International business tycoon and investor Warren Buffet, who is also known as the Oracle of Omaha, in an interview with a business channel spoke on a range of topics, including the nature of business and markets in India.
Providing a rather positive indication to Indian investors, he said the future Indian generations will live much better than the current, and will not be affected largely by global economic and political conditions.
“Global economic and political environment does not worry me, have no doubt on future of America and the world,” he said during the interview.
The 86-year-old philanthropist also appealed to investors to not worry about short-term market conditions and aim for long-term profits by paying attention to their respective business.
“Pay attention to businesses rather than markets, Investors will do fine if you hold good businesses. Never looked at short-term market moves,” he said.
The second wealthiest man on Earth said that he will be in India if he feels there is a good value company for sale.
“Will invest in India if a good, valuable company is for sale,” Buffett said.
As he was speaking on several global economic factors, he shifted his focus to India and said that he is impressed with the hospitality in India, and the “potential for India is incredible currently.”
ALSO READ: Three out of Four wealthiest in UK are from India
However, he said that there is a massive divide in incomes in India and per capita income should go up in the country.
“India is a huge and enormous market for anyone to ignore,” he said highlighting India’s expanding global footprint.
He credited India’s brilliant future to the brain power it has and shared a memory saying Bill Gates had told him to hire more folks from Indian premiere institutes such as IITs.
Buffett said unequal wealth distribution in India has been a big roadblock in the path of development, he also said that the country has made major improvements, due to global factors.
Taking all these factors into account, he believes that the future of India will have less or no poverty as compared to the 21.9 percent (2016) which resides below the poverty line.