Not a fan of India, doubt whether it can overcome sluggish growth: Jim Rogers

NEW DELHI: There are doubts whether India can overcome sluggish growth, said Jim Rogers, Chairman of Rogers Holdings, adding that he was not "a fan of India".

"India has inflation due to its own reasons, not because of international factors like high oil prices," he said, adding that India's debt to GDP was over 90%.

"India for some reason gets better press in the reality. I still have not quite figured out the Indian press," he said.

He added that studies show that when you get that high debt ratio, it is very difficult to grow in a dynamic way.

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"I am not a fan of India. In fact I am short India. So I do not think you are going to see a lot of good news coming out of India," he said.
Speaking to ET Now, he added that it was not the right time for China to ease monetary policy.

China's manufacturing activity fell to its lowest level in more than three years in August as the global economic slowdown continues to weigh on the world's largest exporter.

The final reading of HSBC's closely-watched purchasing managers' index (PMI), which gauges nationwide manufacturing activity, slid to 47.6 last month from 49.3 in July, HSBC said in a statement.

Rogers was also of the view that problems in Eurozone were likely to continue and that the US is likely to print more money in 2012.

On whether the US Fed was planning QE3, Rogers said: "Whether they announce or not I do not know. They are little bit embarrassed because they announced QE1 and QE2 and it did not work."

He said that as an investor, he preferred silver over gold.