1. India in golden period, but long way to go, says third richest man Prakash Hinduja

India in golden period, but long way to go, says third richest man Prakash Hinduja

At a time when there is growing clamour of economic growth slowdown from all sides, even as the Narendra Modi-led government is facing severe backlash from opposition and party-men alike; Prakash Hinduja, says India is going through a golden period.

By: | Published: October 5, 2017 5:37 PM
Prakash Hinduja says that India should follow China’s example, and welcome foreign investments with a red carpet. (Image: Reuters)

At a time when there is growing clamour of economic growth slowdown from all sides, even as the Narendra Modi-led government is facing severe backlash from opposition and party-men alike; Prakash Hinduja, says that India is going through a golden period. Incidentally, in the latest Forbes India Rich List 2017 Hinduja brothers from the Hinduja Group ranked 3rd with a staggering net worth of $18.4 billion, after Azim Premji and Mukesh Ambani. In an interview to CNBC TV18, Prakash Hinduja said, “India is going through a golden period, but has a long way to go.There a lot of foreign investors planning to invest in India in a big way.”

In fact the veteran Chairman of the Hinduja Group says that India must follow China’s example to welcome Foreign investments into the country. “The investments must be given a proper red-carpet, and removing all the obstacles, as China did. China’s success is because it gave a free-hand,” he told in the same interview.

Marc Faber, who had till recently maintained that India is his preferred destination for investing, has turned positive on China, given the run-up in Indian markets. In conversation with CNBC, the author of Gloom, Boom & Doom report said last week, “I think if you look at the major markets here in Asia, India and China, India is up close to 30% in dollar terms, and China hasn’t gone up a lot. So, I think some money will be taken off the table in India and move into China.” Speaking specifically about his positions, he told the channel, “I also increased my positions in China.”

In its research report last month, DBS Research Group says that foreign portfolio inflows have moderated into the second half of 2017 in India, after a strong first half. According to the research firm, this appears to be more pronounced in the last two months, as total inflows thinned to $0.4 billion in August and turned to net outflows of $0.2 billion in September, from from a monthly average of $3.8 billion in the first half. The research firm attributed the fall to slowing debt inflows, as debt inflows accounted for three-fourths of total inflows in the first half.

 

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