India’s Tariff Reforms Create ‘Unlimited Opportunity,’ Fairfax CEO Says

Washington — India’s efforts to reduce tariffs and expand trade agreements will create “unlimited opportunity” for international businesses and investors, Fairfax Financial Chairman and CEO Prem Watsa said.

Speaking after receiving the 2026 U.S.-India Strategic Partnership Forum Leadership Award, Watsa urged North American companies to participate in India’s long-term economic growth as the country works toward becoming a developed economy by 2047.

“There’s going to be unlimited opportunity for all of you in terms of going to India,” Watsa said. “As Mr. Modi says, ‘Make it in India, build in India,’ which never was the case years ago. Make it in India and sell it all over the world.”

Watsa said discussions with senior Indian officials had left him encouraged by the government’s efforts to lower trade barriers.

“I was saying to our ambassador…He says India is in the midst of taking tariffs out for 25 countries… Canada, United States, Europe… 99 per cent of the products will be tariff-free.”

“And then by the end of this year… 60-plus countries, no tariffs.”

The reforms could significantly expand opportunities for foreign companies seeking to manufacture products in India and export them to markets around the world, he said.

“The opportunity will be very, very significant,” Watsa said.

The Canadian billionaire investor described India as one of the world’s most compelling long-term growth markets, pointing to the projected expansion of its middle class.

“India’s opportunity is massive.”

“Three hundred million in the middle class, going to 600 million… those type of numbers, massive opportunity.”

“You throw in China, you’re gonna see it in India, and India is a democracy.”

Watsa said Prime Minister Narendra Modi’s policies had fundamentally changed India’s economic outlook.

“The Prime Minister of India… says 2047 India will be a developed economy.”

“I’ve been fortunate… to know Prime Minister Modi very well,” Watsa said.

He also highlighted the growth of India’s entrepreneurial ecosystem and said broader access to venture capital was creating opportunities for young innovators regardless of their backgrounds.

“Today venture capital… if you have an idea, they don’t care what your caste is. They don’t care where you went to university, what your parents did, what your religion is.”

“They give you money.” “And that’s what India is witnessing today.”

“When you go there, you get very excited about the possibilities.”

Reflecting on his own career, Watsa recalled arriving in Canada with little money before building Fairfax Financial into a major global insurance and investment company.

“I came to Canada with very little money.”

“Like many of you came to this wonderful country… North America, such wonderful countries that have unlimited potential.”

“I saw that myself in my experience.”

Watsa also said the democratic traditions of India and the United States provided a strong foundation for closer economic ties.

“The United States is… a fantastic country.”

“Two hundred and fifty years… oldest democracy in the world.”

“And India is the biggest democracy.”

“When you put the two together, there’s going to be tremendous opportunity for all of us.”

The awards ceremony also honored Bharti Enterprises founder and Chairman Sunil Bharti Mittal, who received the USISPF Leadership Award in absentia, and RTX Chairman and CEO Christopher T. Calio, whose award was accepted by Pratt & Whitney President Shane Eddy.

USISPF recognized Mittal for his role in transforming India’s telecommunications industry and Calio for advancing aerospace, defense manufacturing and technology cooperation between India and the United States.

The organization’s Leadership Awards recognize individuals who have contributed to strengthening economic and strategic ties between the two countries.

Watsa was honored for promoting long-term investment and commercial connections among India, Canada and the United States. Fairfax has invested billions of dollars in India across financial services, healthcare, infrastructure, logistics and technology. (Source: IANS)