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the valley has littered the markets as nifty steadily inches towards its all-time high mark summer 2075 s ended and some were 2076 has begun with a bank over the course of the year foreign investors restraint has been a key talking point but will the new year bring them back to Indian markets we put the question to popular global investor mark Mobius he says he is very positive in India listening I still am very positive on India because not only because of the tax cuts but I think something that's underlying the BJP approach is making government more efficient digitalising government procedures making things easier and simpler for the people on the ground for business people particularly for smaller business people and for the people in the countryside I think this is a very very significant change that's taking place and it's pretty much unnoticed I suppose but will have a big impact on the future growth of India we've already started seeing the effect of the co-operative Scots on the bottom line of these companies we may even start seeing increase and risk appetite of businesses which is always a precursor to growth how do you see this playing out mark of course there are two things that work here one of course the tax cut but also don't forget interest rates cotton and interest rates also has a very big impact and I personally feel that India has more to go in terms of how much interest rate cuts they can tolerate I don't think they should worry too much about the budget situation I think in order to get growth lower interest rates would be very very good and that would be in line with what's happening globally in emerging markets all right you know last Diwali came just a few months post the shadow banking crisis hit the system do you still feel that recovery is going to take some more time until that time this last mile funding engine actually fully kick-starts growth could remain a challenge yes we can expect two quick results because remember the tax cut help us helps and because we would expect companies to make more capital investments but many of these companies and banks of course have to get away with those bad loans that they've made for the banks and for companies that debts they've incurred they have to cut those down so some of that money would not necessarily go into capital investment but in paying back these loans and also straightening out their balance sheets but after that I think then you can see a surge in investment which would be very good for the market taking this a bit further what's the view of the banking system now and the face of resolutions at the beginning the beginning resolutions of the NCL TK's happen at a much quicker pace but the process just seems to be getting longer now your view on how this is in what kind of impact this has on the banks well that's it I think what we have to do is wait until these banks get their balance sheets right now and this takes time it's not easy because there was a lot of a lot of dead wood there you must remember but I expect that perhaps by the beginning of next year after all we almost finished with this year beginning of next year you're going to see a surge in lending and also in more capital investment by companies by the way another aspect of this is a possible cut in personal income tax because I think one of the things that the Modi government has to do is encourage consumer spending and tax cuts in that level at the consumer level will be very very good all right mark you've always maintained a bunch and look at look out for valley when made in the small cap space looks like that's just starting to play out now does this mean that the so-called mega caps which up until are have been value creators will start to see interest waning away I think so I think you're going to see more diversification by investors nothing that's already away from the big caps I think you're going to get big cap investments but I think the small and medium-sized companies will probably do better given this new environment as I said government measures to make life easier who these people will certainly work their way into the system alright and how much of open Sun is the revised dime of growth rate for India at six point one percent which nonetheless is still not a very small number six point six percent is really very very good for so many countries around the world many many countries would love to have that kind of growth I know the latest quarter I believe was five and we expecting six for the whole year no I think this is very good growth and you must remember you can't have too rapid growth because that leads to excesses but I believe that that level is very good and I expect next year will be probably be better a lot better hope that India according to many markets not a one-year story the government is taking proactive steps and while initial disruptions have caused it it has also laid down a stronger foundation for the next big spurt of growth do you agree with that yes I believe that I believe so I think that it is very much in the cards we're going to see terrific behavior of the markets and of the investment market particularly in India going forward it's going to be very exciting and which are the pockets that are exciting you namah of course still looking at medium and small cap but ompletely interest in the tech sector I believe that there's going to be a lot more exports I'm not only talking about software tech I'm talking about hardware tech from India as a matter of fact was shipped away from China into other markets there's an incredible opportunity for India to take up some of the slack that's happened as a result of the trade war between the US and China and that's where you can see not only no low cost manufacturing not only garments not only shoes but some of the technological items that's whether it be cell phones whether it be electric equipment etc all right mark how much reverse do you see on the global front with regards to brexit and the trade war overhangs brexit you know sitting here in London you you really don't know what's going on nobody seems to know it's so confusing I think it's so much talked about the bottom line is that nobody knows what's gonna happen they do expect a split between the UK and Europe but EE knows how it's going to be developed my guess is that it's not going to be as dramatic as everyone expects in other words the trade flows will not change overnight they'll so be a lot of lines tying Europe with the UK so probably not as bad as is what is expected all right then in that case what's your view on the government's big divestment plan do you feel privatization is the best way of unlocking maximum value it's a tremendous way it's a wonderful idea to have privatization programs to unlock that value not only don't lock value but to make these companies much more profitable and becoming taxpayers to the government but more importantly I believe it's important for India to look at the international bond market as you know India has not been a big player in the bond market internationally and it's about time that India saw issuing international bonds to finance some of the spending I'm not saying to go overboard but to you know begin to tap that market given the incredibly low interest rates that you now have all right got that mark one final question you know I just want a view on gold last the valley to this Diwali Gold has given double the returns of equities there's one diversifying to go along I definitely do as you know I've been bullish when gold for a few years now and I think you have to have gold in your portfolio I'm not saying you put everything in but 10 15 percent makes a lot of sense because with the proliferation of money supply around the world with crypto currencies nobody knows what the money supply is so a gold is a very good hedge you
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