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There is room for further upside in
Here is a verbatim transcript of the exclusive interview with Mark Matthews on CNBC-TV18. Also watch the accompanying video.
Q: What's your sense—in the last few days we have got some reasonably good earnings numbers from the
A: The media focuses on the good news but I would say that really it is a continuation of the theme that we had in the second quarter where the news is just less bad than it was before. I mean if you look at Intel numbers, they were still very weak. If you look at what FedEx is saying, they are guiding for basically flat throughout the remainder of this year and Singapore revised their projection for their GDP this year from minus 9% to somewhere between minus 4-6%. So it is a continuation of that trend where things are less bad than they were before. But when I look at data, I just feel it is still extremely weak. For example Singapore port and Long Beach port in California came out with their June throughput numbers and they were very weak, basically flat on month-on-month (MoM) basis and down anywhere from 17-28% on year-on-year (YoY) basis.
Q: There were some polls conducted though amongst investment analysts who indicated that
A: I was just in the US over the last few weeks marketing and meeting investors there and I sensed that, yes, there is a dawning recognition in America that this is going to be a very long protracted haul out of the problem they are in and as a result they are looking for places outside of the US to invest. So when I was marketing in the
Now, between
Q: Is there that you get from the region that things are improving or they are less bad, I am talking about Asia specifically now because Singapore had cut its GDP decline forecast early this week, China came in with 7.9% numbers on GDP—is there any sense at all that maybe the cut will not be as deep in the Asian region this year?
A: Yes and I think in India’s case when I look at the GDP forecast for the consensus next year, which is about 7%, I think it is too low.
Q: Did you come away from the Union budget feeling okay about the Indian market or were you disappointed?
A: I wasn’t disappointed. I didn’t understand what all the fuss was about with the budget. You can’t do everything in the budget. There is a time and place to do other things. So I was not disappointed and in the least I think it was a good budget—6.8% fiscal deficit is fine for a country like
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