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Indian-Canadian Billionaire to Invest $5 billion in India


India-born Canada based billionaire Prem Watsa, CEO of Fairfax Financial Holdings Ltd., proposes to invest $5 billion in India in the next five years, doubling what he’s put in this far, thus downplaying worries after India's GDP growth slipped to 6-year low of 5% in April-June quarter. He also calls India “the number one country in the world” to put money.Watsa said that he was interested in participating in the Indian government’s asset-monetisation and disinvestment plans. He is also planning to finance in oil and gas and said that Fairfax would look into the internal procedures by providing professional Canadian companies to be partnered with. Watsa was “was not worried about the growth slowdown in the GDP of India,” describing its 1.2 billion population as the epicentre of economic prosperity and advancement. He believes that “its economic growth will come back to 10%.” He is optimistic about the long-term partnerships with India.

Watsa claims that India offers an unusual opportunity, recalling his multiple visits to the largest democracy in the world. He stated that the current trade tussle between the US and China, which were considered to be the strongest economies of the globe. India’s gigantic and miscellaneous market fits like a glove to his investment tactics. Watsa is jubilant on India and visions surged privatisation in the economy under Prime Minister Narendra Modi.Fairfax owns controlling stakes in the Bengaluru International Airport, Thomas Cook India, Catholic Syrian Bank (CSB), and other several entities.

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