Yes, Modi tells a good story. He is doing all the right things, but so far there has been no real action. I hope I am early—I am beginning to wonder if he is for real. I hope I am the first to see if he is for real. If he is not for real, I hope to get out early—I don’t want to get out of India after everyone else has done it. Modi has done a few small things, but these small reforms have had very little impact on India’s economy. Toilets are good for people, but Modi has not done much to improve the overall economic standard of living, or done much for investors.
Yes, the Indian markets have performed well, but markets everywhere have been performing well. There is a massive amount of liquidity floating around the world. This is the first time in recorded history all major central banks—Japan, America, Europe, Britain—are all printing huge amounts of money. It is not just Indian markets that are going up—China has gone through the roof, Japan has more than doubled in the last few years, America is at an all-time high. Markets are going through the roof because there is all this liquidity, and some of that is coming to India because Modi tells a good story. It is a very good story, but I would rather put my money at some place where there is a good story and action.
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.