India\u2019s stocks are falling. Investors are worried about upcoming elections. But Raamdeo Agrawal has a message for them: forget about all that noise. It\u2019s the economy, stupid, says Agrawal, who built Motilal Oswal Financial Services Ltd. into a $2.3 billion firm. In the veteran stock picker\u2019s view, it doesn\u2019t even matter who becomes the country\u2019s next leader, because the economy will grow anyway. And that means, quite simply, that India\u2019s equities are a buy. \u201cWhatever you do to the economy, growth doesn\u2019t dip below 5.5 to 6 percent,\u201d Agrawal said in an interview in Mumbai. \u201cA recession in this country means 5.5 to 6 percent growth.\u201d India\u2019s benchmark equity gauge has slid 6 percent from a record in January as the global selloff hit sentiment already weakened by the government\u2019s move to tax stocks gains. Adding to the concern are cracks in the popularity of Prime Minister Narendra Modi\u2019s Bharatiya Janata Party before state polls starting in May. The fear for some is that Modi may not win a second term in 2019. The aura of invincibility around Modi appears weakened after a tough fight in his home state of Gujarat, defeats in three key by-elections in March and the exit of an ally. A change in political expectations may undermine a rally that\u2019s almost doubled the nation\u2019s stock values since Modi took office in May 2014, UBS Securities India Pvt. said in a February note. \u201cIt doesn\u2019t really matter who comes to power,\u201d Agrawal said. \u201cPolitics per se hasn\u2019t constrained profitability of companies.\u201d Beating China Agrawal\u2019s optimism is shared by the central bank, which last week forecast the economy to expand 7.4 percent in the year ending March. That exceeds the 6.5 percent growth projected for China in 2018. India\u2019s GDP grew at 7.2 percent in October-December, the fastest pace in five quarters. Stocks have been whipsawed for much of this year, but for Agrawal, that would happen even without the election concerns.\u00a0\u201cThere will definitely be volatility in the short term but we can\u2019t blame it only on India elections,\u201d he said. \u201cIf the U.S. market collapses or oil surges it will impact us even if you cancel the elections.\u201d Agrawal says he\u2019s positive about Indian equities because of the country\u2019s huge and young population, the size of the entrepreneurial class, and the surge in companies in the services sector. He\u2019s so optimistic about the nation\u2019s new economy that he\u2019s invested - along with partner Motilal Oswal - about $400 million in funds run by the firm\u2019s wealth management unit. Doubling GDP \u201cAll new businesses are in the private sector and the old ones are with the government,\u201d Agrawal said. \u201cThe future of India is with the new corporates.\u201d India\u2019s economy has grown at about 10 percent in dollar terms since the turn of the century, Agrawal said. \u201cThis is not being talked about. At this rate, in the next seven to eight years, we can go from a $2.5 trillion economy to $5 trillion.\u201d The doubling in the GDP size can spur a threefold jump in per-capita discretionary spending by 2025, he said.\u00a0Given the intrinsic momentum in the economy, \u201cthere are very few things that are dependent on the parliament other than executing policy and collecting taxes,\u201d Agrawal said.