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Time of India
3 days ago
- Business
- Time of India
Sunil Mittal exhorts industry to prioritise 'India-first' approach, focus on talent dividend, R&D
New Delhi: Bharti Group Chairman Sunil Mittal on Thursday exhorted the industry to prioritise an 'India-first' approach, rising above individual or sectoral interests to contribute to nation-building as the telecom sector doyen advocated prioritising of talent dividend, stepping up R&D, trade reset and a collaborative framework between industry and government. Speaking at the CII Annual Business Summit 2025, Mittal also advised companies to emulate the 'Tata' mould of trust as he highlighted the respect commanded by the 'house of Tatas'. Citing the progress made towards trade pacts between India and key nations, Mittal exuded confidence that the government will safeguard industry's interests in trade agreements, but asserted at the same time, that it is important that the "industry and chambers don't ask for things which will make FTAs difficult". Stating that lakhs of crores are stuck in litigation around direct taxes, indirect taxes, and other regulatory matters, the industry stalwart said initiatives like 'Vivad se Vishwas' can help release large sums stuck in cases. Doing so, it would also free up the industry from past litigations and problems, and allow a reset and planning for the future. Mittal noted that India is on the cusp of becoming the third-largest economy in the world and that industry plays a vital role in moving the economic agenda forward. "Let me talk about the role of our industry, the role in creating that necessary trust for all our stakeholders and ensuring that we keep in all our decisions with 'India-first' at the very industry has a very important role to I don't think we have earned the complete trust of all stakeholders. Many-a-times it is seen that we approach issues from our individual or, at times, sectoral interests," he said. Mittal outlined four key areas requiring immediate focus, including the need to capitalise on talent dividends and R&D investment. India spends less than one per cent of GDP on R&D, Mittal said describing it as "woefully inadequate for a country of our size". "We have the advantage that we have a large domestic market, but should we not spend more on R&D, innovation, and not just frugal innovation but going into really meaningful, deeply scientific, technological advances that India needs to make. Indian industry needs to step up its spending on R&D," Mittal said, asking the industry to rise above the approach of tax breaks for R&D spending. Mittal also advocated for a fundamental shift or reset in India's approach to trade and exports. "The industry must actively work with the government to identify policy gaps and suggest frameworks that create real velocity in building India. Let us hear the government's views, understand their expectations, and contribute meaningfully," he said. He cited the example of 'House of Tata' as one that evokes trust and respect. While the walls on immigration are rising every day, Mittal said, India's youth armed with the right training and skills can overcome such challenges thanks to the digital nature of the work. He said it is no surprise that India is seeing a dramatic growth of Global Capability Centres. "Even now, we hear some voices coming from some parts of the political spectrum about some form of reservation in the private sector and we all know that debate can continue. But how we can completely avoid that debate is by creating a workforce, creating a talent dividend," he said. Mittal nudged the industry to diversify its export basket. "...this is where I think CII, we as industry players need to work with the government and create policy frameworks to ensure that we are diversifying our export basket. No raw materials should really leave our shores without being processed and value-added. The more we can do locally here by adding value, the better off we will be" he said. At the same time, the telecom veteran said that while THE industry will do its bit, it needs enabling policies, especially in the area of ease of doing business. "And I know for this government, ease of doing business is important. They continuously track areas where there are this is again where CII should put out a position paper in giving every year few low-hanging fruits where the government can move quickly to allow the industry to have much easier runway to take off," he said. In this context, he highlighted areas like corporate affairs, listing of companies, and floating bonds in the international market. "Tax policies, which continuously are getting better, need to be further demystified and simplified. The movement towards a 25 per cent corporate tax, to my mind, was a fine example...I'm surprised the entire industry has still not moved to that. Let's also get rid of the old fascination with those exemptions and move on to a simplified, flat 25 per cent tax rate," he said.
