India big market, not emerging market: Buffett news
23 March 2011

US billionaire Warren Buffett yesterday said he was looking to invest in large countries like India, China and Brazil. However, he said restrictions on foreign ownership in India's insurance industry could act as a deterrent in the sector.

Buffet who is in India on his maiden visit told reporters that the US economy was picking up and that the devastating earthquake in Japan would not adversely impact global growth.

"India is a very logical place to look so I hope I spend some money here," Buffett told reporters in Bangalore.

"The American economy is getting better month by month," he said. "The more India prospers or China prospers, the more the United States is going to prosper over the long term," he added.

He also said the earthquake in Japan which has taken a heavy toll with 21,000 people dead or missing and has set off an alarming nuclear crisis, the most severe in a quarter of a century -- would not hurt global growth.

"In terms of its effect on the world economy over any period of time, it's not going to be that important," he said. "It's going to be important for Japan, obviously, but it will not stop the growth of the world economy," he added.

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India big market, not emerging market: Buffett