The “Wow” Country

On India: 

I will say to you what I’ve said to many people around the world, especially in the last two or three years: if you can visit only one country in your life, it should be India. There is no country in the world like India—the food, the sights, the people, everything. If you walk down the street in India, you will have a spectacular visionary experience. So, go to India if you’ve never been. Even if you have been, go back. It’s a wonderful place.

On Prime Minister Narendra Modi:

Mr. Modi seems to understand what needs to be done to have a vibrant economy. For many decades—my whole life, in fact—Indian politicians have not understood how it’s supposed to work. They have been very bureaucratic and anti-profit. But now, something seems to have changed in Delhi, and if this continues, India is on its way to becoming a truly great economy and society, as it has been at times in the past. So, good luck, and please make it happen.

On India@2047:

Well, India has a history of having some fabulous technicians, people who knew technology extremely well, and great entrepreneurs. Part of the problem, of course, was that many Indians had to leave India to make their dreams come true. There are fantastic success stories of Indians all over the world, outside of India. But now, it seems that the country is making it conducive for Indian entrepreneurs to succeed. And if that’s true, my gosh, there are lots and lots of educated, bright Indians. So, it will be good for India, and it will be great for the world.

On the first 100 days of the new government:

Well, you know, I’m still a little sceptical, having been sceptical of India all my life. But I have noticed what Modi has said in the last few years, especially in the last several months. I have noticed some of the things he’s done. There are still problems, of course. Well, it’s still not simple for foreigners to invest in India. If I want to invest in Germany or Canada, I just go online and buy shares or bonds or whatever I want. India doesn’t make it that simple for foreigners. It’s improving. You have certainly done a lot in the last few years—not nearly enough, but it seems to be on the way. I look forward to the day when all I have to do is go online on my computer and invest in India. That will be a very happy day for me.

On India as an investment destination:

Well, it is making itself more and more attractive for foreigners. And I’m going to speak about foreigners because I happen to be one. But most of what I say applies to Indians as well, whether they are non-resident Indians or resident Indians. All of this is being noticed by many outsiders. The Indian stock market is at all-time highs. It’s not just because of foreigners; the Indians themselves know what’s going on. The Indians themselves are more important than foreigners. Both are important, but if this continues, you’re going to see many more foreigners coming into India, especially if they make the currency convertible and get rid of a lot of the controls and regulations. Oh my gosh, it could be very exciting.

On India’s democracy:

Well, yes, India has become much more of a democracy in the last few years or decades, I should say. I can remember when you were part of the British Empire. I’m glad those days are gone because it gives India more opportunities to open up not only for Indians but also for outsiders. I have seen the changes, but they have been slow and not very substantial. In 1990, when the Berlin Wall fell and everybody else was opening up and privatising, Delhi said, “Oh, we’re going to privatise too.” In the next eight or ten years, they privatised one company—a bakery. Sometimes there’s a lot of good talk in Delhi, but it takes a while for action to follow. They do seem to be opening up more now and helping, or at least not hindering, people investing in India. I think Mr Modi now understands that investors help an economy and will be good for India.

On India’s stock market:

India’s stock market is near its all-time high. I usually do not like to buy things at an all-time high; I much prefer to buy things that are depressed. Something has been going right in India, as both foreign and domestic investors are investing there. It’s just that I don’t like buying high; I like buying low. That’s my only reason for not investing in India right now, aside from the fact that I missed the opportunity. I should have invested there a year ago, but there are many things I should have done in my life that I haven’t.

On “Made in India” policy:. 

Well, I mean, if you look at the last 50 or 60 years, other countries have done, I mean, Japan. Japan was a depressed nation, a destroyed nation, 60 or 70 years ago. But they became a great manufacturing nation. Korea, China, and many other places. India always talked about that and aspired to be a manufacturing nation. Now, you're saying the same words again, and you seem to be doing the things that are necessary. Mr Modi talks about becoming a manufacturing nation. Let's see if you do it. You've certainly got the brains. You certainly have the people. Let's see if you do it. 

