Here's what Warren Buffett said about IITs and India

American business magnate and world-renowned investor Warren Buffett talked about India while speaking to ET Now after a session with shareholders of Berkshire Hathaway during its 53rd annual general meeting.

During the interview, Buffett spoke on how he sees progress in India and that he is not worried about the world's economic environment, adding the US will prosper more if rest of the world prospers.

Buffet also said that people should remain invested in strong businesses and that it was easier to invest in 1950 than today as there was less competition.

Here's what Warren Buffett said during the interview:

• The Berkshire Hathaway chairman said that India has a terrific future due to the brain power it has. Buffett recalled how Microsoft founder Bill Gates once told him he would just hire people from IIT if he were to choose one university.
• The investment mogul said he was really amazed by the hospitality of India when he visited the country last time in 2011. The potential in India is incredible currently, Buffett said.
• Buffett said India is a huge and enormous market for anyone to ignore. He said he is open to investing in India and would love to hire people and buy a business in India.
• Will be in India if I feel there is a good value company for sale, Buffett said.