Rakesh Jhunjhunwala: The man who was always bullish on the Indian economy

Rakesh Jhunjhunwala, ace investor and ‘Big Bull’ of Dalal street, was known for being very bullish on the Indian economy, regardless of the challenges it faced. He had affirmed his faith in the potential of the Indian economy multiple times. It was his sheer optimism and his bullishness on the Indian economy that earned him the sobriquet of ‘Big Bull’. 

According to Forbes magazine, Jhunjhunwala had an estimated net worth of around $5.8 billion. He belonged to a clan of investors who benefitted from the historic 1991 economic reforms.

Last year, while speaking about the COVID-19 battered economy at the India Today conclave, Jhunjhunwala said, “India is coming into a phase that it has never seen. Humara time ayega nahin, humara time aa gaya hai (India’s time won’t come, India’s time has come).” He said this at a time when India’s economy was recovering from the woes of the pandemic. He believed that not only a decade but the entire century belonged to India.

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Similarly, the optimistic Jhunjhunwala in an interview while maintaining his bullish views on India’s growth story, said that India will take another 15 years to become a superpower. “India is on the threshold of the next stage of growth. I see double-digit growth this year and 6-6.5 per cent growth next year. That, going up 1 per cent every year, can reach 10-11 per cent,” he said. The Big Bull also added that India will see double digit growth for at least 15-20 years post 2025.

Jhunjhunwala, Indian billionaire investor, even during the pandemic, when the economy came to a grinding halt, could not resist from saying that India will come back with a bang and was bullish about the country's medium-to-long term growth prospects.

In an interview to a well known business daily during the pandemic, he said things were improving in the Indian economy. “We are now having improvement in credit culture, we are having integrity come to the fore,” he said. He also praised the government for taking steps to improve the ease of doing business in the country.

“We have raised our growth rate in every decade since independence, I think India is sitting on what is going to be the highest level of growth it has ever seen from 2020 to 2030,” Jhunjhunwala added.

While speaking at 6th National Leadership Conclave of All India Management Association (AIMA), Rakesh Jhunjhunwala, also known as Warren Buffet of Indian economy, had said that COVID-19 was a mere diversion in what will be “long long bull run in the market.” Talking about the Indian economy he went on to add that the Indian economy will grow in double digits for 4-5 years.”

Jhunjhunwala might have left for his heavenly abode today but he will be remembered forever for his contribution to the financial world, for his witty and insightful remarks, and at the end he will be remembered for his bullishness on the Indian economy.

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