Jhunjhunwala projected India’s GDP growth to touch 9% by 2022-2023.
Genius Investor Rakesh Jhunjhunwala shared the continued dullness in the Indian stock market is unprecedented, but hoped that there will soon be this will end.
He said in an interview “I have never seen such volatility in Indian stocks. This must be the darkest hour before dawn,”
“The market always gives you an opportunity to buy before going up,” Jhunjhunwala conveys, with that he added, "It is like the weather: you may not like it, but you will have to bear it."
Jhunjhunwala, invoke to as the Big Bull of Dalal Street, maintained his bullish view on the Indian economy, and said there is darkest and doom for those that have an incorrect business model. But, he says he continues to bat on the front foot throughout the ongoing market correction.
Jhunjhunwala projected India’s GDP growth may to 9 percent by 2022-2023. "If India heads to become a 5 trillion Dollar economy by 2025, then household savings will have to go into equities," he said.
He praised PM Narendra Modi and his work. and said "Modi is a distilled socialist after Lal Bahadur Shastri. He is one of the few prime ministers who have seen poverty. Modi knows how to enlarge the size of the cake. He is ready to take bold steps and at the same time knows that investment is key for the economy,”.
He also shared that Modi would eventually benchmark Indian tax rates to global standards.
He also referred that he looks for five qualities in a company before investing — patience, technology, frugality, people and governance. "Impatience is the biggest mistake in business," he said
India’s own Warren Buffett, Rakesh Jhunjhunwala said IndiGo NSE -2.22 Percent and D-Mart are the two greatest companies made in India in the last 10 years. While the former got planes at great prices and create efficiency, the latter proved to be a great differentiator.
He said there is a good opportunity in PSU stocks, the biggest beneficiaries of the corporate tax cut, on public sector firms. “If divestment is done in a measured manner then PSUs can be a mammoth,” Jhunjhunwala said.
for the next 5 years, he said he is positive on equities and gold. He expects the yellow metal can rally to 2,500-3,000$ per troy ounce. In the international market, gold hovered near $1,500 per troy ounce today.
He sees crude oil prices in the 55-65 $ per barrel range. “I own minimal real estate and jewelry,” he said.
He Concludes with the advised investors to invest in their health. “My bad investment is my health,”.
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