On India as an attractive investment destination:

Well, some people are already finding it attractive. The market is reaching an all-time high. For me, I would start by making the currency convertible so that anyone could go online and buy or sell Indian currency. They should be able to do the same with buying shares. For foreigners to invest in India, they first have to buy the currency, which can be complicated, and then it’s sometimes complicated to buy the shares. If I want to invest in Australia, I can just go online and do it. But if I want to invest in India, I cannot just go online and do it. India could be more attractive than Australia.

On why India is exciting:

Well, I mean, walking down the street in India, it’s a very exciting place. You also see, I mean, the women are always winning international beauty contests. So, if you walk down the street, one of the first things you notice is the women. But if you go to the market, you see that the women are hardworking, thrifty, and diligent. I learned about silver and gold from India decades ago. I mean, everybody in India knows about investing in silver and gold. It taught me a lesson. That’s one of the first places where I really saw how powerful it could be. Now, all you need to do is make it simple for foreigners to open a shop or buy shares. Just make it simple. Get rid of the regulations. I mean, India, you know, this is not 1924. This is 2024. And you have lots of smart Indians. Let’s realise the potential. Mr. Modi is talking about it. He’s talked a lot about it. He’s taken some actions. Now let’s do it.

On India’s economic ascent: 

Well, first of all, I want to be clear that, yes, I approve of what Mr. Modi is doing, but I’m not endorsing him or anything. I hope that Delhi—let’s talk about Delhi—will implement these changes, and that they will be pervasive throughout the Indian economy and society. If it continues, if you make it so, I’ll repeat, if I want to invest in Canada, I just go online and do it. I would like for it to be that way in India as well.

On the ‘wow’ country:

I will say it again. India could be “wow, wow, wow.” India is a “wow” country. Talk about the women, talk about the food, talk about the sights—both man-made and natural. There are many smart people, many smart men and women. So it’s all there. You just need to make it easy for investors to put their capital to work, whether they build a factory or open a shop—whatever they do, make it easy and encourage them. And I know you can do it. I know all you have to do is see what they did in Japan or in many countries over the past 100 years. I know you can figure it out. You have a lot of smart people. Make it easy for people like me or even people in India to just go online and buy the currency, buy the shares, buy whatever they want. I’m not going to come and open a shop, but Walmart might. There are many big companies in the world. They would love to open shops and factories in India. Make it easy. Encourage them. Help them.

On Indian farmers:

Historically, India has at times been one of the great agricultural nations of the world. At one point, and I don’t know about now, it was illegal for an Indian to own more than five hectares and farm it. Well, I mean, five hectares is wonderful. It’s better than nothing. But how can you be a great agricultural farmer and compete with Brazil, Argentina, or America if you can only have five hectares? Oh my gosh, they said they were helping farmers. Well, that’s a strange way to help farmers. So, I mean, there are many things that I would do. I would make the markets for sugar and wheat, everything, completely open. I would let farmers buy as much land as they want and farm as much land as they want. You know, I would make loans available for farmers. Many countries do that. If you want to buy a tractor, tractors are expensive. But if you provide loans, cheap loans, it changes a lot of things. So India can do it. And if you read Indian history, you know that India has done it in the past. The same human beings have done it in the past. I know they can do it again.

The Jim Rogers take:

Well, I will say it again. Every time I make a speech and people ask me about India, I explain, and I will tell you again: if you can only visit one country in the world, it should be India. There is nothing like it as a tourist, as a visitor. I didn’t say as an investor, but it could be as an investor as well. Remember what happened to Japan 50 or 60 years ago. Remember what has happened to many countries in the last few decades. And when you privatise, don’t privatise one company; privatise an industry or two or six, and give people incentives and help. If they need money to buy a tractor, help them. Don’t make it difficult. If they need approvals to build a factory, help them. Don’t stand in the line and make up all sorts of rules, regulations, and controls. Help them. India can become the next Japan, the next Korea, the next China, the next everything. You’ve got the people, you’ve got the history, you’ve got the land, you have the soil, you have the weather. Please do it. Why, gosh, I hope that in 20 years, you are sitting here talking about, “Wow, wow, wow, wow, India did it.” They stopped talking about it and they did it. Hooray.

I look forward to seeing you in 20 years when we will celebrate India’s success with a resounding Wow, Wow, Wow!