Warren Buffett, chairman of Berkshire Hathaway and the world?s third richest man, in an interaction with industrialists here on Wednesday, said India would have to work towards developing systems that promoted equal opportunity, similar to those established in the United States, in order to realise its true potential. While addressing an audience of corporate captains, educationists and investors, Buffett said, ?The challenge every country faces is realising the potential that lies in its people and the ability of the country to give the chance to every citizen to achieve that potential.?
The man, widely regarded as the ?oracle? of capital allocation, added, ?The US has been pretty good about that (equal opportunity). We do still fall short, of course. But for 140-odd years, we treated women as second class citizens, which meant half the talent was put aside. Through systems and reforms, the situation has been evened out. Again, social reforms in the 1960s took us another step closer to equal opportunity. You want systems that gives every individual a chance to find out what they really are, ensure that your education system gives everybody the same shot. The government has to be an agent of opening up chances for its people.? Buffett was in Bangalore to visit the local arm of TaeguTec, a unit of Israeli metal-cutting tool maker ISCAR Metalworking, in which Berkshire Hathaway has majority stake. During his trip, which happened to be his first to the country, Buffett said that he had been ?overwhelmed? by the hospitality extended to him, and that he would be looking to make large investments in the country. He also met Karnataka chief minister BS Yeddyurappa on Wednesday. ?You can?t believe how many opportunities I have missed. But I don?t look back. I don’t worry about the past. I am not given the powers of recognising every opportunity. The future is what you make,? Buffett said in a response to a question about how he felt about not having concentrated on the Indian market sooner.
During his visit to India, Buffett would also be promoting ?Living Pledge? along side Bill Gates, in an attempt to advance his philanthropic pursuits in the country. According to Buffett, millionaires across the world were increasingly opening up to the idea of giving away what they did not need, with young millionaires like Mark Zuckerberg of Facebook starting to make philanthropic commitments early on in their lives. However, he said that the choice to give should continue to be voluntary and people should have the right to decide when and how much they would give.
Infosys CEO Kris Gopalakrishnan, who shared the podium with Buffett, agreed to the later’s ideology, stating, ?Philanthropy should not be mandatory. We should encourage people.?