Sunil Mittal Lauds PM Modi For Making India A Stable Economy

Bharti Airtel's Sunil Mittal recently reflected on a pivotal moment for Airtel during an interview with the Economic Times. 

In 2018, as Airtel grappled with severe challenges due to Reliance Jio's aggressive market entry and stringent telecom regulations, Mittal sought a meeting with Prime Minister Narendra Modi. 

"So I took the liberty and took his permission to talk about the Indian telecom industry. I told him things were going very badly and the situation was getting very alarming," he said.

PM Modi gave assurance of governmental neutrality and non-intervention provided critical support. 

This commitment from the government marked a turning point for Airtel, as it added over $80 billion to its market capitalisation over the past five years.

"He (PM) told me that his government will not tilt towards either side. Whatever is good for the country will be done. You fight in the marketplace. I don't have a view on that. But from the side of the government you can be assured that the government will not take sides," Mittal recalled PM Modi saying.

Mittal's Support Of PM Modi:

Sunil Bharti Mittal said his company thrived in the market because of stability. He dismissed claims that the government only favours a few, calling them "absolutely misplaced."

He explained, "Money is pouring into the country, lots of capital is coming in, and the stock market is rising. These high valuations reflect a stable and functional economy under strong leadership."