Prem Watsa, the billionaire CEO of Fairfax Financial Holdings who has earned the moniker of ‘Canada’s Warren Buffet’, expressed his confidence in India’s ability to achieve double-digit economic growth, which he believes is necessary for the country to transform into a developed nation. Watsa, who was born in Hyderabad and now heads the $97-billion company based in Toronto, pointed out that countries like South Korea, Japan, and China have all achieved this feat for extended periods.
During a recent visit to India, Watsa met with Prime Minister Narendra Modi and praised his initiatives such as Make in India and StartUp India, calling them “outstanding.”
He believes that under Modi’s leadership, India can deliver 10% annual economic growth, which will become ingrained and continue even after his tenure.Watsa emphasized that India has an abundance of smart and hardworking people, making it possible to accomplish this goal.
“What the US has is free enterprise. And India is getting it in spades. Make in India, StartUp India all of these programs by the PM are outstanding. And I think the PM will deliver 10% economic growth,” he told ET in an interview.
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Asked what he told PM Modi, when he met him, Watsa said, “I said India is blessed to have you as a Prime Minister. He has made India very strong. Now he is the only one who can deliver 10% economic growth annually. And if you do it for some time, it will be in-bred and will continue with the next person. This will help the Prime Minister meet his 2047 goals for India. Korea, Japan, Taiwan did it for decades! And we have got a lot of smart, hard working people here. No reason why one cannot accomplish it under his leadership.”
Watsa, who has an investment portfolio of $7 billion in India and has committed to doubling that amount, expressed his admiration for PM Modi, describing himself as a “fan” and believing that Modi will make it even easier to conduct business in the country.
To achieve higher growth, Watsa stressed the importance of prioritizing ease of doing business in India. He acknowledged the need for regulation but emphasized that it should be designed to help businesses, as they are the primary job providers.
Watsa, an alumnus of IIT-Madras, founded Fairfax in the 1980s after migrating to Canada. The company owns multiple insurance businesses across North America, Latin America, Europe, Asia, and West Asia, making it one of the largest investors in property and casualty insurance companies worldwide.