Sunil Bharti Mittal, chairman of Bharti Enterprises, on Thursday urged the industry to rally behind the “One Nation, One Election” reform and actively engage with the government and political parties to underline its economic benefits.
Speaking at the CII Annual Business Summit, Mittal welcomed the progress on free trade agreements (FTAs) between India and major global economies but cautioned the industry against making demands that could delay their conclusion. He also suggested the need for frameworks for artificial intelligence (AI) and cryptocurrency.
Highlighting the economic disruptions caused by elections, Mittal said, “The code of conduct is ushered in fairly early. Everything stops — government contracts, government payments, and a lot of restrictions come on economic activities. Our elections are repeatedly happening every few months, every other year.” He argued that such frequent elections cause a slowdown in the economy.
He urged the Confederation of Indian Industry (CII) to form a dedicated committee to engage with political parties and showcase the long-term benefits of synchronised elections. Notably, CII had earlier this year submitted recommendations advocating for a transition to the “One Nation, One Election” model.
On trade, Mittal noted that India has been accelerating its pace in signing FTAs and is in advanced discussions with countries such as Saudi Arabia. “Industry should not ask for things that will make these FTAs become difficult. It will help,” he said.
Mittal also voiced concern over the rapid global evolution of cryptocurrency markets and the need for India to formulate clear policy responses. “Look at crypto — in the last few weeks, it has been moving at an unprecedented pace,” he said. “India will have to get a grip. Some regulation will need to be found.”
He added that while the country’s earlier stance was largely dismissive — a de facto “No” to cryptocurrencies — the current landscape needs a rethink.
As a former president of CII, Mittal called on India Inc to play a larger role in building trust among stakeholders and driving the country’s growth through four key pillars: talent dividend, research & development (R&D), export diversification, and public-private collaboration.
“Within the demographic dividend and the huge market that we are creating, we need to focus on talent dividend,” he said, adding the urgent need to prepare a job-ready workforce, especially as other nations grapple with aging populations and stricter immigration policies.
He also suggested that the industry needs to step up on its research & development spending. Moreover, it needs to demonstrate its commitment towards innovation so that the government can be encouraged to invest more. A public-private partnership in R&D can create a multiplier effect in India, Mittal said.
While the exports are on the rise, Mittal said, the country must diversify its export basket to make trade more resilient and robust. “We need to build purpose-driven products and services and focus on exporting with greater value addition,” he said, adding that hydrocarbons offer an opportunity in this.
Moreover, he said that the policy framework must be created by the government with participation from the industry. Giving the example of 5G, the telecom stalwart said that the country’s success in its deployment was possible only because the government and industry worked together with urgency and clarity. That model of collaboration should be replicated across sectors, he said.