Veteran investor Rakesh Jhunjhunwala on Friday asked a British investor to invest in Pakistan if he has concerns about India’s economic scenario.
Veteran investor Rakesh Jhunjhunwala on Friday asked a British investor to invest in Pakistan if he has concerns about India’s economic scenario. Speaking at the World Hindu Economic Forum 2019, big bull told sceptical investors to stay away from making investment in India if they have doubt over unemployment in the country. Rakesh Jhunjhunwala, who is known for his investing skills, told fellow panellist and former London Chamber of Commerce Chairman Subhash Thakrar to not to invest in India after getting irritated when the investor continued with his question over joblessness during a panel discussion. “Don’t come if you don’t want to (invest in India)…you go to Pakistan”, news agency PTI reported Rakesh Jhunjuwala as saying. “We do not want foreign investors like you. The government is facilitating investment in the country,” the ace investor also said.
Adding, the largest individual investor in the country said that the only solution to joblessness is robust growth. The unemployment surged to 45-yea high in 2018 at 6.7 per cent, according to the government data. “Strong growth will do the job of creating jobs for the Indian economy,” Jhunjhunwala added.
Meanwhile, last month, Rakesh Jhunjhunwala had said that the country’s economic scenario will improve very soon. However, no clear timeline can be put to it, the billionaire investor also said, adding the economy will see a consumption revival in 2-3 months. “India (is) not in ICU”, the big bull, as he is popularly known, told CNBC-TV18 in an interview. The economy is bound to see a slowdown with the arrival of elections, and the NBFC crisis only accentuated the liquidity tightness in the system, the market veteran also said. On scenario of stock markets, Rakesh Jhunjhunwala said, “Not happy with state of market right now. The economy and markets will rebound, can’t put a timeline though.” The banking sector is expected to do well going ahead, he added.