Here is what is written in Fairfax Financial holding shareholder letter in 2023. The ceo is from india and is referred to warren buffett in Canada.
India Last year, I read a book on the Honorable Prime Minister Modi that was released in 2022 by BlueKraft Digital Foundation. It has five chapters on the impact of Mr. Modi on Indian society, politics, economics, governance and foreign policy. In each of these sections, it interviews individuals – 21 in total – who provide the reader with their perspective on Mr. Modi. It is an outstanding book on Mr. Modi and what he has already achieved for the people of India. I have sent this book to all our companies in India and to others across the world! Here’s what I said: “Why has PM Modi won five straight elections, three in the State of Gujarat and two as Prime Minister of India – with clean majorities in a country with a 1.4 billion population? This book answers the question from many perspectives, including business, sports, empowerment of women, culture, etc. It is quite unbelievable what one man has accomplished for the massive population of India. And Mr. Modi is not from the elite. He was a tea seller’s son who had no formal education. As an unabashed admirer of Mr. Modi, I had no idea about the breadth of his achievements until I read this book. You are witnessing the greatest leader of the world – live! The good Lord has at last blessed India with a leader the world has never seen before – including Lee Kuan Yew! You will feel the same after you read this book.” P.V. Sindhu, an Indian who won the World Championship in Badminton in 2019 said it best: “PM Modi has taught us to dream. Anything is possible.” The economic scale of Mr. Modi’s achievements is unbelievable. He says “think big and execute on scale”, for example: • He has provided medical insurance for the poorest 500 million people in India. • He has electrified 18,000 villages in India. Now everyone has electricity. • He has had 120 million toilets installed. • He has provided 100 million gas cylinders for women who used to cook with coal or wood. • He has provided 400 million bank accounts to rural India. Government transfers are now made to these accounts with no frictional costs. • As I said last year, by the end of his second term (2024) he will have provided 100% of Indians with drinkable tap water. 15 • Finally, he respects and encourages wealth creators. He has said government is not in the business of running companies but to provide the environment for business to succeed. India has embarked on the largest privatization program since Margaret Thatcher’s in the U.K. Is there any doubt that Mr. Modi will get re-elected next year for his third term? He is the most trusted person in the country. In my mind, India is the single best country in the world to invest in for the long term. As I was writing this to you, Mr. Athappan sent me a video by Deepak Bagla, Managing Director and CEO of Invest India, who describes the amazing transformation taking place in India. It is breathtaking and prompted me to include it in this letter!