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Business Standard
3 days ago
- Business
- Business Standard
Sunil Mittal urges industry to adopt 'India-first' focus on talent, R&D
Bharti Group Chairman Sunil Mittal on Thursday exhorted the industry to prioritise an 'India-first' approach, rising above individual or sectoral interests to contribute to nation-building as the telecom sector doyen advocated prioritising of talent dividend, stepping up R&D, trade reset and a collaborative framework between industry and government. Speaking at the CII Annual Business Summit 2025, Mittal also advised companies to emulate the 'Tata' mould of trust as he highlighted the respect commanded by the 'house of Tatas'. Citing the progress made towards trade pacts between India and key nations, Mittal exuded confidence that the government will safeguard industry's interests in trade agreements, but asserted at the same time, that it is important that the "industry and chambers don't ask for things which will make FTAs difficult". Stating that lakhs of crores are stuck in litigation around direct taxes, indirect taxes, and other regulatory matters, the industry stalwart said initiatives like 'Vivad se Vishwas' can help release large sums stuck in cases. Doing so, it would also free up the industry from past litigations and problems, and allow a reset and planning for the future. Mittal noted that India is on the cusp of becoming the third-largest economy in the world and that industry plays a vital role in moving the economic agenda forward. "Let me talk about the role of our industry, the role in creating that necessary trust for all our stakeholders and ensuring that we keep in all our decisions with 'India-first' at the very industry has a very important role to I don't think we have earned the complete trust of all stakeholders. Many-a-times it is seen that we approach issues from our individual or, at times, sectoral interests," he said. Mittal outlined four key areas requiring immediate focus, including the need to capitalise on talent dividends and R&D investment. India spends less than one per cent of GDP on R&D, Mittal said describing it as "woefully inadequate for a country of our size". "We have the advantage that we have a large domestic market, but should we not spend more on R&D, innovation, and not just frugal innovation but going into really meaningful, deeply scientific, technological advances that India needs to make. Indian industry needs to step up its spending on R&D," Mittal said, asking the industry to rise above the approach of tax breaks for R&D spending. Mittal also advocated for a fundamental shift or reset in India's approach to trade and exports. "The industry must actively work with the government to identify policy gaps and suggest frameworks that create real velocity in building India. Let us hear the government's views, understand their expectations, and contribute meaningfully," he said. He cited the example of 'House of Tata' as one that evokes trust and respect. While the walls on immigration are rising every day, Mittal said, India's youth armed with the right training and skills can overcome such challenges thanks to the digital nature of the work. He said it is no surprise that India is seeing a dramatic growth of Global Capability Centres. "Even now, we hear some voices coming from some parts of the political spectrum about some form of reservation in the private sector and we all know that debate can continue. But how we can completely avoid that debate is by creating a workforce, creating a talent dividend," he said. Mittal nudged the industry to diversify its export basket. "...this is where I think CII, we as industry players need to work with the government and create policy frameworks to ensure that we are diversifying our export basket. No raw materials should really leave our shores without being processed and value-added. The more we can do locally here by adding value, the better off we will be" he said. At the same time, the telecom veteran said that while THE industry will do its bit, it needs enabling policies, especially in the area of ease of doing business. "And I know for this government, ease of doing business is important. They continuously track areas where there are this is again where CII should put out a position paper in giving every year few low-hanging fruits where the government can move quickly to allow the industry to have much easier runway to take off," he said. In this context, he highlighted areas like corporate affairs, listing of companies, and floating bonds in the international market. "Tax policies, which continuously are getting better, need to be further demystified and simplified. The movement towards a 25 per cent corporate tax, to my mind, was a fine example...I'm surprised the entire industry has still not moved to that. Let's also get rid of the old fascination with those exemptions and move on to a simplified, flat 25 per cent tax rate," he said.
NDTV
4 days ago
- Business
- NDTV
Sunil Bharti Mittal Wants CII To Get "More Engaged" With One Nation One Election
New Delhi: Telecom stalwart and Bharti Group Chairman Sunil Mittal on Thursday expressed his strong support for 'One Nation, One Election' as he asserted that frequent elections impact the economy and hinder decisions. Mr Mittal also noted that the world has started to move "very fast" on cryptocurrency, and pointed out that while India has taken a stance against crypto so far, the time has come for regulations and policies to be framed keeping in mind, the changing global context and technological advances. "In my opinion, this is a generational shift, we have to embrace it, adopt it, make use of it for advantage on our side, rather than grappling with the issue and trying to avoid it," Mr Mittal said. Speaking at the CII Annual Business Summit 2025, Mr Mittal also urged the industry body to engage with political parties to spotlight the economic advantages of 'One Nation, One Election'. "One area where I would ask CII to get more engaged Nation, One Election," Mr Mittal said. Mr Mittal admitted it is a "touchy subject" and one that can be termed "outside the boundary of the industry". "But my own belief is that it is a job that is collectively for all of us here," he said. Earlier this year, CII presented strong recommendations for India to move towards 'One Nation, One Election'. "The reason is simple: there are far too many disturbances during elections in terms of economic activities. The code of conduct is ushered in fairly early. Everything stops, government contracts, government payment stops, and a lot of restrictions come on economic activities. Our elections are repeatedly happening every few months, every other year... These multiple elections do create slowdown in our economy," he said. The telecom czar observed that multiple elections create a slowdown in the economy. He urged CII to form a committee, talk to political parties across the spectrum and showcase the benefits it will yield for the country. "Hopefully, we may again have contributed importantly to an issue key for our country's growth...," he said. In doing so, the industry would have done its bit to reaffirm trust and demonstrate that India Inc looks beyond profitability and revenues. "Eventually, my friends, we really need to get there," he added. On crypto, Mr Mittal noted it has started to move at a never-seen-before pace over the last few weeks. "With Trump administration now supporting cryptocurrencies, I think the world has started to move there. India will have to get a handle on it. So far the position was `no'...that crypto will not be allowed, we will try our own digital currency. "But things are shifting so fast that you will have to form a regulation and policy looking at what is going on in the world, and adopt and see what impact it has on us," Mr Mittal said adding that the technology space is indeed moving very fast.
