions of people employed in the industry and that the country must take steps to mitigate the impact of global economic uncertainties.
| Company | Capex (₹ crore) | Year |
|---|---|---|
| Bharti Airtel | 31,000 | 2024-25 |
| Bharti Airtel (including subsidiary) | 38,000 | 2024-25 |
Mittal was conferred with the CII President's Award for Lifetime Achievement at the summit in recognition of his leadership, contribution to India's economic growth, and commitment to nation-building.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
In related news, Prime Minister Modi on Sunday urged citizens to adopt a series of measures to conserve energy amid the ongoing Middle East conflict. His seven key appeals include:
- Prioritizing working from home wherever possible
- Avoiding the purchase of gold for one year
- Reducing petrol and diesel consumption by using the metro or public transport
- Cutting down the use of cooking oil
- Avoiding foreign travel for one year
- Reducing dependence on chemical fertilizers and moving towards natural farming
- Using fewer foreign products and adopting Swadeshi
Investor Takeaway
Investors should consider the potential impact of increased investment in India and reduced focus on gold imports on the country's economy.
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