NEW DELHI – Bharti Enterprises founder Sunil Bharti Mittal recently articulated a profound sense of optimism for India's economic trajectory over the next two decades, lamenting that at nearly 69, he wished he were 20 years younger to fully immerse himself in the impending opportunities. Speaking at the Goldman Sachs 10,000 Women event in New Delhi, Mittal described the current era as an "incredible" time to be born in India.
India's Economic Horizon
Mittal underscored India's path to becoming the world's third-largest economy, identifying key strengths that will fuel this growth: advanced technology, burgeoning energy sector, a vast young population, and a colossal market. He emphasized that these factors collectively create an unparalleled environment for innovation and expansion.
Drawing from his own extensive entrepreneurial journey, Mittal offered advice to aspiring business leaders: identify technological shifts early and possess the conviction to persuade others. He recounted his early 1980s venture into importing push-button telephones, a pioneering move when rotary phones dominated the Indian market. This initial foray, he noted, sparked his lifelong "romance with telecom," evolving through answering machines, cordless phones, and fax machines before his ambitious leap into mobile telephony.
Early Telecom Ventures and Bold Bets
When transitioning into mobile telecom, Mittal faced warnings about the immense capital requirements. "Thank God I didn’t know how deep was deep, and I would have not even ventured," he quipped, reflecting on his decision to roll the dice despite the daunting financial scale, which he only fully grasped later.
The OneWeb Challenge and Rishi Sunak
Decades later, Mittal encountered another significant capital-intensive technology bet with the satellite communications company, OneWeb. During the pandemic, as then-UK Prime Minister Boris Johnson championed the project, Rishi Sunak, serving as Chancellor of the Exchequer, had to meticulously scrutinize the financial commitments. Mittal recalled having to personally convince Sunak of the strategic necessity for the UK and Europe to possess their own satellite constellation, rather than solely relying on American systems.
This experience reinforced Mittal's belief in the power of persuasion for entrepreneurs. "You need to be convincing enough about your story, about your product, services, or an idea that you should be able to get money on the table," he stated. He concluded with an empowering message: entrepreneurs must hold their beliefs strongly and dearly, assuring them that unwavering commitment often leads to success "beyond your own imagination."