Washington — India’s push to reduce tariffs and expand free trade will create “unlimited opportunity” for global businesses and investors, Fairfax Financial Chairman and CEO Prem Watsa said.
Speaking after receiving the 2026 U.S.-India Strategic Partnership Forum Leadership Award, Watsa said India is moving rapidly toward its goal of becoming a developed economy by 2047 and is emerging 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 officials and was encouraged by efforts to lower barriers with major trading partners.
“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,” Watsa said. “And then by the end of this year… 60-plus countries, no tariffs.”
He said the measures would significantly expand opportunities for international companies seeking to manufacture goods in India and export them worldwide.
“The opportunity will be very, very significant,” Watsa said.
The Canadian billionaire investor pointed to India’s expanding middle class as a major driver of long-term economic growth.
“India’s opportunity is massive,” Watsa said. “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.”
Watsa said Prime Minister Narendra Modi’s policies had fundamentally changed the country’s economic outlook.
“The Prime Minister of India… says 2047 India will be a developed economy,” Watsa said. “I’ve been fortunate… to know Prime Minister Modi very well.”
He also highlighted the growth of India’s entrepreneurial ecosystem and said access to venture capital had opened new opportunities for young innovators regardless of their backgrounds.
“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,” Watsa said. “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 career, Watsa recalled arriving in Canada with little money before building Fairfax Financial into a major global insurance and investment company.
“I came to Canada with very little money,” Watsa said. “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 India and the United States, saying closer cooperation between the two countries would generate significant economic opportunities.
“The United States is… a fantastic country,” Watsa said. “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 ceremony also honored Bharti Enterprises founder and Chairman Sunil Bharti Mittal, who received the USISPF Leadership Award in absentia, and RTX Chairman and CEO Christopher T. Calio. Calio’s award was accepted by Pratt & Whitney President Shane Eddy.
USISPF recognized Mittal for helping transform India’s telecommunications industry and Calio for supporting greater aerospace, defense manufacturing and technology cooperation between India and the United States.
Watsa was honored for strengthening commercial ties among India, Canada and the United States while promoting long-term investment and philanthropy. Fairfax has invested billions of dollars in India across financial services, healthcare, infrastructure, logistics and technology. (Source: IANS)
