India is a wonderful place to invest: Buffett

BANGALORE, INDIA: Warren Buffett, the world's third richest man with an asset of over US$30 billion, said on Tuesday he perceives India as a wonderful place to invest, and feels he should have come to the country a little earlier to make investments.

The billionaire investor, who joined hands with Microsoft founder Bill Gates in his philanthropy initiatives, also said that Berkshire Hathway has been looking at destinations outside the US, and India is very much placed in their investment radar.

Incidentally, Buffet's visit comes at a time when India is perceived as a global investment destination.

During an interaction with media people here on Tuesday evening, he said his company would continue its business in India through third-party agencies, since foreign insurance investors are capped at 26 per cent. He suggested that it would be more attractive to invest here if the government raises the limit above 50 per cent.

Asked whether the global market would be affected by the Japan disaster, Buffet said he has seen a lot of tragedies in his lifetime, including the 9/11 attack and economic slowdown of 2008, but the global economies have emerged over a period of time.

When India prospers, US will prosper better

Commenting over the debate on exporting of US jobs to India, particularly Bangalore, he said, “I have enormous belief in trade between countries, and the more India and China prosper the more growth will happen in the US.”

"There are 309 million Americans. There will be such feelings," said 80-year-old invester, who heads Berkshire Hathaway.