The significant valuations of Indian companies, including the $1 billion valuation of his own company, are attributed to a stable and robust economy under “a very solid leader,” as stated by Sunil Mittal, the founder of Airtel.
In an interview with the Economic Times published on Thursday, Mittal discussed how a meeting with Prime Minister Narendra Modi in 2018 proved to be a turning point for Bharti Airtel, enabling the company to grow amidst intense competition from new entrant Reliance Jio. Mittal emphasized that Prime Minister Modi’s clear message of his government not favoring any particular corporate was inspiring and reassuring.
Mittal recounted his meeting with Prime Minister Modi in September 2018, during which the Prime Minister assured him that his government would act impartially and prioritize the country’s best interests. This certainty allowed companies like Bharti Airtel to compete effectively in the market, according to Mittal. He also dismissed claims that the government only favored a few companies as “absolutely misplaced.”
Mittal also mentioned the impact of Jio’s disruptive entry into the telecom market in 2016, which led to Airtel losing its position as the nation’s No.1 telecom firm. He expressed concerns about certain regulations favoring Jio and sought the Prime Minister’s assurance that the government would not take sides.
Mittal shared that the meeting with Prime Minister Modi provided him with inspiration and reassurance. He highlighted the Prime Minister’s message of allowing fair competition in the marketplace while ensuring that government actions would be in the nation’s best interest. This assurance led Mittal to reconsider the impact of certain regulations on Airtel and view them in a broader context.
Jio’s entry significantly transformed the landscape of the internet in India, making data tariffs more affordable and driving mass smartphone adoption, which, in turn, accelerated the uptake of digital payments.
