Sunil Bharti Mittal Urges Increased Domestic Investment Amid Global Economic Challenges
Sunil Bharti Mittal says now is the time to ‘double down’ on investing in India: 'Cut obsession with gold imports'
Mint
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Sunil Bharti Mittal, Chairman of Bharti Airtel, has called for increased domestic investment in India, urging industries to move away from gold imports and focus on renewable energy. Speaking at the Confederation of Indian Industry Annual Business Summit, he emphasized the importance of supporting India's economy during global uncertainties.
- 01Mittal advocates for reducing gold imports and increasing domestic investments.
- 02He highlights the need for renewable energy to lower energy costs.
- 03The ongoing Middle East conflict is impacting global economies, including India.
- 04Airtel plans to invest ₹31,000 crore (approximately $3.7 billion USD) in capital expenditure for 2024-25.
- 05PM Modi has made appeals to conserve energy and reduce imports.
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Sunil Bharti Mittal, the Chairman of Bharti Airtel, emphasized the urgent need for increased domestic investment in India at the Confederation of Indian Industry Annual Business Summit. He supported Prime Minister Narendra Modi's call for reducing the nation's obsession with gold imports, advocating for a focus on renewable energy to lower costs. Mittal acknowledged the global economic challenges, particularly the pressures stemming from the ongoing US-Iran conflict, which have significant implications for India. He noted that despite these challenges, India's economy is growing at a rate of 6% to 7% annually, and urged industries to invest more in the country. Mittal revealed that Airtel plans to invest ₹31,000 crore (approximately $3.7 billion USD) in capital expenditure for the fiscal year 2024-25. He was also honored with the CII President’s Award for Lifetime Achievement for his contributions to India's economic growth and nation-building efforts. In response to the current situation, PM Modi has made several appeals to citizens, including prioritizing working from home and reducing gold purchases for one year.
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Increased domestic investment could lead to job creation and economic stability in India, especially during global uncertainties.
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