Growth momentum fairly widespread, India Inc.'s animal spirits already out, says Bharti Enterprises' Sunil Mittal
In an interview with Business Standard, Bharti Enterprises Founder and Chairman Sunil Mittal said that India Inc.'s animal spirits are already out and that the latest GDP numbers confirm momentum in foreign investment, local capital, new plants and capacity.
PremiumSunil Mittal, Bharti Enterprises Founder and Chairman, believes that the latest GDP numbers indicate that the economic momentum is fairly widespread and India Inc.'s animal spirits are already out. In an interview with Business Standard, Mittal said that while the nation's mood was already looking better than what was suggested, the latest GDP numbers only "confirms the momentum in foreign investment, local capital in industry, new plants, new capacity."
"True that some sections of the society and industry are suffering whereas others are flourishing. But the overall GDP for the full year at 7 per cent plus implies it (the momentum) is fairly widespread," Mittal told Business Standard.
Mittal pointed out that the animal spirits of India Inc. are already out as businessmen have been wanting to invest more in India while foreign companies are flocking to the country. "Look at us, how our industry is investing. We, as a company, are investing around ₹25,000 crore to ₹30,000 crore year on year," Mittal said.
He told the newspaper that Bharti Enterprises' capex for FY24 may remain at ₹28,000 crore to ₹31,000 crore in the India business which is all directed towards 5G. He said the 5G rollout will continue next year also in the same order of magnitude. He said the 5G network will be available in all towns and cities by the end of the current financial year.
"Traffic shifting from 4G to 5G is currently at 5 to 6 per cent. This will accelerate as we have seen in the past. My view is 25 per cent of the traffic will move to 5G by the end of this financial year. We will be ready with the network in all towns and cities by March 2024, and move into rural areas after that," Mittal told Business Standard.
He said India will be a three-player market in the telecom space.
"We heard the minister saying that BSNL will be strengthened. So if not a four-player market, certainly India will be a three-player market. BSNL has placed orders for 100,000 new base stations. The government is determined to have at least three players," said Mittal.
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Disclaimer: This article is based on an interview done by Business Standard. The views and recommendations given in this article do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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