I am interested in government spend quality, as it accounts for the biggest chunk of the social spending pie. Hundreds of foundations put together cannot equal what the government can spend.
When people talk to you in such glowing terms, that is the time to be very, very alert because the worst of the mistakes are made in the best of the times.
I reflected a lot, I thought a lot on my 50th birthday. It has been one of the most important birthdays in my life, not in terms of celebration but in terms of retrospect.
If you have a company called x and today you feel the price is very high. Next year it could perform very well but the price may not perform. So in the stock market what happens is buy on the rumor, sell on the news.
In India, one has to have faith in equity. What are the alternatives – real estate, debt? If debt can give you 6 percent, equity can give you 15 percent.
There has to be a period of consolidation in the IT industry. Similarly in pharma, I think India is going to be a world power. We have the lowest cost, good technology, Indian companies are gaining size.
The journey to limit crony capitalism: It’s a journey, it’s not a destination. Slowly but surely, in India, crony capitalism has died and governance is what brings about real growth.
You cannot artificially curb gold imports beyond a point. But I am hopeful it will happen because the rupee depreciation should by itself lead to a large growth in exports and some compression of imports.
