Sunil Bharti Mittal says now is the time to ‘double down’ on investing in India: ‘Cut obsession with gold imports’

Sunil Bharti Mittal, Chairman of Bharti Airtel and often referred to as India’s telecommunications czar, on Monday backed Prime Minister Narendra Modi’s call for more investment in India to help the country weather global economic uncertainties. Speaking at the Confederation of Indian Industry Annual Business Summit, Mittal said, “We need to get rid of the obsession with importing gold.”

He said the Prime Minister’s message was profound and the industry must do its part. “We cannot escape the economic difficulties the world is going through. We need to do our part. We employ millions of people. We need to get rid of this gold import obsession. We need to reduce our energy costs. We need to move faster towards renewable energy in our industry.”

Amid the energy crisis fueled by rising global crude oil prices and the ongoing US-Iran conflict, Mittal has also advocated the use of renewable energy.

“We are living in difficult times. We, as a country, are progressing at an incredible pace and are growing at 6 to 7 percent every year. Overall, things are looking very good. But there are situations that are beyond everyone’s control. The current problem we all face in the Middle East is putting tremendous pressure on global economies, and India is no different in this regard.”

Mittal also underlined the need for more domestic investment.

“My own company, Airtel, will start around 2024-25. ₹Capex is 31,000 crore. If I add a subsidiary to towers, there is another ₹7,000 crore. There has been an increase in investments in 2026 (financial performance), which will be announced in the next two or three days. Now is not the time to shy away. “Now is the time to invest in our own country, to double down, because that’s where growth lies,” he said.

He was given the CII President’s Lifetime Achievement Award at the summit for his leadership, contribution to India’s economic growth and commitment to nation building.

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