INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Big Bull Rakesh Jhujhunwala says he expects Prime Minister Narendra Modi to come back to power in 2019, even though he finds it
difficult to predict what the exact outcome would be.
In an exclusive interview with ETNow, Jhunjhunwala said he felt the market was more
bearish on Modi's comeback prospects than what it should be.
"I cannot predict what my wife will do tomorrow; how can I predict election
The ace investor, often referred to as Warren Buffett of India, believes the 2019 general elections will be fought based on personality of
For now, he believes the Opposition agenda is solely focused on displacing the Modi government.
"When Congress won 209 seats, the Nifty went
up 40 per cent in two days and after that it never went up
India is greater than individuals
Of course, I would very much like Modi to come back
What agenda the opposition has Remove Modi This is going to be fight on personalities," Jhunjhunwala said
The market, of late, has been concerned over the realignment among opposition parties to form a third front against the Bharatiya Janata
in the IBC and bankruptcy laws to tackle non-performing assets in the banking system.
Besides, the Modi government is also credited with
increasing FDI in defence and railways, improving business climate as suggested by a rise in India's rating in ease of doing business and
efficiently managing the fiscal math.
But the government had its shares of criticism too, which include a hasty decision to go in for
demonetisation, which hurt the informal sector of the economy and removed many small-scale jobs
Besides, the government has been lagging behind in pushing private investment.
For the stock market, while the demonetisation helped channel
money from physical to financial assets and led to surge in SIP flows to mutual funds, which helped cushion the stock market when foreign
portfolio investment was drying up.
Jhunjhunwala said he expects huge flows into the market as India readies to achieve a GDP target of $10
The Big Bull believes India should see big improvements in its manufacturing capability in the coming years.
