“Now they realise that India has macro-economic stability… and what has attracted more money to India is basically a strengthening rupee. I maintained a year ago already that for India the most important is to have a stable currency,” Marc Faber, publisher of the Gloom Boom & Doom Report and Director of Marc Faber Ltd. told BTVi in an interview.
“There were some concerns about elections in India and about the cash scheme (demonetisation) that was launched last October-November. So, there were many reasons why people stayed out of India,” he said.
“For India, the export dependency is not that high. I think, in some sectors, India is very competitive and I think the big gross potential for the whole Asian region is no longer exports, but domestic growth,” Faber asserted.
“If we measure the Middle East to the Far East and Russia, including India, China, Indonesia we have 3.6 billion people. It should be possible for these 3.6 billion people to grow, specially given the low GDP per capita in most countries.”
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.