Washington, June 30 (IANS) India is embarking on sweeping tariff reforms that will create “unlimited opportunity” for global businesses and investors, Fairfax Financial Chairman and CEO Prem Watsa said, as he urged companies in North America to seize the country’s long-term growth story.
Speaking after receiving the 2026 US-India Strategic Partnership Forum (USISPF) Leadership Award, Watsa said India was moving rapidly towards becoming a developed economy by 2047 and was positioning itself as one of the world’s most attractive investment destinations.
“There’s going to be unlimited opportunity for all of you in terms of going to India,” Watsa said. “As Mr. Modi says, ‘Make it in India, build in India,’ which never was the case years ago. Make it in India and sell it all over the world.”
Watsa said he had recently discussed India’s trade reforms with senior Indian officials and was encouraged by the country’s efforts to lower trade barriers.
“I was saying to our ambassador…He says India is in the midst of taking tariffs out for 25 countries… Canada, United States, Europe… 99 per cent of the products will be tariff-free.”
“And then by the end of this year… 60-plus countries, no tariffs.”
He said these measures would significantly expand opportunities for international companies looking to manufacture and export from India.
“The opportunity will be very, very significant,” Watsa said.
The Canadian billionaire investor described India as one of the world’s most compelling long-term growth stories.
“India’s opportunity is massive.”
“Three hundred million in the middle class, going to 600 million… those type of numbers, massive opportunity.”
“You throw in China, you’re gonna see it in India, and India is a democracy.”
He said the policy direction under Prime Minister Narendra Modi had fundamentally changed India’s economic outlook.
“The Prime Minister of India… says 2047 India will be a developed economy.”
“I’ve been fortunate… to know Prime Minister Modi very well,” Watsa said.
Watsa also highlighted the growing entrepreneurial ecosystem in India, saying access to venture capital had transformed opportunities for young innovators.
“Today venture capital… if you have an idea, they don’t care what your caste is. They don’t care where you went to university, what your parents did, what your religion is.”
“They give you money.” “And that’s what India is witnessing today.”
“When you go there, you get very excited about the possibilities.”
Reflecting on his own journey, Watsa recalled arriving in Canada with very little money before building Fairfax Financial into one of the world’s leading investment and insurance companies.
“I came to Canada with very little money.”
“Like many of you came to this wonderful country… North America, such wonderful countries that have unlimited potential.”
“I saw that myself in my experience.”
Watsa also praised the democratic traditions of both India and the United States.
“The United States is… a fantastic country.”
“Two hundred and fifty years… oldest democracy in the world.”
“And India is the biggest democracy.”
“When you put the two together, there’s going to be tremendous opportunity for all of us.”
The awards ceremony also recognised Bharti Enterprises Founder and Chairman Sunil Bharti Mittal, who received the USISPF 2026 Leadership Award in absentia, and RTX Chairman and CEO Christopher T. Calio, whose award was accepted on his behalf by Pratt & Whitney President Shane Eddy.
USISPF cited Mittal’s role in transforming India’s telecommunications sector and Calio’s contribution to expanding aerospace, defence manufacturing and technology collaboration between India and the United States.
The USISPF Leadership Awards honour individuals who have made significant contributions to strengthening economic and strategic ties between India and the United States.
Watsa, whose Fairfax group has invested billions of dollars across India in financial services, healthcare, infrastructure, logistics and technology, was recognised for helping deepen commercial linkages between India, Canada and the United States while promoting long-term investment and philanthropy.
–IANS
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