Despite the recent state election results going against PM Narendra Modi's party, Rakesh Jhunjhunwala said that the outcome is actually good for the BJP, and he would still bet on a Modi win in 2019 Lok Sabha elections.
Even as Sensex and Nifty rally following the recent state election results, ace investor Rakesh Jhunjhunwala says that the stock markets will continue to remain volatile in the medium term, in the run up to general election 2019. Despite the recent state election results going against PM Narendra Modi’s party, Rakesh Jhunjhunwala said that the outcome is actually good for the BJP, and he would still bet on a Modi win in 2019 Lok Sabha elections. Decoding the recent state election results, he said that despite 15 years of incumbency, BJP managed to have a real identical vote share in the states.
Further, in case of Rajasthan there has been a history of change of government every 5 years, he observed. “The BJP has not lost as badly as Congress lost in 2013. I would not take this election result to be the final guide to 2019 election result. I will still bet my money on a BJP government led by Mr Modi,” Rakesh Jhunjhunwala said at an event. He noted that BJP had a stellar win in 2003, and in 2004 general election they lost badly.
“Having said that India is greeter than personalities. I would very much like Mr Modi to be the prime minister again. I am a BJP supporter, and I will remain one. If some other government comes, it’s not going to be the end of the deal. India is a responsible democracy. The world will not fall if a non-BJP government comes in,” he added.
According to the ace investor, the markets are likely to remain volatile. However, he remains bullish. “I don’t think the markets are in any mood to go down. I’m not bearish at all, and if opportunities arise, I would be an investor,” he said. According to him, 98% of the money made in India is by being a bull. “Not a big bull, but a bull,” he quipped.