Investment guru quits India over Modi's lack of reforms

Discussion in 'Economy & Infrastructure' started by Neo, Sep 7, 2015.

  1. Neo

    Neo Senior Member Senior Member

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    Investment guru quits India over Modi's lack of reforms
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    September 3, 2015
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      US investment guru Jim Rogers said he had sold his India stock over the right-wing government's lack of progress on a promised policy overhaul to attract foreign investment and revive the economy (AFP Photo/Str)

      Billionaire commodities investor Jim Rogers is pulling out of India after becoming frustrated with the pace of reforms being carried out by Prime Minister Narendra Modi, he told Indian financial newspaper Mint.

      The Singapore-based hedge fund manager said he had sold his India stock over the right-wing government's lack of progress on a promised policy overhaul to attract foreign investment and revive the economy.

      "I have sold all my India shares... I don't see anything happening," Rogers, chairman of Rogers Holdings, said in an interview with the business daily on Wednesday.

      "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."

      Despite being elected with a huge mandate in May last year, Modi's hoped-for shake-up had yet to materialise, Rogers said, attacking the country's notorious red tape, business restrictions and labyrinthine investment rules.

      "I, as well as others, thought that Modi was going to change all this. With all these crazy laws and regulations, you make it difficult for foreigners to invest in India," he said.

      Data released Monday showed India's economy grew 7 percent in the second quarter, placing it neck-and-neck with China but still disappointing investors, who had expected expansion of around 7.4 percent.

      Many of Modi's key economic initiatives have hit roadblocks in recent months, with a national goods and services tax stalled in parliament and a land acquisition plan abandoned after mass opposition from farmers.
    http://news.yahoo.com/investment-guru-quits-india-over-modis-lack-reforms-145721289.html
     
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  3. OneGrimPilgrim

    OneGrimPilgrim Senior Member Senior Member

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    'Many of Modi's key economic initiatives have hit roadblocks in recent months, with a national goods and services tax stalled in parliament and a land acquisition plan abandoned after mass opposition from farmers.'

    i have a 'basicer' than basic level of understanding of stuff pertaining to finance and economics, plus, have been out of touch of most national updates since past few days, but glancing over some newspapers, caught this much that the GST, thought to be very critical for businesses and economic development by the industrialists, has been watered down, and the PM has pushed ahead or something the passing of the critical Land Bill (with a clear disappointment that i gauged in his words, somehow), all thanks to the congress and its new illegitimate offspring AAP, for holding the parliament and the country to ransom! these and such things intensify my loathing for the loose character banana democrazy that we've got! :mad2:
     
  4. ezsasa

    ezsasa Senior Member Senior Member

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    Jim Rogers has been trolling Modi and india's economy since his first month of office, the other person being deepakh parekh. Rogers is free to take his business elsewhere, i would equate roger's opinions in similar manner to that new york times reporter who wrote that stupid Delhi air pollution article just because he was told to come back to U.S .
    I say good riddance.
     
  5. rock127

    rock127 Maulana Rockullah Senior Member

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    We can have 100 more of these Jim's.

    btw these news sources makes sure to add "right wing" in every of their news about Indian Govt.
     
  6. A chauhan

    A chauhan "अहिंसा परमो धर्मः धर्म हिंसा तथैव च: l" Senior Member

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    Strange he left after Modi's arrival and stayed during UPA :lol: Modi has lots of work to do, and he'll do it one by one, and one who can not wait can leave.
     
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  7. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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    BJP did that in 2004-09, .ie played the irritating opposition party, and loot at what they got in 2009. I am pretty sure that if CONgis continue this path, the congress mukth bharath will be that much more a reality.

    Before I thought that Modi might rule for next ten years. But if Congis keep behaving this way, then Modi will be ruling for next fifteen of more years :lol:
     
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  8. rock127

    rock127 Maulana Rockullah Senior Member

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    And on top of that we need Raul Vinci to be leading Congress since that's a guarantee that we see a Congress Mukt Bharat. :yey:

    [​IMG]
     
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  9. sorcerer

    sorcerer Senior Member Senior Member

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    Oh Rogers!!!
    This jimmy whine boy will come back with wise words and praise for "right wingers".. He will have to!!
    He is just another "frustrated" investor prematurely ejaculating his reform views! :D
     
  10. LETHALFORCE

    LETHALFORCE Moderator Moderator

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    Jim Rogers has been wrong for a long time especially on China. Which has hurt many investors.
     
  11. SADAKHUSH

    SADAKHUSH Senior Member Senior Member

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    What he does not tell us, how much he made with his long and short positions before pulling out?
     
