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headed? Do you believe that we're likely to see more cuts coming in and what will be some of the other crucial risks that investors need to watch for? Well, [clears throat] well, all those questions are for the short term. So, let me answer some short-term questions. Um, [clears throat] look at the markets, the markets are honest.
I mean any [clears throat] single day the markets may miscalculate something but overtime markets are are the are is a great mirror of what's really going on. So whether there's political pressure one way or the other sure that can shape a market over any one day or week but markets actually are bigger than any any individual or any economy.
And so if if the mark if there's if the Federal Reserve eases too early and we we see inflation or we see measures that prove it wrong, you're going to have a steepening of the yield curve. So all those issues to me are not that important to be honest. I know they're important for [clears throat] day traders.
They're important for media because they could talk about all the churn and all that. But they it really doesn't matter that much and I don't really spend that much time focusing on those type of issues. Now any over a course of any one quarter, any one year, yeah, sure they matter, but over time the markets correct itself and rebalance itself.
And that's that's pretty much the message that we have to constantly talk about because the message is not about the moment. And everybody gets so confused about the politics, the polarization of opinions, [clears throat] you know, the politization of everything. And yet over time, that's the beauty of markets.
They there the markets are an honest reflection of global economies over the long run. And that's and if you believe in humanity, if [clears throat] you believe that we correct our problems over time, I actually believe the things you read in the newspaper, all the all the stuff we read that's frightening, I get actually excited because we're talking about those issues and generally we mitigate most of the things that are on the front pages.
We actually mitigate. So I actually am am pleased when I see all the things all these terrible things and I'm not trying to say each and one of those things may be really terrible but the fact that we're talking about it mitigates we self-correct are the the things that you don't read in the newspaper that you think are a problem.
Those are the things that bother me like the long-term issues of of deficits that we don't spend enough time talking about. How do we mitigate it? The best way we mitigate it is through growth. That's what I try to tell every political leader. How do you grow your economy? Because you grow your economy, the deficits will be smaller as a percent of GDP.
But um and so I you know I don't get I don't I don't get bothered by most of the stuff I read because it's a good thing. That's the power of the press to identify all the issues. But through that identification of the issues, we mitigate those issues. You know, you think about all the problems you read and all the wars and all the all the all the skirmishes, but in most cases over time they resolve themselves.
You think about how problematic everything is when we when we entered this year and yet over, you know, when you think about the beginning of 2025, everybody was so nervous about everything. Yet markets did great over 2025. we have some for a form of resolution in Gaza and Israel. There are so many other areas in the world where we actually have diminished risk.
But if you ask the average person who reads a paper, they would think things are actually worse than they are. And and and to me, obviously, negative news sells far better than positive stories. And so what I'm trying to say and my message to everybody is yes, please be a global reader of what's going on, but don't get so alarmed by it because we're going to mitigate most of those problems because that's what we do as human beings.
Um, and that is the whole message about long-term optimism. You know, long-term optimists generally win. uh at the you know you know Elon Musk said in Davos it's better to be an optimist and being wrong than being a pessimist who's right and I think about just Elon himself for a second I've never met a person who is as smart as he is but with the imagination that he has and the guts to do what he's has done and I think in building that out and I would just liken that to Lukeshabani the ambition the imag imagination Um and those those are the key things in in growth and opportunity.
And I to me this is what we all want to be a part of. We want to invest with a people who have ambition who have um the guts to do things that that break the mold that break that that changes society but it but be they change society because of the imagination and guts. And to me, that's that's the beauty of being a long-term investor.
Absolutely. So, uh being an optimist and getting it wrong versus a pessimist and getting it right in Elon Musk's words is more important and you agree with him. But Mr. Amani, uh you know, you were talking about the startup ecosystem and I want to understand from you, you know, both of you spoke about changing the mindset from savings to investing and both of you are focused on generating growth.
What is the message to the young Indian saver today? What would both of you tell the young Indian saver? And let me start by asking you Mr. Amani. Well, Shireen, I think that uh to my mind the India opportunity, right? Is is genuinely a new era. It's now we can see it visibly over the next it's next two or three decades in terms of uh and all of us agree that growth and we take growth for granted but let me tell you all over the world people would die for 10% yearon-year growth right and we are growing on a large base and we will sustain that so for any young Indian right this growth is going to be converted to growth into his or her income, right?
And so you would have income growth. We've got to continue our savings mindset. We we still want to be conservative. We don't want to inherit too many deficit problems. We are still okay. So as long as we save and if we make that mental mindset in terms of saying we will go and invest our savings to grow with India back [clears throat] into productive uses to have these productive uses go black rockck and the whole financial community today to my mind like the while we all talked about one minute I still think that from my perception right uh access to investments and productive compoundable investments is complex it's not affordable and it's not available to all and uh that is what every young Indian should demand for and it's our job in industry to do exactly what we did with Jio that it should be available to all and then people will benefit from the power of compounding.
I think that we talked about compounding but uh money in a bank account lying in a in simple interest is not compounding. Right? Money in stock market is compounding and uh India has an efficient market. We have now regulated it well and if we can channelize this money to grow for every Indian along [clears throat] with them
right that is the opportunity that we have where hundreds of millions of Indians right become owners of wealth and don't only observe wealth creation and I think that uh India is well equipped I the institutional mechanism as well as the corporate mechanism is aligned with that very fact that we are here utilizing all the technologies to enable this for Indians is there and within this framework right there are still many many unsolved problems and even after three decades there'll be many unsolved problems so the opportunity for startups think in a big macro piece right it's 110 110 trillion world 4.5 trillion India right 4 and a half the $110 trillion world with AI productivity will go up to a $300 trillion world in three decades right India has the opportunity to take its share so there is like 35 trillion we have 30 trillion of new value right that has to be created and that means there is 30 trillion of new market value and that is what people will participate in in the next three decades and that's why even 100 alliances might not be enough but that's the opportunity for a young Indians starting today
Larry think uh your your message to young Indians in the context of what you've seen happen in the other countries that you operate in mostly believe in your own country believe in the opportunity of growth I mean think about it if India can't grow 10% a year and let's assume the the stock market only grows always at 10% a year.
It generally it grows at a multiple of the growth of the GDP. But let's just assume it only, you know, that means you're you're you're doubling your your your your your pool of money every six and a half years. Okay. Um that's a pretty good outcome. Um that's much better than keeping your money in a bank account.
And um and to me, that's the foundational issue. Grow in with your country. And if you believe that the that there's leverage in the in the in the system, which there is, you're going to if the economy grows at 10%, the equity market is going to grow, you know, a mo, you know, five six points above that uh over time.
And so to me, that is the f that's the foundational to build financial security, dignity when you're in retirement. And to me that is a whole foundational issue where for a successful economy you know you spend a lot of your time fishing Larry I I I believe uh and uh you know I I believe this deal got done on in a car uh and it was less
you weren't fishing. No no you were not you were NOT FISHING BUT WHAT was the bait? Friendship friendship that is the perfect note to end this conversation. Larry Ping, MKkesh Amani, thank you so very much for joining us and giving us a long-term perspective of the strength of the India story and the strength of this partnership.
Appreciate your time. Ladies and gentlemen, a big round of applause for Larry Ping and Vish.
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