India will be moving at a faster pace than China going forward, Franklin Templeton Investments Emerging Markets Fund Manager Mark Mobius
was quoted by TV channels as saying on Friday.
Speaking to CNBC TV-18, Mobius said that the current administration had been clever in terms of making reforms. He also said that the market could move 20 per cent higher than levels seen in 2007.
Here's what Mobius had to say on a gamut of issues:
1) PSU banks recapitalisation: Speaking to ET Now, Mobius said that the government's public sector banks recapitalisation plan would help India attract more capital from domestic as well as international investors. Mobius added that an aggressive privatisation programme would push forward economic growth.
"I am moving my money to state-owned banks post government's PSU bank recapitalisation
plan," Mobius told CNBC TV-18
While stating that he was more bullish on public sector banks after the announcement of the recapitalisation plan, Mobius told the financial channel that an accelerating trend was expected from India and that 10 per cent economic growth was on the cards.
2) Goods and Services Tax:
While saying that the process of implementing GST
has been very complex, Mobius told ET Now
that it would be beneficial if more power was given to the states. The government's move to give more power to the states would have a very beneficial effect on the economy going forward, he added.
3) Moody's upgrade: Mobius also told the TV channel that ratings agency Moody's sovereign upgrade of India would lead to more capital flowing into the country.
4) Telecom sector:
Mobius said that he was bullish on the telecom
sector. Speaking to CNBC TV-18
, the Franklin Templeton Investments funds manager said that the telecom
sector would be an interesting space in the coming two-three years, adding that telecom
was becoming datacom in India.
Mobius told the TV channel that Bitcoins
were giving 'Tulips' a bad name. He added that there was still a lot of money to be made in bitcoins.
However, he cautioned that the Bitcoin bubble would burst if more people pour in their funds into the cryptocurrency.