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Jim Rogers says good-bye to India forever

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NEW DELHI (Web Desk )- Commodities trading king and hedge fund manager Jim Rogers has sold his holdings in Indian companies and exited India due to Indian Prime Minister Moodi’s flawed policies, Livemint.com reported.

According to him, the National Democratic Alliance (NDA) government has failed to live up to investors’ expectations.

The chairman of Rogers Holdings Ltd, who said in April that he was becoming disillusioned by India because the Narendra Modi government has been all about talk and no action, believes the Indian market lacks any new drivers to propel it.

“I am sure Modi is a smart guy, he enjoys good press, and he makes a lot of friends for India.
But I, as an investor, after almost a year-and-a-half, have decided to move on to other places, partly also because stock markets are not going to be particularly good for the next year or two,” Rogers said.

Here are excerpts his interview with livemint.com.


QUESTION: During your last interaction with us, the Modi government was close to finishing a year in office.
You bought into India last year after the Bharatiya Janata Party’s (BJP’s) victory under Modi, and had said that you were set to take a call on whether to remain invested in India.
Are you holding on to your Indian shares?

ANSWER: I did wait a little more time (after the last interaction), but now I have sold all my India shares. I did sell my India shares as I don’t see anything happening.

The market was high, and investors had anticipated great things, including me—even if he (Modi) were to do things, the market had already discounted some of that because it had gone up a lot, and there was nothing new coming from Modi.

You can’t just invest on hope. Even If reforms started coming, it may not be enough to make the markets go higher, because markets have already factored it in.
If the reforms are substantial, the markets may go higher. No indication of that.


QUESTION: So you’ve exited India. You bought into India last year, and as you said, the markets have done well since. Did you therefore make a good deal of money when selling?

ANSWER: I don’t like to talk about how much money I have, or how much I made.
I am not complaining about my investments in India. Let us leave it at that.

I may see myself returning back to India at some stage if Modi starts doing things, or if the markets go down a lot—some stage can even be a long time away, but not at the moment.

If Modi made the currency convertible, if he made the markets open to outsiders, then I would have to be back in India again. So far Modi has been doing worthwhile things like addressing some social issues—I am all for that, and that is great for a lot of people—but India needs more.


QUESTION . Well, you say that. But Modi had the largest mandate in modern history—no recent politician had what he got. But if he can’t implement reforms, then who can? Is anything ever going to be done?

ANSWER: I think it is an accurate statement that no recent Indian government had this kind of mandate.

Yet, very little reforms has happened.

I am sure Modi is a smart guy, he enjoys good press, and he makes a lot of friends for India.
But I, as an investor, after almost a year-and-a-half, have decided to move on to other places, partly also because stock markets are not going to be particularly good for the next year or two.

And if I am going to be at some place, I would rather be at a market that is either depressed, or where dramatic changes are taking place.

The India market is not depressed.

If markets all around have problems, it is going to impact India, too.


Question: As someone who has watched India for a long time, where do you see the country headed? What are the challenges for India—is it job creation for the youth that meets their aspirations?

ANSWER: India has very high debt-to-GDP (gross domestic product) ratio—it is higher than many countries.
Studies have shown that when countries have a high debt-to-GDP ratio, it is difficult to grow at a reasonable rate.
I don’t really see much going for India right now except Modi, who is not doing anything, when he should be or could be doing a lot. Your central bank governor is probably the best in the world.

The basic reason you mentioned, about India having to create so many jobs, is one of the reasons why I am not investing in India.
India historically, or at certain times, has been one of the most successful countries in the world.

You could have ruled the world if you were aggressive, but those days are not coming back—India is held back by too many restrictions and regulations.

Go around the world, and you see smart successful Indians everywhere—this means you don’t have enough opportunities for these people back in India.

You have saved your farmers by making it illegal for foreigners to own more than five hectares—how on earth can an Indian farmer compete with an Australian farmer with 50,000 hectares?

In history, India has been one of the great agricultural nations of the world—you have the land, the people, weather—God gave you everything. And then, he also gave you Delhi to mess it all up.

Jim Rogers says good-bye to India forever - Daily Pakistan Global
 

gau8av

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NEW DELHI (Web Desk )- Commodities trading king and hedge fund manager Jim Rogers has sold his holdings in Indian companies and exited India due to Indian Prime Minister Moodi’s flawed policies, Livemint.com reported.

According to him, the National Democratic Alliance (NDA) government has failed to live up to investors’ expectations.

The chairman of Rogers Holdings Ltd, who said in April that he was becoming disillusioned by India because the Narendra Modi government has been all about talk and no action, believes the Indian market lacks any new drivers to propel it.

“I am sure Modi is a smart guy, he enjoys good press, and he makes a lot of friends for India.
But I, as an investor, after almost a year-and-a-half, have decided to move on to other places, partly also because stock markets are not going to be particularly good for the next year or two,” Rogers said.

Here are excerpts his interview with livemint.com.


QUESTION: During your last interaction with us, the Modi government was close to finishing a year in office.
You bought into India last year after the Bharatiya Janata Party’s (BJP’s) victory under Modi, and had said that you were set to take a call on whether to remain invested in India.
Are you holding on to your Indian shares?

ANSWER: I did wait a little more time (after the last interaction), but now I have sold all my India shares. I did sell my India shares as I don’t see anything happening.

The market was high, and investors had anticipated great things, including me—even if he (Modi) were to do things, the market had already discounted some of that because it had gone up a lot, and there was nothing new coming from Modi.

You can’t just invest on hope. Even If reforms started coming, it may not be enough to make the markets go higher, because markets have already factored it in.
If the reforms are substantial, the markets may go higher. No indication of that.


