'India is on a roll and the stock market will be on a roll,' Jhunjhunwala said
The ace investor is extremely bullish on the Indian stock market
The ace investor Rakesh Jhunjhunwala predicted that Nifty would touch 90,000-100,000 by 2030. In an interview with CNBC International TV, he said, "India will surprise on the upside. I can't tell you the depth or direction as it depends on so many factors."
"India is on a roll and the stock market will be on a roll," Jhunjhunwala added.
In 2014, Jhunjhunwala predicted that Nifty would cross 1,25,000 by 2030. Commenting on his earlier prediction, he said, "I won't rule it out but I think I was too optimistic."
"People are underestimating the kind of change that is taking place in India," he mentioned, adding, "We have now a rejuvenated and resurgent India."
"We had a series of reforms in the last five years in terms of Goods and Services Tax, RERA, Jan Dhan Yojana. The way we have been distributing, has been changed. The labour laws, farm laws are changing," he said.
"We have the least and leverage corporate sector ever in history," he added.
"In terms of policies and economic growth, the government is doing what has to be done. And at the same time, using the money for the proper disbursement of social justice," he added.
He further added that he is extremely bullish on the Indian stock market.
On bitcoins, Rakesh Jhunjhunwala said, "I won't buy it for even $5. I think it's speculation of the highest order." "The power to issue currencies should only be with the state and it should be taken away from others. The biggest sovereign right is to issue currency. The regulator must ban cryptocurrency in India," he added.
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