The market's obsession with quantitative easing and the Federal Reserve's willingness to provide an "unlimited" supply of liquidity has not boosted employment for ordinary people and it "does not benefit the man on the street", notorious bear Marc Faber told CNBCTV-18.
Faber, well known for his monthly investment newsletter "The Gloom Boom & Doom Report" compared the market's fixation on the Fed's bond buying program with money supply issues in the 1970s and employment in the 1980s, and said while it may have helped investors it has done nothing for the rest of the population.
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"Whenever the market is obsessed with one indicator, whether in the 1970s when it was the money supply, or in the 1980s, when it was the deficit, employment, it usually loses its relevance," Faber said.
"In 2009 they started with QE1, (I believe) we would go up to QE99 or there will be an unlimited QE over time, I still believe that. The only thing is that over time the impact of QE or money printing loses its traction," he said.
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"This QE has not boosted employment for the ordinary people but has boosted the asset prices that are owned by very small portion of the population, the 1 percent, it is not even 1 percent, it may be 0.5 percent that benefits from rising stock prices, rising high end property prices in the Hamptons," he added.
In emerging markets, India was the contrarian investor's pick, despite the nation's "horrible government". Faber said there is strong growth potential, with expansion prospects mainly in retail, manufacturing, distribution and pharmaceuticals.
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"There is little money that has been invested in India. India is a huge country; in terms of population; they will overtake China in a couple of years' time."
"But at least in India compared to China, you have world class companies that are well run, that have strong growth potential because they have quasi monopolies. The markets are not yet saturated, so overall I believe in investing in India. At Christmas I said that I did not increase my positions in any Asian markets except India," he said.
"I also increased my position interestingly enough in Iraq because the market in Iraq is very depressed," he added.
—By CNBC's Jenny Cosgrave: Follow her on Twitter @jenny_cosgrave