Conformer-based models have become the dominant end-to-end architecture for speech processing tasks. With the objective of enhancing the conformer architecture for efficient training and inference, we carefully redesigned Conformer with a novel downsampling schema. The proposed model, named Fast Conformer(FC), is 2.8 × faster than the original Conformer, supports scaling to Billion parameters without any changes to the core architecture and also achieves state-of-the-art accuracy on Automatic Speech Recognition benchmarks. To enable transcription of long-form speech up to 11 hours, we replaced global attention with limited context attention post-training, while also improving accuracy through fine-tuning with the addition of a global token. Fast Conformer, when combined with a Transformer decoder also outperforms the original Conformer in accuracy and in speed for Speech Translation and Spoken Language Understanding.