Market ‘Big Bull’ Rakesh Jhunjhunwala, whose investments in equities are estimated to be around Rs 10,000 crore, has no fondness for equities and will rather sit on cash if he believes that the valuations are stretched.
Incidentally, last month in an interview with another TV channel, Jhunjhunwala had said that he keeps all his money in equities as he believes that India will grow at double digit due to a tsunami of local money pouring into the capital market.
“If the market pauses here, it does not lose much and they are trying to find too many reasons into the markets’ pause. The market has paused because people are very apprehensive,” Jhunjhuinwala said in the recent interview.
On the benefits of GST, Jhunjhunwala said that the new tax regime will definitely have benefits for the nation but those benefits will be difficult to quantify right now.
“I think there will be gain but I do not think the gain is going to be big. It is going to take time. Digitisation itself will lead to efficiencies, movement of goods, exports, better logistical movements. To quantify that gain today is difficult. There are going to be as many intangible gains as there are going to be tangible gains. I personally feel India is poised for double-digit growth, GST is an aid to it, even without GST we would have reached there,” Jhunjhunwala added.