Ace investor Rakesh Jhunjhunwala on Friday slammed a British investor asking him to invest in Pakistan if he had doubts about India’s economic growth. Speaking at the World Hindu Economic Forum 2019, the veteran investor asked his fellow panellist, former head of the London Chamber of Commerce Subhash Thakrar to stay away from the Indian markets if he had suspicions about India’s economy.
Ace investor Rakesh Jhunjhunwala clashes with former head of the London Chamber of Commerce Subhash Thakrar and asks those sceptical of the India story to ‘go invest in Pakistan’. pic.twitter.com/cx06PIjSjH
— CNBC-TV18 News (@CNBCTV18News) September 27, 2019
Being bullish about India’s financial growth, Jhunjhunwala asserted that the ability of India to achieve if ease of business is improved is phenomenal. He also advocated the implementation of second-generation reforms if India wants to achieve 9 per cent growth. “If India achieves 9 per cent growth and I am not saying this as a patriot but as an investor that the corporate profitability will grow by 15 to 18 per cent,” Jhunjhunwala said.
An upbeat Jhunjhunwala continued saying that India’s nominal GDP growth will be 12-13 per cent and earnings will rise. Talking about the household savings in India which are pegged at 30 per cent, Jhunjhunwala opined that the Indian stock market which attracts $20 trillion one day will draw around $200 trillion. “What is bloody $20 trillion coming to the stock markets, it has to go to $200 trillion,” he exclaimed.
However, Jhunjhunwala’s optimistic sentiments about the Indian economy was countered by Ex-head of London Chamber of Commerce, Subhash Thakrar. Thakrar, who was sceptical about the growth, highlighted the issue of unemployment. Jhunjhunwala replied, “We don’t want foreigners’ money. We have enough money to invest in our markets. If they want to come and invest, it’s fine but if you don’t want to invest in India, don’t come. If you want, go and invest in Pakistan.”
Earlier too, Rakesh Jhunjhunwala had put his weight behind the Indian economy which according to him is already on the mend after a brief slowdown. In an interview with NDTV’s Sreenivasan Jain, Jhunjhunwala rejected all the talks around the looming slowdown, affirming that the worst of the economic crisis is behind us and the revival is underway.