  12. salute

    salute Senior Member Senior Member

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    @Neo are you starting your bullshitting again.
     
  13. OneGrimPilgrim

    OneGrimPilgrim Senior Member Senior Member

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    whr invaders hv been eulogised, heroes binned!!
    yes, i used to lambast them then :p, but they also used to relent and come to a 'settlement' eventually sometime and someway or the other (like for instance in the earlier land bill); but these leeches are showing absolutely no sign of ceasing their useless melodrama nor any sign of remorse. am quite sure the PM's 'soft-stance' and accommodating attitude towards these grubs won't be of any avail now or ever, and they would continue biting off at us, till atleast some cunning & effective pest-cleaning is done!
     
  14. OneGrimPilgrim

    OneGrimPilgrim Senior Member Senior Member

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    whr invaders hv been eulogised, heroes binned!!
    had you seen baba's 'cheat sheet'?!
     
  15. thethinker

    thethinker Senior Member Senior Member

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    Rogers has been wrong a lot recently. No big loss really as he wasn't that bullish in first place about India.

    Only takeaway is his perception about Indian business climate as seen by foreigners, not much else. The same guy suggested buying China and Russia stocks and after that they declined to almost 50-60%.

    India Exit Triggers Debate on Jim Rogers' Investment Bets

    http://profit.ndtv.com/news/market/...-debate-on-jim-rogers-investment-bets-1213847

    "It is easy to dismiss Rogers as an India-skeptic but there is a profound wisdom in some of the points that he has raised. Government needs to understand that private enterprise can thrive if an enabling environment is created, and that can only be done by the government of the day. Jim Rogers, surely has a point!" Mr Harihar said. (Read)

    But many other analysts said it's difficult to understand why Jim Rogers singled out India, when stock markets across the world are in turmoil. They also highlighted how Jim Rogers' call on a rebound in commodity prices has gone completely wrong.

    "His call on the commodity super cycle has gone way off and so has been his preference for autocratic countries like China and Russia vis-a-vis the democratic India. Three years back he professed preference for these countries over India. If he had actually invested in Russia at that time then in dollar terms he would be down 50-60 per cent today," said fund manager Sandip Sabharwal. (Read)

    Analysts also pointed to the roil in stock markets in China, a favourite of Jim Rogers, where share prices have dropped nearly 40 per cent since hitting a high in June. Jim Rogers told Mint that he bought Chinese shares during the two-three days when its market collapsed and he bought even more on serious down days.
     
  16. thethinker

    thethinker Senior Member Senior Member

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    Here is what he suggested once :pound: :

    Jim Rogers: India Should Be Tossed From BRICS

    http://www.valuewalk.com/2014/07/jim-rogers-brics/

    To put together a competing world reserve currency and develop an alternative banking system, the BRICs might consider throwing India out of the equation, Jim Rogers said. India has been said to be the stumbling block in establishing the new world bank. “India and Brazil have big (national) debts. Russia is not a big debtor and has big international reserves,” Rogers noted, pivoting to Russian advantages in the interview. “Russia has a freely convertible currency and none of the others have a freely convertible currency.”

    Jim Rogers thinks Russia should spend its time courting suitors in its own neighborhood, however. “If I were Russia I would be more interested in selling to Asia than South America.”
     
  17. thethinker

    thethinker Senior Member Senior Member

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    Interesting that Yahoo News left out this tiny bit, that of him cashing out with "no complaints about his investments in India"

    Jim Rogers exits India, says one can’t invest just on hope

    http://www.livemint.com/Money/Hii5N...-India-says-one-cant-invest-just-on-hope.html

    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?

    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.
     
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  18. OneGrimPilgrim

    OneGrimPilgrim Senior Member Senior Member

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    whr invaders hv been eulogised, heroes binned!!
    hadn't Narendra Modi burst his bubble (the idea of BRICS-bank + organising events to bring the countries closer)?!
     
  19. thethinker

    thethinker Senior Member Senior Member

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    Yes, the point is some investors are permanently pessimistic about certain countries. Do understand that what they say in public is lot different than what they actually do.

    Rogers has already liquidated his Indian investments after the elections during high market valuation and now shouts out about governance and what not.

    Amusing thing is Paki news channels reporting this as some sort of death knell about Indian economy. Some even mentioned Rogers exiting Indian investments permanently when the interview says otherwise.
     
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  20. OneGrimPilgrim

    OneGrimPilgrim Senior Member Senior Member

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    paki news channels. lol. they were also singing praises about the Indian economy after the Modi-govt. came to power.
     
  21. Rowdy

    Rowdy Co ja kurwa czytam! Senior Member

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    Don't let the door hit ya on the way out Mr. Rodgers.
     
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