Prem Watsa, who is popularly known as Canada’s Warren Buffett, rates Narendra Modi’s 5-year tenure highly, saying the economic reforms undertaken by the Indian Prime Minister have helped economy grow. However, BJP-led NDA may face a daunting task in the coming elections on account of coalitions formed by the opposition parties, CEO of Canada-based Fairfax Financial said in a letter to the shareholders of Fairfax India Holdings.
“In the two years since the end of 2016, India has moved up by 53 places to number 77 in the World Bank Business Report’s “Ease of Doing Business” measure. This is a testament to the unrelenting economic reforms that PM Modi has been implementing since he took office almost five years ago,” Prem Watsa stated.
Adding he said, the interim budget in February appears reviving for the economy and may support the chances ruling party in the elections. “Mr. Modi is already campaigning hard and in February 2019 he proposed a very stimulative interim budget that is expected to support his party,” he said in the letter.
Meanwhile, in 2018, Prem Watsa’s Fairfax India’s net earnings slumped by 79 per cent to $96 million from $453 million compared to 2017. It was largely on account of net unrealised gains on investments being $179 million in 2018 in comparison to $592 million last year.
Fairfax India was formed nearly four years ago on January 30, 2015, when it issued 106.7 million shares, raising gross proceeds of $1.1 billion by completing a public offering.