Warren Buffett

Bill Gates told me that IIT is the place to look for talent: Warren Buffett

NEW DELHI: American billionaire Warren Buffett reiterated that he wanted to pursue business opportunities in "the country on the move," when he met Prime Minister Manmohan Singh and a group of parliamentarians, separately, on Friday. The 80-year-old CEO of US conglomerate Berkshire Hathaway , on his maiden visit to India, is bullish about the Indian economy and had said that the country provides "all kinds of opportunities."

After expressing interest to snap up Indian companies, he had termed Berkshire Hathaway's entry into India as "better late than never." Buffett told the Prime Minister that the stakeholders of his company have more faith in his India-born colleague and favourite Ajit Jain , widely expected to replace him as chief executive when he retires. "I am just a name," the famed investor told the Prime Minister.

He recalled a conversation he had with Bill Gates in 1991, over attracting talent from India. "Gates told me that IIT is the place to look for talent," Buffett told the PM. At a lunch meeting he had with a group of MPs, Buffett admitted that the US was preoccupied with internal problems of housing and employment. "President Obama is not inward looking. He has vision for a US role in the world," he said, in response to a comment by Environment Minister Jairam Ramesh that at a time when India and China are looking outward, the US appeared to be looking inward. "In international negotiations after negotiations, the US is the elephant not in the room," Ramesh had said.

To a query from JD(U) MP NK Singh and Ramesh, on whether the economic slowdown was the result of indiscriminate financial liberalisation , Buffett contended that it was tough to pinpoint a villain. "But Americans were victims of mass delusion for house ownership. And it will happen again. I was also a participant in the bubble economy," he said. When BJP MP Chandan Mitra brought up the issue of corporate corruption in the US, Buffett said, the US was "built on corporate corruption" in the late 19th century, but cleaned up its act in the early 20th century. "But you can't forget that America went through a phase of corporate corruption ."

BJD MP Jay Panda wanted to know about the advantages and disadvantage of China in comparison with democracies . "In China decision-making is quicker, awesomely quicker. But whether it is better or not is for people to realise," Buffet summed up with a smile. Not everyone at the lunch meeting seemed equally impressed with his philanthropic efforts .

Congress MP Jyoti Mirdha, talked about the flip side of philanthropy and said India was not sure about the impact of GM crops. "The foundations invest heavily in companies like Monsanto," she said and drew the attention of the guest to a report that appeared in ET. "If GM crops turn out counter-productive , who will take the responsibility ?" "The investor is like an investigative reporter. You investigate the company, but then don't interfere in its working," Buffett answered. Mirdha was concerned as the world is divided into pro and anti-GM . But all Buffet would say was "the risk is there, we can always fail

Warren Buffett