Ace investor Mark Mobius, founder of Mobius Capital Partners LLP, praised India's rapid economic growth and predicted a bright future for its semiconductor industry.
During his conversation with Ramesh Damani at the NDTV World Summit, Mobius highlighted Prime Minister Narendra Modi’s efforts in digital infrastructure and economic reforms as key drivers behind India's success, positioning the country as a rising leader in semiconductor production.
Mobius, often called the 'Indiana Jones of emerging market investing', likened India to the "United States of India" due to its diversity of languages and cultures, remarking that Modi’s unification of the tax system was an “incredible accomplishment” that would have taken much longer in other countries.
He further explained that India’s dynamic creativity and open economy make it well-suited for semiconductor manufacturing.
According to Mobius, India’s massive market, its established software industry, and the ability to adopt technology from global leaders like Taiwan, China, and the U.S., will drive the country’s rise as a semiconductor powerhouse. He also noted that several global semiconductor companies already have strong software operations in India.
Mobius emphasized that India’s labor force is capable of handling semiconductor fabrication, recalling a conversation where he pointed to India's precision in diamond polishing as an example of its potential for detailed work. While acknowledging that semiconductor manufacturing will require substantial capital, Mobius remained optimistic about India's prospects.
He also noted that in terms of return on capital, India stands alongside China and the U.S., with plenty of investment opportunities still available despite rising stock prices.
On a lighter note, Mobius shared his fondness for the Indian film franchise 'Baahubali' and recounted a visit to Hyderabad, where he took a photo with a statue of the film’s villain.