Jim Rogers knows how to go for the jugular and hit a man in the solar plexus. “Cleaning toilets is wonderful, but as far as building the economy or changing India (goes), he has not done very much” he said implying that NAMO is playing to the gallery and focusing on frivolous issues such as “Swach Bharat” instead of on those that matter.
“I bought shares in India” Jim Rogers added so as to shrewdly clarify that he has his “skin in the game” and is not just a busybody blabbermouth.
“So far, the new government has done nothing but talk … He campaigned for many months saying he knows how to fix India, but he has done very little” …. “I still own Indian shares, and I wonder if I should continue holding, because, after a year of no action, you begin to wonder if anything is going to happen”.
Jim Rogers warmed up on the theme that he had first advanced in February 2015: “… what is all this talk about? I am getting disillusioned about India … I am not sure how long global investors will be patient with India, but I am beginning to lose patience. If investors are still positive, that is good news for me, because I want to be out before them” he said in a sinister tone.
“India is an impossible place. If Modi can’t do it, then I don’t want to remain invested in India. If he can’t save India, no one else can. So I would want to sell” Rogers added.
On the earlier occasion when Jim Rogers launched a similar attack, he had many supporters amongst the intelligentsia. Deepak Parekh, the Chairman of HDFC and so-called “guiding voice” of India, endorsed the charge by stating that “Nothing has changed in the Modi Raj” and that “impatience is creeping in as to why no changes are happening”.
Even Akash Prakash, founder of Amansa Capital, who keeps a diplomatic stance at all times, got restive and blasted NAMO in his editorial. He warned NAMO that foreign investors are “deeply disappointed” and that they are packing their bags to leave the Country. “India is not the only game in town” he warned in a chilling tone.
The latest to join the list of doomsday sayers is Ajay Srivastava of Dimensions Consulting. He launched a savage criticism of NAMO and the RBI and blamed them for the mass exodus of foreign investors. “… the bull market is over … because our hopes were structured around not only the government of India doing various things which it has not done but also the Reserve Bank of India (RBI) taking a very phenomenal stand in respect of the economy …..” Ajay Srivastava thundered.
Now, we have to see where this “mass exodus” of foreign investors leaves us. We have no option but to stay put and hope that NAMO is able to address the disappointment that the intelligentsia is so vociferously complaining about.