The investor, philosopher and philanthropist, who has made pots of money as someone who can spot “bubble and bust cycles’’ in the financial markets long before others do has been on a tour of India after a long lapse but has in his typical style not been letting on as to what’s cooking.

“India’s a fascinating country. A democracy with all its faults and a developing country with an exceedingly important role in the world. The reason I am here is that I have not been here in a long time,’’ Soros said on Monday during an hour long conversation with Anurag Behar the vice chancellor of the Azim Premji University as part of the university’s public lecture series on Monday.

The 81-year-old Soros, who is an American of Hungarian origin, said countries in the developed world like the United States are going through a period of political and financial crisis while developing countries are rising politically.

“The difference between developed and developing countries is closing. But while democracy is in crisis in the developed world it is rising in developing countries like Burma or as seen in the Arab spring. I find solace in the rise to search for freedom and progress in the developing world,’’ Soros said going back to a theme he touched upon during a similar conversation last week at the Indian School of Business in Hyderabad.

Soros who set up the Open Society Foundations “dedicated to democracy, tolerance and critical thinking’’ with his earnings from the financial markets is of the view that the current financial crisis in Europe is a more serious crisis than the market crashes of 2008.