Ace investor Rakesh Jhunjhunwala on August 8 said India is entering a golden period and the country could grow at 10 percent. Known famously as the big bull, Jhunjhunwala also said that credit demand, in general, will go up and fuel the growth in public sector banks. He's also bullish on the hospital space.
“India is going to enter a golden period and I see India growing at 10 percent,” Jhunjhunwala told CNBC-TV18 in an exclusive intervaiew ahead of the country's 75th Independence Day anniversary.
From Rs 2.7 lakh crore in 1947, India's gross domestic product (GDP) has increased to Rs 197.5 lakh crore in 2022. Likewise, India's foreign exchange reserves have increased from $3 billion in 1947 to $574 billion. Indian companies' market cap stands at $3,437 billion in 2022, from a mere $23.6 billion in 1988.
A firm believer in the India growth story, Jhunjhunwala also said the Indian markets will gain despite global developments, albeit at a slower pace.
On strategic bets in the Indian equity market, Jhunjhunwala said, "Public sector banks are what I am very bullish on because credit demand will go up and as a consequence pricing power of banks will go up. I am very bullish on the hospital space also.”
Meanwhile, Jhunjhunwala-backed low-cost airline Akasa Air took off on August 7 and the ace investor believes that Akasa Air's frugality will keep it competitive.
For the entire interview, watch the accompanying video