India is not an emerging market: Buffett

Red vermillion on his forehead,the Oracle of Omaha spoke on the business of buying stocks.

Red vermillion smudged on his forehead,a jasmine necklace dangling around his neck and over his suit,the 80-year-old Oracle of Omaha spoke sage words on the business of buying stocks after he landed in Bangalore on the first leg of a much awaited visit to India,here on Tuesday.

Legendary investor Warren E Buffett said he sees in the Indian economy a fit for his big investment strategies but finding a company in India that fits his investment bill is not part of his primary goals.

Razor sharp,sometimes self deprecating and always full of wisdom,the worlds third richest man said the primary aim of his trip was to put ideas for philanthropy before a select group of Indias wealthy. Finding an investment proposition in the bargain though would not be too bad. I am looking to spend some money here, said Buffett,the chairman and CEO of Berkshire Hathaway,after describing his visit as better late than never.

We dont see India as an emerging market,we see it as a big market. In emerging markets the businesses tend to be much smaller. In terms of making a big stock investment they dont fit us. We need to invest billions of dollars. India,China,the UK,Brazil,Germany will fit us, Buffett said.

Investment opportunities are very hard to find. I cant be arbitrary and say I am going to invest in Mexico in the US or India. If I get one good idea a year I would feel very good about that year. I am just looking. I hope it come from India,from the US or from any part, Buffett said.

Buffett said Berkshire Hathaway had made a foray into the insurance sector in India as an agency and that there would be no changes in the companys activity in the sector. The limits in terms of investment in insurance companies is 26 per cent. Obviously it would be more attractive to us if we could buy more than 26 per cent of a company. You put as much effort into a company where you own 26 per cent as you would in a company you own 50 per cent or 75 per cent of, he said. Buffett said his investments in India will not be determined by any specific sector but will depend on his ability to understand future of a business.

Expectedly,Buffett could not stop singing the praises of Ajit Jain,the Indian-origin executive who heads Berkshire Hathaways reinsurance business and long-rumored to be his successor. Buffett would not say whether Jain would succeed him but lavished fulsome compliments and said he owed the people of India for sending Jain to me. He said he speaks to Jain every single day except weekends.

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The primary goal of his visit,however,is to talk about Living Pledge the philanthropy initiative he and Microsoft founder Bill Gates have kicked off in the US,he said. Doing philanthropy is harder than doing business he said. Its tough. The market system does not give you feedback on philanthropy like it does when you are running a business. It is a long cycle before you know whether you did the right thing or not, he stressed.