Indians prefer everything ‘phoren’….
Indians first went abroad to the West Indies, Malaysia, Sri Lanka…..then the educated ones went to UK and USA…then of course came the Gulf boom.
Aditya Birla took the Birlas to South east Asia, his son prefers growing outside India. Ratan Tata ensured that the Tata group revenue in Rupees is much lesser than the earnings in hard currencies…
Fund management industry prefers operating from Singapore…or Dubai….
Some patriotic people may not like the tone that Economist has adopted but it is a hard hitting article…so many foreigners who come to India have run away – Fidelity, FMP, Wal Mart, Warren Buffett, New York Life Insurance, Ikea, RBS, Barclays,………..the list is endless….
So read on
NPR
Subra, I have not read the Economist article yet – well, some of the points are true & some are not.
Warren Buffet started an Insurance brokerage; he could not sustain against stiff competition & left. Fidelity is a different case – the industry itself is not doing well, bar the top 3 players & again, stiff competition. Ditto for NYLife Insurance. Similar stories for RBS, Barclays; these banks also they had issues back home.
All these players did not bring anything unique to the table and/or could not execute well their plans against competition. If you notice, most of them are in Financial Services – where an average Indian has been scared away, for right or wrong reasons. Top 2 Mutual Fund companies are Indian, Top 2 Banks are Indian (though ICICI is majority owned by FII, management is Indian); LIC just can’t be touched by anybody.
Against such stories, there are others who did well in Consumer & B2B marketplace. There are many examples, to list here.
Bull Bhai
@@@ NPR even I agree with you. And one thing I must say you took away my thoughts . Thank you.
Shinu
To my understanding indian rupee value was at par with US$ in 1947. Today it is @ 65….. that means it is JUST 1.5% of its initial value….
India is a country made by politicians for the politicians run by politicians. A lucky few percentage do get some education, create some wealth and will live their full life as they dream.
Annapurna
Indians prefer everything foreign.. on an individual level, this seems to apply more to lifestyle goods and consumer durables. Only if people were to extend this to their investments too and take exposure to international funds and other invstment opportunities and reap the benefits of international diversification 🙂