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Manmohan Singh is a nice person, but what good did he do? Narendra Modi is a hardworking and an intelligent politician: Rakesh Jhunjhunwala

Saturday, 17 May 2014 - 3:13pm IST | Agency: Zee Business

Rakesh Jhunjhunwala, founder of Rare Enterprises, discusses how Narendra Modi's win will impact the Indian economy

How are you seeing this BJP's win?
It's a very strong and decisive government, which was required. The country doesn't need growth, but it needs super growth. India had everything except a good leader. People of India took a very wise decision. Modi should not take decisions in a hurry, because 5-10 years down the line, this day will remembered as a historic day.

Did you expect NDA to win by a majority?
Congress administration was not good enough, hence NDA got the majority. There were too many loopholes in the Congress' governance, and people were unhappy. People knew Congress government will not be formed, and Narendra Modi is a hardworking and an intelligent politician.

According to the Congress, this victory is a result of effective marketing. What do you have to say about this?
Let people say what they want to, but the fact remains, Modi has won

What will Rahul Gandhi do; what will be his future?
It is difficult for me to comment on what he will do next.

Will Narendra Modi prove to be a 'Valdimir Putin' for the country?
Narendra Modi will be Narendra Modi. People call me 'India's Buffet', but I am Rakesh Jhunjhunwala. Modi does not need any advice, keep faith in him. We should give him 5-7 years. People like Modi give good results during difficult times.

Is this win of Narendra Modi, the end of coalition politics?
It's not the end of coalition politics. Modi will work with everyone and his government will also keep the opposition government into confidence.

Is this the beginning of bull run in the share market?
Nifty has moved up from 5500-7200 in a very short span of time. More the doubt in minds of people, the higher the market will go. There is a lot of upside expected in the market. Markets begins to fall when people are too hopeful.

In which stocks and sectors one should invest at this point and time?
Not just one or two stocks, but the entire market will be on a rise, including defensive sectors like IT, Pharma and FMCG will also rise

There are lot of legal issues in the oil and gas sector. How are you seeing this sector?
Shares of oil and gas will also do well. All issues will be resolved if government starts taking action. It will be beneficial if natural resources are e-auctioned. Within three months government may bring in new policies.

What should be the priorities of the new government for the first 6 months?
Modi knows well what needs to be done. Will have to keep a watch on GST, land acquisition, new company laws. Modi should implement GST by April next year. The new government must implement tough economic reforms. Government should implement transparent and easy DTC and DTC tax rate should be reduced by removing the exemption. Modi is a practical person and he knows what to do. All needless old laws must be removed.

The currency is getting stronger, will it be good?
The question is what is the real value of the currency. Rupee will remain in the range of 57-58 against the dollar. The government should ease gold imports. Country will witness FII flows and exports will improve.

Will Modi be successful in kickstarting the economy?
Narendra Modi will have solutions for all problems. There should be uniformity in the policies of the new government. Modi has done a lot for Gujarat and everyone is aware of it.

Some BJP leaders are not ready to give credit to Modi?
Let people say anything, the fact remains India has voted for Modi.

Modi has full support, how will our neighbours understand it?
Modi's policy will be of firmness with China and Pakistan. LoC should be converted in to an international border and trade should open between India and Pakistan.

What should be Modi's policies for China?
Modi will not be against China but will be firm with them.

What do you think about Manmohan Singh?
Manmohan Singh is a nice person, but what good did he do. Manmohan Singh let things get messed up, which was wrong.

Will the new government bring big changes in the RBI?
RBI has kept interest rates firm. Inflation wasnt contained due to higher interest rates. If I were the RBI Governor, I would lower interest rates.

What will be your message to Indian investors?
Keep faith in God, on India and keep investing.

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