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Rakesh Jhunjhunwala tells PM Modi: “India ka time aa gaya”!

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Rakesh Jhunjhunwala tells PM Modi: "India ka time aa gaya"!

MUMBAI: Billionaire investor Rakesh Jhunjhunwala told Prime Minister Narendra Modi at his recent meeting that “India ka time aa gaya” (India’s time has come) and that the country’s economic fortunes are set to change beyond “imagination”.

The investor met the prime minister in New Delhi last week with the PM calling the ace investor “lively”, “insightful” and “bullish on India”.

Jhunjhunwala, in his presentation to the prime minister, suggested that the country’s per capital income could exceed $6,000 per person by 2030, while aggregate savings in the economy could top more than $3 trillion.

“India has gone through its experimentation with socialism, and is on its way to practical economic policies which will increase productivity of capital and economic growth with correct social welfare,” Jhunjhunwala said in his presentation reviewed by ETMarkets.com.

The trader-turned-investor, who is fondly called by some as India’s Warren Buffett, also recommended that the government should form a divestment commission in place of the existing Department of Investment and Public Asset Management.

Jhunjhunwala said that a divestment commission should comprise of capable bureaucrats, reputed businessmen, and veterans from the capital market.

Improvement of agricultural yields and promotion of agricultural exports as well as allowing charity institutions to hold equity shares under the Income Tax Act were other suggestions made by Jhunjhunwala in his presentation to the prime minister.

Jhunjhunwala’s meeting with the prime minister came in the backdrop of the impending launch of his low-cost airliner Akasa Air. The newly-formed airliner received government’s nod for starting operations earlier this week.

“A confident India under a charismatic leader looks forward to its rightful destiny as a global superpower,” Jhunjhunwala said.

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