Economy

Here is why Rakesh Jhunjhunwala thinks Modi will return to power in 2019

Updated : June 22, 2018 09:12 AM IST

Most investors have priced in Prime Minister Narendra Modi winning a second term in the 2019 elections.

The country's best known stock investor Rakesh Jhunjhunwala says that despite the poor performance of ruling Bharatiya Janata Party (BJP) in by-polls, Modi remains the most popular and favoured political candidate.

" In the history of all democracies, bypolls by and large always go against the ruling party. So I think too much is being made of the fact that the BJP has lost the bypolls," Jhunjhunwala told CNBC-TV18 on Thursday.

With the BJP losing a number of bypolls, the nationalist pary now has 273 members in the 545-strong lower house of parliament, only one above the half-way mark.

Also the popularity of Modi, who faces general election next year, has fallen as more people believe that the government does not deserve a second chance.

In a survey conducted between April 27 and May 17, 47 percent of the respondents believed that the Modi government did not deserve another chance to govern India, according to a “Mood of the Nation” survey published by the Lokniti, part of the Centre for the Study of Developing Societies (CSDS), a research institute.

In July 2013, nine months before the 2014 national elections, the same survey had indicated a similar trend for the UPA government.

"The fact remains that Modi is the most towering leader of this country as of today and I think in a range of 1 to 10 if he is 9, the second person is 3. So you will fight this central elections on the basis of an electable prime minister," said Jhunjhunwala.

The 57-year-old billionaire, who doesn’t much like the moniker of ‘India’s Warren Buffett’, is confident of BJP coming to power in 2019 as he believes the opposition party lacks a leader like Modi.

"I do not think the Congress or the opposition has got a credible leader as a prime minister ... I am pretty sure myself, in all my calculations that the next government is going to be a BJP government."

Here is why Rakesh Jhunjhunwala thinks Modi will return to power in 2019

You May Also Like

10 Sensex firms add Rs 1.37 lakh crore in valuation past week; TCS, RIL major gainers

Mutual fund investment in equity markets rises to Rs 39,500 crore in H1 2020 on attractive valuations

COVID-19: NEET postponed to Sept 13, JEE-Mains to be held from Sept 1, says HRD Ministry

Trending on CNBC-TV18

recommended for you