QUESTION: So you’ve exited India. You bought into India last year, and as you said, the markets have done well since. Did you therefore make a good deal of money when selling?

ANSWER: I don’t like to talk about how much money I have, or how much I made.
I am not complaining about my investments in India. Let us leave it at that.

I may see myself returning back to India at some stage if Modi starts doing things, or if the markets go down a lot—some stage can even be a long time away, but not at the moment.

If Modi made the currency convertible, if he made the markets open to outsiders, then I would have to be back in India again. So far Modi has been doing worthwhile things like addressing some social issues—I am all for that, and that is great for a lot of people—but India needs more.


QUESTION . Well, you say that. But Modi had the largest mandate in modern history—no recent politician had what he got. But if he can’t implement reforms, then who can? Is anything ever going to be done?

ANSWER: I think it is an accurate statement that no recent Indian government had this kind of mandate.

Yet, very little reforms has happened.

I am sure Modi is a smart guy, he enjoys good press, and he makes a lot of friends for India.
But I, as an investor, after almost a year-and-a-half, have decided to move on to other places, partly also because stock markets are not going to be particularly good for the next year or two.

And if I am going to be at some place, I would rather be at a market that is either depressed, or where dramatic changes are taking place.

The India market is not depressed.

If markets all around have problems, it is going to impact India, too.


Question: As someone who has watched India for a long time, where do you see the country headed? What are the challenges for India—is it job creation for the youth that meets their aspirations?

ANSWER: India has very high debt-to-GDP (gross domestic product) ratio—it is higher than many countries.
Studies have shown that when countries have a high debt-to-GDP ratio, it is difficult to grow at a reasonable rate.
I don’t really see much going for India right now except Modi, who is not doing anything, when he should be or could be doing a lot. Your central bank governor is probably the best in the world.

The basic reason you mentioned, about India having to create so many jobs, is one of the reasons why I am not investing in India.
India historically, or at certain times, has been one of the most successful countries in the world.

You could have ruled the world if you were aggressive, but those days are not coming back—India is held back by too many restrictions and regulations.

Go around the world, and you see smart successful Indians everywhere—this means you don’t have enough opportunities for these people back in India.

You have saved your farmers by making it illegal for foreigners to own more than five hectares—how on earth can an Indian farmer compete with an Australian farmer with 50,000 hectares?

In history, India has been one of the great agricultural nations of the world—you have the land, the people, weather—God gave you everything. And then, he also gave you Delhi to mess it all up.

Jim Rogers says good-bye to India forever - Daily Pakistan Global
he's just cashed his chips and made an exit when there's uncertainty in global markets, "goodbye forever" yeah right :lol:

though he did make a good point about policy inaction but it's not really inaction, it'll just take a few years till we get visibility on it, our current system is a big mess but Jaitley and co have been working non stop to fix it.

one would be foolish to not be bullish on India in the long term.
 

Bang Galore

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Jim Rogers says good-bye to India forever
:D A different definition of the word in Pakistan?

"I may see myself returning back to India at some stage if Modi starts doing things, or if the markets go down a lot—some stage can even be a long time away, but not at the moment.

If Modi made the currency convertible, if he made the markets open to outsiders, then I would have to be back in India again"

 
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The real cause appear to be crash in commodity prices worldwide. Everyone is exiting the market as markets would be bearish for at least a couple of years more.
 

coffee_cup

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"...The chairman of Rogers Holdings Ltd, who said in April that he was becoming disillusioned by India because the Narendra Modi government has been all about talk and no action..."

How true!

And you see this mentality even on PDF as well from all those fan boys of Modi. All talk and no action. Seems like the only criteria (apart from being an extremist hindu) to get elected as PM of India :lol:
 

Syama Ayas

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:D A different definition of the word in Pakistan?

"I may see myself returning back to India at some stage if Modi starts doing things, or if the markets go down a lot—some stage can even be a long time away, but not at the moment.


If Modi made the currency convertible, if he made the markets open to outsiders, then I would have to be back in India again"
At first I thought the OP might doctored the title, seems like the Pakistani media engaging in cheap schadenfreude
 
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[Bregs]

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Mr Jim Rogers most of the blue chip shares in sensex are already quoting many times there true worth, an sensex is already over priced. FII like you are welcome to leave as its greedy people like you who make common investors like us loose money even in good shares
 
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Chanakya's_Chant

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At first I thought the OP might doctored the title, seems like the Pakistani media engaging in schadenfreude
:D A different definition of the word in Pakistan?

"I may see myself returning back to India at some stage if Modi starts doing things, or if the markets go down a lot—some stage can even be a long time away, but not at the moment.


If Modi made the currency convertible, if he made the markets open to outsiders, then I would have to be back in India again"
Below is the original interview - many of the excerpts when Jim Rogers presents a favorable view of India have been purposefully omitted and tampered just to make themselves feel good - Jim Rogers also praised Dr. Rajan as "probably the world's best central banker" - a part which has been deliberately omitted in the above article - plagiarism and shoddy journalism at its best!

Jim Rodgers to Livemint - Full Interview
 

trueINDIANpatriot

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It's your attitude in India that India is known for assault against women internationally.
forget our attitude...Never have seen Amrikan so Anti-India that shows your nationality...in your next birth don't be ashamed to show your roots
 

SURYA-1

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At first I thought the OP might doctored the title, seems like the Pakistani media engaging in cheap schadenfreude

Off late they have started it.

Since when India lost first Test to Sri Lanka , they made it their headline.

But when later India won back to back two tests, they didn't mention that even in their sports section.

His wife was molestested by an Indian while he was around.
Any sources ?? Indian or American or even Chinese ??
 

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