Monday, February 22, 2016

India can attract foreign investors by reducing debt and opening up the Indian Rupee

I love India. But what your government needs to do is stop running up debt. I promise you, when the next Budget comes out it’s not going to show a reduction in debt. The deficits are going to still be there and the debts are going to go high. The other thing that they need to do is to open up the currency. 

I hope that the government, central bank and everybody in India let the currency do what the market wants it to do. This is 2016. Why is India still worrying about things like that? Fifty years ago, the politicians thought they had to. But this is not difficult for politician. Narendra Modi claims that he understands economics and understands how the world works. Stop interfering with the currency. Let the market do its work even if it goes down a lot for a while. Even if it goes down for a while people like me will come rushing in to buy more.

This is 2016. This is not 1916. India is a strong and prosperous country. Let your currency be open and free. And if your markets and currency is open and free, chances are more people like me will be investing there.

Jim Rogers is a smart investor who co-founded the Quantum Fund with George Soros in 1973. By 1983 the fund gained more than 4000 percent.