Commodities trading mogul and hedge fund manager Jim Rogers has exited India saying the NDA government has failed to live up to the expectations of investors.
Rogers said PM Narendra Modi’s government has been all talk and no action. He also said, the Indian market lacks the means to propel it. He has sold his holdings in Indian companies.
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.
— Jim Rogers, Chairman, Rogers Holdings
He mentioned in an interview that substantial reforms were required to boost markets and that there was no indication of that. Rogers indicated that if Modi made the currency convertible and opened the market to outsiders, he would consider returning to India.
Rogers didn’t mince words: India doesn’t have opportunities to gainfully employ its own people. He added that India’s restrictions and regulations hold it back and that he invested in India with the hope that the Modi government would change that.
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, Chairman, Rogers HoldingsRead the full story here.
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