Rakesh Jhunjhunwala who is known as the ‘Big Bull’ has showered Prime Minister Modi with praise. He’s made rich predictions for the country under the leadership of Prime Minister Modi.
He believes that India’s GDP would grow at an annual rate of 10-11 percent if Narendra Modi is elected to a second term in 2019. He said that India is set for a double-digit growth in next 2-3 years and believes that the growth with be more stable than China’s.
He said, “The kind of change that Mr Modi is bringing is 2-3 years away & then you will have that explosive 10-11% growth. I don’t think the Indian economy has seen such a sunny time where you have stable interest rates, good currency value, you’re on the threshold of major growth.”
Jhunjhunwala is India’s richest investor and is known as India’s ‘Warren Buffett’. His net worth as of 2017 is estimated at $2.3 billion. He is amongstthe top 100 richest people in India at number 53, and the only person in the list who’s an equity investor.
“I have always believed that India will clock double-digit growth with a tsunami of local money. That’s why I have kept all my money in equities. The bull market will really eclipse when there is a valuation froth, commitment froth & bad news. We are far, far, far away from that,” Jhunjhunwala added.
His prediction for the Indian equity market is that the Nifty can double in the next 4-5 years on the back of economic reforms and an increased inflow of funds of domestic investors.
The performance of Indian markets since the time Narendra Modi came to power has been brilliant. The markets have touched new record highs with the BSE Sensex returning 27.10% since May 2014and the Nifty has given a return of 32.25%.
Prime Minister Modi has received almost unanimous support from India Inc and big equity investors for his work in the last 3 years. The result of Prime Minister Modi’s developmental works and economic reforms are showing in the performance of the equity markets, and there remains no doubt that everyone should invest some portion of their savings in the markets to become a part of this unprecedented growth phase.