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News18 Rising India Summit | Why Ruchir Sharma Won't Advise PM Narendra Modi On Indian Economy
At the News18 Rising India Summit, Ruchir Sharma of Morgan Stanley spoke about his time in Russia when he faced Vladimir Putin.
New Delhi: Ruchir Sharma may have a lot of ideas for the growth of the Indian economy, but he’s not willing to advise Prime Minister Narendra Modi on it. “I would rather observe, than advise,” he said, adding that no one quite listens to his suggestions.
At the News18 Rising India Summit, the Indian investor who has widely written on global economics and politics, spoke about his time in Russia when he faced Vladimir Putin. In Putin’s presence, Sharma took to the stage to make his own presentation about the Russian economy. He first pointed out that Putin has been a ‘reformer’ when he first came to power, but things changed for the worse after that. “It was in stark contrast to who Putin was initially,” Sharma said.
While Sharma continued his criticism, the Russian President didn’t bat an eyelid. “He, in fact, took notes,” said Sharma. When it was Putin’s turn to speak, he spoke about the issues raised by Sharma.
Sharma, the Chief Global Strategist and head of Emerging Markets Equity team at Morgan Stanley, was very pleased with himself. It felt like a pat on his back. After all, Putin was taking into account the issues he raised. Or so he thought.
The next morning, Sharma was woken up by a number of phone calls. He was asked to check the newspapers. All the Russian newspapers had the same headline— “Who is this man advising Putin?” The newspapers were quite disappointed with Sharma’s guts and advised him to leave the country.
“I left Russia and never returned,” said Sharma.
When he was asked further if he would want to showcase a similar presentation for Prime Minister Modi, Sharma was quick to respond. “I will not advise on anything regarding India. I love the country and want to come back,” he said as the audience cackled up and applauded.
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