India.com
6 days ago
- Business
- India.com
Meet Shravin Mittal; Heir To Rs 2.56 Lakh Crore Business Empire, Leaves THIS Country Amid Aggressive Tax Reforms
Bharti Group chairman Sunil Bharti Mittal's son Shravin Mittal has relocated to the UAE from the UK amid increased taxes on the wealthy in the UK. By leaving London, Shravin, the heir of the Rs 2.56 lakh crore empire, has joined the list of people who have left the country amid aggressive tax reforms. Shravin has moved from the UK to the United Arab Emirates, according to a Bloomberg report According to filings cited by the news agency, the 37-year-old billionaire registered an Abu Dhabi branch for Unbound, an investment firm he founded in London. One of India's richest families, the Mittal family owns 24.5 percent of BT Group through their Bharti Global holdings. Sunil Mittal & Family has a net worth of 30.7 billion dollars, according to the Bloomberg Billionaire Index. Shravin is the only child of Sunil Mittal and therefore he is the heir of the Rs 2.56 lakh crore empire. Who Is Shravin Mittal? Shravin Mittal is the founder and CEO of Unbound, an investment firm headquartered in London. The firm specialises in fintech, enterprise software and logistics. The firm is supported by Bharti Global. Shravin started his career as an analyst at J.P. Morgan Cazenove in London. He then served as a manager at Airtel where he oversaw operations in Africa and India. Shravin became the managing director of Bharti Global Limited in 2017 and continues to serve in that capacity. Shravin founded Unbound in 2017 and continues to lead the company as its CEO. Shravin graduated from Harvard Business School with an MBA. He graduated from the University of Bath with a BSc in Accounting and Finance.
News18
25-05-2025
- Business
- News18
Who Is Shravin Mittal, The Heir To A Rs 2.56 Lakh Crore Empire, Who Relocated To UAE From UK?
Last Updated: Shravin Bharti Mittal is the Founder and CEO of Unbound, an investment firm headquartered in London that focuses on fintech, enterprise software, and logistics on a global scale. Meet Shravin Mittal: Bharti Group chairman Sunil Bharti Mittal's son Shravin Mittal has shifted his residence to the UAE from the UK, adding among those who have recently left the British territory to save taxes. At 37 years old, Shravin now lists the United Arab Emirates as his residence after previously residing in the UK, according to Bloomberg report. According to a registry filing for part of his billionaire family's namesake conglomerate, which owns 24.5% of one of Britain's largest mobile and broadband companies, he set up an Abu Dhabi branch last month for Unbound, an investment firm he founded in London. According to Bloomberg Billionaire Index, Sunil Mittal & Family has a net worth of 30.7 billion dollars or Rs 2.56 lakh crore, marking it as one of India's richest families. Shravin, being the only child of Sunil Mittal, is the hier of the empire. Who Is Shravin Mittal? advetisement Shravin Bharti Mittal is the Founder and CEO of Unbound, an investment firm headquartered in London that focuses on fintech, enterprise software, and logistics on a global scale. Unbound is supported by Bharti Global, along with a prominent sovereign wealth fund and several large conglomerates and families. Shravin began his professional journey as an Analyst at J.P. Morgan Cazenove in London, where he worked from July 2009 to June 2010, focusing on Investment Banking in TMT. He then served as a Manager at Airtel from June 2010 to August 2012, overseeing operations in Africa and India. In the summer of 2013, Shravin gained further experience as a Partner Intern at Dropbox in the San Francisco Bay Area. Following this, he took on the role of Assistant Director at Better Capital LLP from September 2014 to February 2014. Shravin then joined SoftBank Group International as an Investor from March 2016 to February 2017. In March 2017, he became the Managing Director of Bharti Global Limited, a position he holds to this day. Concurrently, he founded Unbound in October 2017 and continues to lead the firm as its CEO. Shravin holds a Master of Business Administration (MBA) from Harvard Business School, which he earned between 2012 and 2014. Prior to this, he completed his Bachelor of Science (BSc) in Accounting and Finance at the University of Bath from 2005 to 2009, where he also served as the President of the Bath Asian Student Society (BASS). Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! Location : New Delhi, India, India First Published: May 25, 2025, 15:59 IST News business Who Is Shravin Mittal, The Heir To A Rs 2.56 Lakh Crore Empire, Who Relocated To UAE From UK?
