PM Modi, Sitharaman meet 'very bullish on India' Rakesh Jhunjhunwala

Prime Minister Narendra Modi on Tuesday met renowned stock market investor Rakesh Jhunjhunwala and noted that he was very 'bullish' about the Indian economy. In a tweet, PM Modi said, "Delighted to meet the one and only Rakesh Jhunjhunwala...lively, insightful and very bullish on India." A delegation led by Jhunjhunwala also called on Finance Minister Nirmala Sitharaman on Wednesday. A picture of the meeting was shared by the union minister on the micro-blogging site.

'Indian economy to grow in double digits'

The ace investor on several occasions has reiterated that the Indian economy will grow in double-digit percentage over the next few years despite the pandemic. Speaking to Republic Media Network's Editor-in-Chief Arnab Goswami earlier this year,
Rakesh Jhunjhunwala had noted that India would become a superpower in the next one and a half to two decades. He had said that India's growth would overtake China's growth.

"India is on the threshold of the next stage of growth. I see double-digit growth this year and that going up with every 1% until we reach 10-11%. That is my opinion. China will not be able to grow at this level. India will also reach one day where China is," he had said.

He further asserted that India had the most skilled people in the world, who could make the atom bomb, sent a vessel to mars and make the largest computer in the world. "There is no doubt that India is a nation of skilled people," he said. The 'king of the bull market' also stated that COVID-19 has affected the global economy but noted that India has recovered pretty fast beyond everybody's expectations. "Most people are underestimating India's ability and potential to grow," Jhunjhunwala said.

Moody's gives thumbs up to the Indian economy

Ratings agency Moody's on Tuesday upgraded India's outlook from 'negative' to 'stable', citing diminishing downside risks to the country's economy and financial system. "Moody's Investors Service has today changed the outlook on the Government of India's ratings to stable from negative and affirmed the country's foreign-currency and local-currency long-term issuer ratings and the local-currency senior unsecured rating at Baa3," it said in a statement. 

The decision to improve the outlook to stable reflects the agency's view that downside risks from negative feedback between the real economy and financial systems are receding.