Business

Jim Rogers regrets giving up hope on Modi; says should have been more patient before exiting India

Instilling faith in PM Narendra Modi and his policies, Commodities Guru Jim Rogers on Monday said that he should have been more patient and waited for Modi’s plan to play out before selling his positions in 2015. In a conversation with ET Now he said, “I believed that Modi did nothing but talk, hence I sold out of India. The currency and Indian markets have gone up quite a bit after I sold out”. In 2015 Rogers exited his India investments after giving up on Narendra Modi, saying that the Prime Minister has failed to meet the investors’ expectations. “Mr. Modi ran a successful state. He campaigned for two years, saying he knew what to do. He has been there 15 months, yet little has happened,” he had said in 2015, upon deciding to sell his India assets. Earlier this year, he said that he wanted to invest in India but demonetisation event happened.

Recently he also expressed his desire to enter India again. “If Modi continues doing stuff like GST, then not just me, everybody has to pay a lot more attention to India,” he said in an interview to LiveMint. He also lauded Modi for passing the crucial GST. “On GST, I am amazed, shocked and stunned,” he told the publication.  The biggest tax reform since Independence, GST has been in the works for more than a decade. It will transform the $2 trillion economy and market of 1.3 billion people into a single economic zone with a single national sales tax.

GST will subsume central taxes like excise duty which is levied on manufacturing and service tax as well as state taxes like VAT that is chargeable on sale. Sources said Adhia informed the meeting of the four-slab rate structure of 5, 12, 18 and 28 per cent finalized by the GST Council. He explained how the fitment of different goods and services in these slabs is being done to keep their impact on consumers as well as exchequer neutral.

President Pranab Mukherjee approved four supporting legislations related to GST. Finance Minister Arun Jaitley along with his ministry officials presented a blueprint to the Council of Ministers for launch of the path-breaking GST from July 1 to transform the Indian economy. Revenue Secretary Hasmukh Adhia made a detailed presentation to the Council — the supreme executive organ headed by Prime Minister Narendra Modi — on how the Goods and Services Tax (GST) will be implemented and the challenges before it is rolled out.

Source: The Financial Express

Earlier in 2015 Jim Rogers said, he was disappointed by Modi so he backed out his investment. Read full article here

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