How to make money in India, including the most popular investment strategy, is the focus of a new book by the billionaire investor and investor advocate Warren Buffett.
The book, The Warren Buffett Way, is based on interviews with more than 50 billionaires who have managed to accumulate huge fortunes.
The authors, all former CEOs, CEOs of large companies and some of the world’s richest men, outline how they’ve mastered investing, and why they believe there’s still much more to be learned from successful entrepreneurs.
In his book, Warren Buffett has identified some of India’s biggest issues, such as low taxes, high inflation, a lack of public services and high unemployment.
He also highlighted the importance of being patient, not giving up and sticking to your principles.
“I am confident that if you stick to your own principles and stick to yourself, you can achieve a lot,” he wrote in the book.
“I have seen people with great success become billionaires and it is only through being patient that you can get there,” said Raman Shinde, a former executive of Microsoft, whose net worth is estimated at $4.6 billion.
Shinden, who lives in New York, added that there are other strategies to becoming wealthy in India that he does not agree with.
“It is important to learn from the mistakes of others,” he said.
The authors are hoping to highlight some of those mistakes in their book.
“One of the problems we have is we have seen too many people making a huge amount of money at the expense of the country,” Shindee said.
“There is a lot of focus on what is a very different environment from the United States,” said B.V. Pankaj, founder of Paytm.
“There is so much emphasis on the digital world.
I think we have lost sight of how a lot more needs to be done in terms of innovation and how we can create the infrastructure to sustain our people and our economy.”
The book, written by the author and journalist David Pogue, is due to be released in September.
The new book is based around his six-year journey from the billionaire to the world of investment.
The first installment of the book will be released on September 9, while the second installment is due on September 13.
“The book has two chapters about investing,” said Shindes.
“We are focusing on the three biggest issues we have with investing in India.”
He explained that the biggest issue is the high tax rate.
“If you invest in India you are paying almost zero tax in India.
You have to take out a US bank account and then put money into your bank account,” he added.”
But in the US, people pay more taxes.
The biggest tax rate is the US,” said Pankaja.
The tax rate in India is around 35% of the value of your investment.
“It is more than double in the UK, it is about twice in Australia and it’s about three times in France,” said the author.
Prakash Narayanan, founder and chairman of Singularity University, an independent institute that studies AI and the future of the economy, said it is important that Indians know about these tax rates.
“The reason India is so competitive is the fact that the Indian government has not put the people who invest in their country at the forefront of the innovation agenda,” said Narayan.
“India’s leaders are not interested in innovation, they are focused on their own industries,” said Tiwari Ramakrishnan, an entrepreneur and former chairman of Reliance Industries.
“When we look at a country like India, it’s not that they have a problem, but the people in the business world are very poor,” said Nandan Nilekani, founder, Nilekini Ventures, which invests in technology start-ups.
He said India has the highest taxes in the world for the first time in history.
“This is why the US is the leader, the world is lagging behind,” said Nilek.
“One of my biggest frustrations is that Indians are very, very slow in understanding what innovation is and what it is not,” said Lakshmi Birla, former chairman and CEO of Reliant Industries, one of India ‘s biggest companies.
The company is a prime example of the growing trend of companies adopting new technology as a cost-cutting tool, but its focus on cutting costs instead of innovation has been an issue for many years.
The second issue is lack of government support.
“When you start investing in a new venture, the government supports you but they are slow in responding,” said Pandit Keshav.
He is the co-founder of the startup Indigital Ventures.
“In India, the tax rate for technology startups is one of the highest in the developing world,” he continued.
“That is not sustainable.”
India has a high debt-to-GDP ratio and India has one of highest interest rates in the developed world.
“To put it bluntly, we are stuck