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.