Fairfax Financial Chairman and CEO Prem Watsa declared on 30 June 2026 that India's sweeping tariff reforms are unlocking 'unlimited opportunity' for global businesses and investors, urging North American companies to act on the country's long-term growth trajectory. Watsa made the remarks in Washington after receiving the 2026 US-India Strategic Partnership Forum (USISPF) Leadership Award.

What Watsa Said About India's Tariff Overhaul

Watsa revealed that India is in the process of eliminating tariffs with 25 countries — including Canada, the United States, and Europe — covering 99 per cent of products. He added that by the end of 2026, more than 60 countries would benefit from zero-tariff access to Indian markets.

'India is in the midst of taking tariffs out for 25 countries... 99 per cent of the products will be tariff-free,' Watsa said, quoting his conversation with the Indian ambassador. 'And then by the end of this year... 60-plus countries, no tariffs.'

He argued these measures would substantially expand the scope for international manufacturers to use India as a production and export base. 'The opportunity will be very, very significant,' he said.

India's Growth Story: Middle Class and Democracy

The Canadian billionaire investor, whose Fairfax group has committed billions of dollars across India in financial services, healthcare, infrastructure, logistics, and technology, described India as one of the world's most compelling long-term investment destinations. He cited the country's expanding middle class — projected to grow from 300 million to 600 million — as a structural demand driver of historic scale.

'India's opportunity is massive,' Watsa said, adding that India's democratic credentials set it apart from other large emerging economies. 'You throw in China, you're gonna see it in India, and India is a democracy.'

Watsa also referenced Prime Minister Narendra Modi's stated ambition of making India a developed economy by 2047, saying the policy direction under Modi had fundamentally altered India's economic outlook. He echoed the government's manufacturing push: 'Make it in India, build in India... Make it in India and sell it all over the world.'

Venture Capital and India's Entrepreneurial Shift

Beyond trade policy, Watsa highlighted what he described as a quiet revolution in India's entrepreneurial ecosystem, driven by the democratising effect of venture capital. He argued that access to funding had broken traditional barriers of caste, religion, and educational pedigree for young innovators.

'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,' he said. 'And that's what India is witnessing today.'

Other Award Recipients and USISPF Recognition

The awards ceremony also honoured Bharti Enterprises Founder and Chairman Sunil Bharti Mittal, who received the USISPF 2026 Leadership Award in absentia, and RTX Chairman and CEO Christopher T. Calio, whose award was accepted by Pratt & Whitney President Shane Eddy. The USISPF cited Mittal's role in transforming India's telecommunications sector and Calio's contribution to expanding aerospace and defence manufacturing collaboration between the two countries.

Watsa himself was recognised for deepening commercial ties between India, Canada, and the United States, and for his long-term investment and philanthropic commitments to India. As India's tariff liberalisation gathers pace, the signal from Washington is clear: global capital is watching — and some of it is already in.