The investor as Rakesh Jhunjhunwala predicts that Nifty would reach 90,000 to 100,000 by 2030. In an interview with CNBC International Television, he said, “India will surprise on the upside. I can’t tell you the depth or the 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 previous prediction, he said, “I won’t rule it out but I think I was too optimistic.”
“People underestimate the kind of change that is happening in India,” he said, adding: “We now have a rejuvenated and reborn India”.
“We have had a series of reforms over the past five years in terms of the Goods and Services Tax, RERA, Jan Dhan Yojana. The way we distribute has been changed. Labor laws, agricultural laws are in the making to change, ”he said.
“We have the least and least influential corporate sector in history,” he added.
“In terms of policies and economic growth, the government is doing what needs to be done. And at the same time, it is using the money for the proper disbursement of social justice,” he added.
He further added that he was extremely bullish on the Indian stock market.
On bitcoins, Rakesh Jhunjhunwala said, “I won’t even buy it for $ 5. I think it’s top speculation.” “The power to issue currency should only belong to the state and should be taken away from others. The greatest sovereign right is to issue currency. The regulator must ban cryptocurrency in India,” he said. he added.