After many decades, Delhi now understands economics under PM Narendra Modi: Jim Rogers
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Giving Prime Minister Narendra Modi’s economic policies a big thumbs up, Jim Rogers, a veteran global investor known for his expertise and strategic insights, told IANS on Thursday that for decades, the Central governments talked about a lot of good things but they never really meant it.
However, in the last couple of years, things have drastically changed under PM Modi’s leadership on the economy and stock markets front, said 82-year-old Rogers, adding that he would love to re-invest in the country that is on track to become Viksit Bharat (Developed India) by 2047.
“You know, for many decades, Delhi has talked about a lot of good things, but they haven't really meant it. I never had the feeling that Delhi understood the economics and understood what should happen. But now, for the first time in my life, I think Delhi understands and they mean it and it's going to get better,” Rogers emphasised.
India has seen an unprecedented surge in economic activity with a staggering $8 trillion being invested in the last decade, which comprises more than half of the total $14 trillion invested in the country since 1947, according to a new report by financial services leader Motilal Oswal.
The acceleration is expected to continue, with projections indicating that India will invest an additional $8 trillion in the next five years.
In the last 10 years, more than 25 crore Indians have come out of the poverty line.
On the economic growth front, India is projected to be the fastest-growing economy among the G20 countries with a 7 per cent GDP growth rate for 2024.
The Reserve Bank of India (RBI) has forecast that the country is likely to see real GDP growth at 7.2 per cent for FY 2024-25. Domestic growth has sustained its momentum, with private consumption and investment growing in tandem. Rural consumption spending is rebounding due to moderating inflation, specifically in food.
Rogers told IANS that after so many years, India has realised that “prosperity is not bad and success is not bad either”.
“There is a positive change in New Delhi. I sold my investments in India too soon. I will invest more in India as the country has a brighter future,” said Rogers, the American millionaire based in Singapore.
