President and CEO of Forbes Media, and Editor-in-Chief of Forbes magazine, Steve Forbes said the prospects for the print media is very bright in India. “It is very bright, and certainly more vigorous and upbeat than in the US. The outlook for the magazine industry in India is particularly bright,” he said.
He said this in an online chat with Moneycontrol.com, India’s leading corporate and financial website. Forbes is in India for the launch of Forbes India, the Indian edition of the world's premier business magazine.
The Indian edition is in partnership with Network 18, which among various media channels and websites owns this site, Moneycontrol, too. The magazine was launched Thursday in a gathering of India top business leaders.
The chat on Moneycontrol focused largely on the global economic crisis and business in India. Emphasising his bullishness on the Indian economy, Forbes said, "The outlook for the Indian economy is excellent. One of the great advantages that India has is the established tradition of the rule of law. Another advantage in India is the widespread use of English. India's democracy may strike some observers as inefficient for economic development. But the truth is that India's democracy makes its economic outlook better because of the prospect of long term political stability. So in some ways India has it all!"
Forbes said he saw Indian markets as an attractive destination, given its firm commitment to economic reforms.
“The environment has obviously improved since the elections. But we were very optimistic about the outlook even before the elections. India made the big change to become a global economic power after the 1991 financial crisis. Despite ups and downs since then, the course of India has been set and it is a positive one,” he said.
In fact, Forbes said he saw India getting ahead of the Chinese economy in the long, if not in the short run. “The real question is not to compare Indian and Chinese growth rates for the next 2-3 years but rather the next decade. Taking that longer term view, India should match or exceed the growth rates of China. More importantly, India has the opportunity to emerge as a part of innovation, that is, a creator of new technologies. This ability to create new technologies is what has enabled the US economy to do well for so many decades. India can do the same,” he said.
He also shared his opinion about US President Barrack Obama's recent protectionist proposals that planned to levy heavier taxes on outsourced work. He said, "There is no question that officials of the Obama administration do not truly realise the importance of free trade. Many of us are working hard trying to educate them before they do too much harm."
Forbes also said that some other steps from the Obama administration like raising tax rates or nationalising healthcare were really obstacles for a faster recovery. "If those initiatives are blocked, the recovery will be a good one later this year and in 2010," he said.
But recovery is indeed underway. For the investor, Forbes’ advice was simple and clear: "If you don’t need the money in the next year or so, start investing in the market. Put in a little bit each month. Don’t let your emotions be your enemy. Be disciplined!"
Read full chat transcript here
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