‘India has unexplored, unattended opportunities’

Hinting at a foray in India, Warren Buffett said it would not take much time before it pursues opportunities in the country…reports Asian Lite News

Legendary investor and Berkshire Hathaway Chairman and CEO Warren Buffett is bullish on India. Presiding over the company’s annual meeting on Sunday, the nonagenarian investor said there are loads of opportunities in India.

To a question on whether his company Berkshire was actively looking for opportunities in India, Buffett, without getting into specifics, said there are unexplored or unattended to opportunities and areas in India.”

Berkshire Hathaway’s business and investment model is focused on acquiring and managing businesses across multiple industries

“In India, I am sure that there are loads of opportunities in a place like India, and the question is do we have any advantage, in either insights into those businesses or contacts that will make possible for some transactions that participants in India would particularly want us to participate,” the nonagenarian investor said.

“I would say that’s something that more energetic management at Berkshire could pursue because we do have a reputation now and is known around the world and our Japanese experience has been fascinating. In that respect, so there may be an unexplored or unattended to opportunities and area (in India),” he added.

Hinting at a foray in India, he said it would not take much time before it pursues opportunities in the country He added Berkshire’s new management will decide on investments in India.

“We will see how the next management plays the game out at Berkshire and fortunately you don’t have too long to wait on that generally,” he said.

Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level, and appreciable central bank monetary policy, have all contributed to painting a bright picture for the Indian economy in recent quarters.

India’s GDP grew at a massive 8.4 per cent during the October-December quarter of the current financial year 2023-24, and the country continued to remain the fastest-growing major economy and is poised to maintain its growth trajectory going ahead.

India is set to remain the fastest-growing among major economies in 2024, according to latest International Monetary Fund’s latest World Economic Outlook. IMF, in its latest outlook, raised India’s growth projections for 2024 from 6.5 per cent to 6.8 per cent.

U.S. dollar banknotes in Washington. (Xinhua/Liu Jie/IANS)

India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively.

India’s GDP is currently ranked 5th, after the US, China, Germany, and Japan, and is projected to become the third in a few years.

Meanwhile, Buffett addressed concerns about the US debt and inflation during Berkshire Hathaway’s annual meeting.

He emphasized the resilience of the dollar as a reserve currency and expressed confidence in the US economy despite the national debt.

“It won’t be the quantity of the national debt. There isn’t any alternative to the dollar as a reserve currency,” said Warren Buffet, Chairman and CEO of Berkshire Hathaway.

He also praised Federal Reserve Chairman Jerome Powell, acknowledging his wisdom and highlighting the limitations of monetary policy in addressing fiscal challenges.

“Jerome Powell is not only a great human being but a very wise man. But he doesn’t control fiscal policy. Every now and then, he sends out a disguised plea, saying please pay attention to this,” said Buffet.

During the meeting, he also raised apprehensions about the potential consequences of unchecked inflation on the global economic landscape. He cautioned against allowing inflation to spiral out of control, warning that it could pose a threat to the entire world’s economic stability.

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