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Mark Mobius sees immense potential for innovation and manufacturing in India

Mark Mobius sees immense potential for innovation and manufacturing in India

 



Veteran emerging market investor Mark Mobius believes a key driver of India's growth is its ability to attract foreign investment in technology sectors such as semiconductors and software.

“India has a tremendous opportunity to become a hub for innovation and technology manufacturing, and that depends on how well the Indian government can attract large manufacturers from countries such as China, Taiwan, the United States and Japan.” said Mobius in an exclusive interview with CNBC-TV18.

Mr. Mobius also talked about his market philosophy and what investors should keep in mind to make sound investment decisions.

This is a verbatim transcript of the interview.

Q. He came from a poor background, but through smart investments, patience, and frugality, he built up a huge fortune over 20 to 30 years. So what does this actually mean? And what's the lesson from all this for people looking to get into the stock market right now?

A. Many people think I need to get a college degree, go to college, or graduate high school. All of this is not necessary if you are willing to learn. Books are available in libraries and you can go to any library. And now, thanks to the Internet, a whole world of education has opened up to anyone willing to buy a mobile phone. Or a small computer.

Therefore, the educational aspect is very important. And don't think that necessarily means the degree is just a piece of paper. It's what's in your head, what you've learned, and what you've practiced. I would say that 50% to 60% of people who have a degree typically don't work in the field in which they were educated. They work on something different. They could have done it without having a degree. Therefore this is very important. Don't forget to prepare your degree and documents. Think about what you are actually learning and how you are applying that learning to your life.

Q. You quoted someone saying that attitude, not aptitude, determines altitude. Is it very important in the current situation?

A. That's right. We see that many people around the world have a great education and a great aptitude for a particular field, but do not utilize or apply it. Therefore, they will not be successful. They don't have the right attitude. In other words, they don't have the attitude to succeed, learn more, be open-minded, and progress. That's why I say attitude is more important than aptitude.

Q. Speaking of emotional potions, investors should avoid emotional potions in the market, avoid herd mentality, stay calm, be knowledgeable, study the market, study stock prices well before making decisions. I would like you to lower this. What is your advice and background in the current environment in India and the world?

A. In the book, I said that emotions are medicine. In other words, markets are driven more by emotion than by intelligence or rationality. In fact, it applies to our lives as well. If you look at your daily life, you will see that much of it is driven by emotions. You need to be more rational when it comes to investing. You need to observe the emotions, understand the emotions, understand the behavior of the crowd and use that understanding in your investments, but don't get yourself involved in the emotions of the market. And I remember John Templeton saying that the best way to invest is to buy when everyone else is selling and sell when everyone else is actively buying. This is the kind of thing you have to be aware of when looking at the market.

Q. Mark, going back to the Indian scenario. Of course, there are many factors that influence market sentiment, and there is currently some volatility, with multiple experts suggesting that the Sensex and Nifty are falling due to the Indian elections. Do you think this fluctuation is really due to the election, or are there other factors at play? What should investors make of this?

A. There is no doubt that elections have an impact. Because people are watching elections very closely. Everyone is emotionally involved to some degree, and the markets themselves tend to react emotionally. So now is your chance. Because if you can look at the sentiment in the market and realize that maybe that sentiment, a market driven by emotion, is wrong, then you should do the opposite. In other words, based on the actual fundamentals of the company you're investing in, if everyone is selling, you might be buying, and vice versa, of course. Yes, I think the Indian elections are probably having a big impact on market sentiment.

Q. At least 47,000 billion yen has been outflowed by foreign institutional investors since elections began in India in April. Approximately $6 billion was leaked. What do you think is the reason?

A. Probably because of the uncertainty caused by the election. Not only foreign investors but many investors around the world, including Indian investors, tend to dislike uncertainty. They don't want it to be uncertain. And of course, as you mentioned, the outcome of the election is uncertain. You know, some say that Mr. Modi will get a super majority and will win more seats in parliament. Others will say, “No, he might not be.” And that creates uncertainty. So whenever I get more uncertain that it's going to be okay, I get out of here. I'm going to wait until I see what really happens. And I'm going to invest. So uncertainty is a big factor in causing this. Perhaps that is what is happening to foreign investors as well.

Q. I would like to ask about two or three scenarios. One is that if the Bharatiya Janata Party or the NDA becomes Prime Minister, they will win in record numbers, as they have suggested and claimed, if they cross the 400-seat mark. , What do you think if you can achieve that? What will be the market reaction and what will be the growth momentum, investment momentum and attitude towards India?

AI believes that if we do that, the market will probably go up unless other factors come in, which I think will be good news for the market. More importantly, it's good for the economy. The policy objectives of growth and technology adoption then become very important. One of the key aspects for India right now is its ability to attract foreign technology investment, semiconductors, software, etc. India has a great opportunity to become a hub of innovation and technology manufacturing. And that depends on the extent to which the Indian government is able to attract big manufacturers from countries like China, Taiwan, the United States and Japan. And, of course, it depends on the degree of bureaucracy and restrictions imposed by the Indian government. . And my reading is that the Modi government will probably try to make the country even more attractive and ease these restrictions, thereby attracting more foreign investors.

Sources

1/ https://Google.com/

2/ https://www.cnbctv18.com/market/mark-mobius-exclusive-emerging-markets-outlook-india-market-view-lok-sabha-election-2024-sectoral-trends-fii-investments-19412311.htm

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