Renowned investor Rakesh Jhunjhunwala said he remains a bull on the investor market. “I am very bullish on the market and remain fully invested,” Jhunjhunwala told CNBC-TV18 in an interview.
“From being a “sure bull”, I have become a hopeful bull,” he added.
Jhunjhunwala, however, said that he feels “frustrated” with the slow pace of the progress on land and labour reforms and underscored the need to focus on ease of doing business.
"Only this (ease of doing business) will allow us to achieve our full potential,” he said.
Jhunjhunwala, who is based in Mumbai, step foot in the stock market with only a few thousand rupees but went on to become a billionaire, who has amassed significant fortune by investing in stocks. While the noted investor has frequently lauded the Centre's pro-business policies, he said in the interview that a lot more action is required.
He said that the world is seeing an unparalleled surge in liquidity, which will inevitably reach India.
“If we do the right thing, we will grow at 8-10-12 per cent. Even if we don’t, earnings will grow at 5-6 per cent, which would be enough to create a bull market,” he told CNBC.
“Still, I am hopeful that we are at the start of a long-term bull market,” he added.
Indian shares have nosedived about 20 per cent from record highs this year due to the lockdown necessitated by the coronavirus pandemic, which has battered the economy.
Jhunjhunwala, however, said that he feels that the Covid-19 crisis has been “blown out of proportion”, and called it a "flu that Indians will manage to live with."
He added that as an investor, he wasn’t bothered much about the effect of the lockdown on corporate earnings.
"This year, I am only concerned about which companies will survive. As long as they survive, I have no problem with them,” he was quoted as saying.