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Budget 2023 | Russell Napier says India should focus on attracting more foreign capital

economy | Jan 25, 2023 10:32 PM IST

Budget 2023 | Russell Napier says India should focus on attracting more foreign capital

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Speaking to CNBC-TV18, Napier said, one of the rare achievements of India is that it has been able to grow with relatively lesser debt. However, he believes that India's current problem is not a macro problem, but rather a valuation problem.

Russell Napier, the co-founder of ERIC, believes that the Indian government's Budget 2023 should focus on attracting more foreign capital into the country. Despite concerns that the Indian equity markets may be overvalued, Napier argues that the bond market could be quite attractive for foreign investors.

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Speaking to CNBC-TV18, Napier said, one of the rare achievements of India is that it has been able to grow with relatively lesser debt. However, he believes that India's current problem is not a macro problem, but rather a valuation problem.
Napier also expects to see a new form of recession with huge amounts of government fiscal support and subsidies. He warns that the present recession will lead to long-term structural issues.
In terms of inflation, Napier said, governments around the world want to have inflation, but at lowered levels compared to historical standards. Napier noted that governments are happy to see inflation levels lie between 4 and 6 percent.
Overall, Napier believes that the Indian government needs to focus on attracting foreign capital and addressing issues related to inflation in order to navigate the current economic challenges.
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