India will overtake China in this year, Rakesh Jhunjhunwala expressed confidence over India's biggest investor

India will overtake China in this year, Rakesh Jhunjhunwala expressed confidence over India's biggest investor

Rakesh Jhunjhunwala, the country's largest investor, has given a big statement. He said that in the next 25 years, India will overtake China. In an interview, Jhunjhunwala said, you call me a fool or you tell me anything, I will not stay to see it, but let me tell you one thing that India will overtake China in the next 25 years. According to him, India's growth will be in two digits for the next three-four years.

In an interview with ET Now, it was asked whether this decade belongs to India in terms of growth and ideation. Rakesh Jhunjhunwala said that the initial indicators are very positive. We do not need to say that there have been many cases of Kovid in America and we have had fewer cases of Corona. Our common belief here is that our figures are false. He said, 27 state governments are giving these figures, not the central government. It is not possible that all the 27 state governments together manipulate the data.

This decade is going to be of India

Jhunjhunwala said, we are among the most skilled people in the world and we have seen many changes in the last 8-10 years and the government has promised more reforms. There is no question that this is going to be the decade of India and may be the beginning of many decades of India. I also think that the economy can become more liberal after government announcements on privatization.

It is necessary to earn profit

He said, people talk about socialism and capitalism. I speak of realism and realism is that the more you open the economy, the more prosperous it will be. He said, when Aggarwal bought Hindustan Zinc, the company's profit at that time was not even 200 crores. Today its profit is 7,000 crores.

We cannot move forward without economic reforms

The Kovid crisis is unfortunate but it has changed a lot of things. The government launched self-sustaining programs, PLI schemes and the government is now able to spend regardless of the rating agencies? On this Jhunjhunwala said, I do not think that these changes have come due to Kovid. Modi ji is a very intelligent person. These changes were going to happen. I have called Modi ji a socialist. A socialist who wants the well being of everyone. PM Modi felt that without economic reforms we cannot move forward. I have no doubt that the reforms will be implemented.

India will overtake China in 25 years

The government is saying that they only want to be in the business of strategic sectors. Do you understand that this time disinvestment can lead to many companies like Hindustan Zinc and Maruti? The billionaire investor said, of course, there is no question on privatization. Public sector companies have a lot of potential. I do not blame public sector employees or the public sector, because everyone wants to work for an organization that they are proud of. Whatever the reason now, but there are many problems in the public sector. They are not only able to transmit a sense of belonging and pride to employees and as a result, they are not able to give their best. You call me a fool or you tell me anything, I can't live to see it, but I can tell you one thing - India will overtake China in the next 25 years.

A country that increases domestic consumption will benefit

The order changes every 10-15 years. First there was Japan, then America came and now it is China. However, America has been dominating for the last 10 years. Could there be some changes this year? He said, a lot of countries are export oriented. Export based growth can last for a time. It comes fast. But it is not easy to maintain it for a long time. Countries that thrive on their domestic consumption, they find a safe way to reach that point.

Why is the price of copper rising so fast in the world, including India, in the midst of the Corona crisis?

Why is the price of copper rising so fast in the world, including India, in the midst of the Corona crisis?

There is a record boom in the commodity market globally. Apart from steel, aluminum, copper is also doing business at a record level. On Thursday, the price of copper in the international market has crossed a record $ 10,000 per ton. The price of Shanghai copper has also reached the highest level in the past 10 years. Copper futures are also at record highs in the past decade in London, amid concerns over supply and weak dollar.

Information and agencies related to the commodity market say that in the coming time, the price of copper will see a boom. There are several reasons for this record boom in copper. For example, economic recovery has been seen worldwide, industrial copper consumption has increased in China, and Chile, which produces about a quarter of the global copper, has announced a tax of 75 per cent on its mining. Apart from this, due to the increasing trend of electric vehicles, the demand for copper is increasing.

If we talk about the Indian market, the price of copper was at the highest level till last week. Copper futures on Thursday were up 0.53 per cent at Rs 765.10 per kg. Copper futures for May delivery on the Multi Commodity Exchange (MCX) gained Rs 4, ie 0.53 per cent. The demand for copper has increased in India too.

Why is the copper price rising so fast?

1. Demand more and supply less: Sometime ago the Chilean Port Workers and Mining Association opposed a bill by the government. In fact, the Chilean government had introduced a new bill, under which workers were asked to block premature withdrawal from their pension funds for the third time.

About a quarter of the total global copper production comes from Chile. After the opposition of the association and the workers, the copper supply decreased and prices increased.

Apart from this, due to Kovid-19 in South America, many major commodity exports like iron ore and copper have been affected. Even in America, the importance of copper is seen as a raw material in Joe Biden's infrastructure plan.

However, in terms of supply, copper output in Peru has gone up by about 19 percent during the month of March. Globally, there has been some relief from this.

2. Less inventory: There has been a sharp decline in registered copper inventories on the London Metal Exchange. Analysts estimate that there has been a downward trend in this. As of 26 April 2021, the copper inventory at the London Metal Exchange was only 1,55,100 tonnes. In the second fortnight last month, it has reduced by 10 per cent.

3. Demand increased: Construction activities in China have increased this year. After this, the demand for copper in China has also increased. Let us know that half of the total consumption of copper in the world is from China. Analysts say that China consumes the most copper and now demand has increased due to large scale construction here. This is also a reason why the price of copper is getting faster.

A boom in economic development is now being expected in America. It will also have an impact on global economies. In the era of Kovid-19 crisis, countries around the world have announced an incentive package. On the other hand, good news is also coming about the corona vaccine. Both these factors have affected the price of copper.

4. Green Infrastructure: Demand for electric vehicles is increasing worldwide to reduce carbon footprint and promote the use of clean energy. Electric vehicles use twice as much copper as internal combustion engines. In such a situation, with the increase in demand for electric vehicles, the demand for copper will also increase.

What is the estimate of agencies?

In a recent report by Goldman Sachs, estimates say that by 2025, copper prices can reach $ 15,000 per tonne. The report titled 'Copper is the new oil' says that banks believe that by 2030, the annual demand for copper will rise by 900 per cent from the current level to 87 lakh tonnes.

Trading houses Trafigura Group and Bank of America also believe that copper prices have increased. Bank of America says that in the coming months, the price of copper can reach $ 13,000 per tonne.

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