Jim Rogers is known for his bluntness. In an interview to ET, he said “Modi has done nothing but talk”. He pointed out that nine months have passed and there is no action to be seen. He added that “International investors are getting a bit tired of the Modi talk unless something real happens soon”.
Jim Rogers sent the grim warning that “I don’t know how much longer I and other global investors will hold on to the Indian markets”.
Some experts believe that the humiliating loss to AAP in the Delhi State elections will spur NAMO to unleash some big-ticket reforms in Budget 2015.
There is a precedent for this. When MMS had been called a “dehati aurat” by Nawaz Sharief and a “sorry figure” by Washington Post, he (and Sonia) unleashed the FDI reforms. This was their way of showing that they had the guts to take action. The markets had gone flying.
NAMO may do the same in Budget 2015 is the fond hope.
You should read Jim rogers past views on India, I think for last many years he has been short on India & his criticism exceeds normal economics.I will always take his view on India with a bagful of salt & I am amazed that he now says he owns stocks in India
This idiot does not deal in stocks, he is a commodities trader. Last I read an interview of this jackass, he was long on crude oil.
the person you call jackass is someone who has achieved far more than what you and i might ever achieve in our life time.
and on topic of crude oil whats wrong in going long, any sensible person would tell you that crude prices will increase from here on.
i myself don’t see crude below 75 in 2 years. don’t forget these investors are long term players i mean looooong term
Totally agree with Jim totally, there is no point is criticizing him, the fact is there is no on ground action, time to time FM comes and gives small announcements and keeps the market going, but think about it, has that changed anything and has that created a impact on avg. Indian. Budget has always been downplayed by FM himself saying its just an intent and nothing more reform 365 days and days are changing and all, let them do something, I feel its just a big bla-bla govt all talk no action, thats been 9 month old now, lets see how far this proxy growth of changing GDP figures and all take it
this b. a.ho. is commodity trader and free getting publicity
True… its turning out to be all talk and no action government
I am amazed..simply amazed..where were these guys during all these years of Cong/UPA rule? I can see a great deal of intent in Namo. He is working tirelessly but he is somewhat let down by a poor 2nd line. Also, just the expectations seem to be simply too much. In a country, where less 3 or 5% of the actual benefit reaches the target, the system is so ingrained in efficiency, can anyone change anything just like that in a few months? Don’t get me wrong. I am not a BJP die hard. It will take 15 plus years, I repeat 15 plus years to undo the damage of the past 60 plus years. Also, in a democracy, there is always pulls and pushes. This isn’t like our neighbors, where with a sweep a few villages will disappear overnight and make way for a 12 lane highway or dam spread over 1000s of sq.m. For every good initiative, there are 10s of critics, ready to shout the freebie mantra and question everything. You loose a few elections and your own party will say – forget the reforms; we got to save ourselves first. Also, does anyone understand, what happened in the stupid parliament of ours. There was no business transacted in RS for months. Otherwise, how can these well intent reforms get passed? even if they get passed, there is another thing that it will take years to transform as genuine boons. The moth is so big, this country has inherited so much of inefficiency of slumber for so long guys – it isn’t easy and the only solution is patience, belief and accept the reality of good intent – when you see one, support it wholeheartedly….
I think this union budget is a litmus test for Narendra Damodar Rao Modi…also can not say he has done nothing…on economic policy front a lot is going on PMJDY, SBA, Coal block auctions, spectrum auctions, …I would give him 7/10 …a country can only be developed if the citizens put forward their foot…everything cannot be put on govt. schemes…as I add that UPA rule was not as bad as made out to be…only corruption had become too rampant because of lame duck PM and remote controller Gandhi family…but yes I keep hearing investors/industry impatient..what do they want…all rules bent….all taxes forgone…really if people want to invest they will invest…India’s business climate is not as bad as it is made to be
I can’t comment on what Jim Rogers does. He will do things based on his own analysis and beliefs. We have to act based on our own beliefs and analysis. No doubt he is a great investor and has made many tons of money. However, expecting that everything will change in India overnight just because somebody got a majority mandate is wishful thinking. A country as the size of India and with all it’s diversity (in terms of people’s thinking and actions) takes time to be turned around. It is a long term game plan. First few years will go in turning non-believers into believers. Not all sectors will benefit right from the beginning. It takes time to make important decisions that have an impact on the whole nation. Then these decisions need to be acted upon and only after a certain duration of time the benefits will start percolating. A country is not stock market where a stock goes up just on news. Actual execution is required. As some commentators on this page have said people need to tone down their expectation not only a little bit, but a lot more. Otherwise, there is bound to be a disappointment. I think Modi has done much better than what UPA could do in the last 10 years. No doubt a fall in crude has been the major driver. But there has been enough activity on the ground. The benefits of these activities will take time to percolate throughout the economy. The fact that people are at least willing to think about investments is major change. But to think is different than acting on it. Major industrialists are still waiting for the modalities to be worked out.
I think it will take 3 full terms of a majority government to show the full benefits of reforms. A coalition government will be disaster for the country. As we can see even though Modi government has got the majority in LS but not having a majority in RS is also a hurdle. We need to have patience and give some time to this government. I agree that there are people in the government that are not up to the mark. I think they will be dealt with over a period of time. You can already have seen this happening with Jaitley relinquishing defense and focusing on finance and DVS being moved out of railways.
India is an elephant and it takes lot of effort and patience to make it dance.
@Bholu.@Satish…echo what you say….Look at an ordinance like the land acquisition bill. UPA flung this on with cheap publicity in mind and now see where it has landed us. which industrialist can get through all these clearances and buy land? no sensible investor can comply with it. Namo tried doing something about it but already forced to backtrack since he is being blamed as rightwing by RSS and also the freebie wallah messiahs from other parties, who want to bankrupt this nation and fill their own coffers at any cost are up in arms. With more assembly elections in backward states like Bihar and UP, the electoral politics will take away the common sense and will continue to drive us towards such irrational politics/policies, which only can take us towards stone age pretty quick.