Sunil Mittal Bats For Higher R&D Spend, Crypto Regulations

New Delhi: Industry leader and Bharti Airtel chairman Sunil Bharti Mittal on Thursday pitched for ‘One Nation One Election’, saying that far too many disturbances during election code of conduct stops work, payments, restrictions of economic activities for the industry as well as individuals. “Multiple elections do slow economic activity and frequent elections impact the economy and hinder decisions,” he said at the CII event here.

Speaking at the CII summit, Mittal urged the industry body to engage with political parties to spotlight the economic advantages of ‘One Nation, One Election’, saying that one area where I would ask CII to get more engaged. “But my own belief is that it is a job that is collectively for all of us here,” the Bharti Airtel chief said.

Mittal also emphasised the urgent need for India to boost its investment in research and development, noting that the country currently spends less than 1 per cent of its GDP on R&D— significantly lower than China’s 2.5 per cent and South Korea’s 5 per cent. He urged the industry to take the lead in innovation.

“Let’s act first and deliver results, so the government feels encouraged to support us further,” he said, highlighting the importance of leveraging India's skilled workforce, Mittal called for the creation of a talent dividend and stronger collaboration between industry and academia to unlock the country’s full potential.

On crypto currency businesses, Mittal also noted that the world has started to move ‘very fast’ on crypto currency. “This is an area where the government will have to start applying its mind on how to ensure the right regulatory frameworks are available for India to fully leverage advances in artificial intelligence as well as crypto,” he said.