Hats off to the Big Bull for such clarity of thoughts......
He sounds much much convincing and have rationale then many E-con-mists & think tankers.........
A must read........ India will overtake China in the next 25 years: Rakesh Jhunjhunwala
ET Now Last Updated: Feb 24, 2021, 12:33 PM IST
The common contention is our figures are fudged. But 27 state governments are giving these figures, not the central government. It can’t be that all the 27 states have come together to fudge the figures. We have little faith in ourselves.
What makes societies is skills and democracy. We are among the most skilled people in the world and we have seen a lot of changes in the last 8-10 years and the government has made promise of further reforms. There is no question that this is going to be India’s decade and may be the start of India’s manifold decades.
People talk of socialism and capitalism. I talk of realism and the realism is that the more you open the economy, the more prosperous we get. When Mr Agarwal bought Hindustan Zinc NSE 0.62 %, its profit was not even Rs 200 crore. Today the profit is Rs 7,000 crore.Which is the one policy you are excited about?
The only way to eliminate poverty today is growth. People think that the poor have not benefited. My help at home now has got an identity thanks to the Aadhaar Card. I could get a passport for him. For 11 months, he works for me and one month, he goes to his children. Ten years earlier, he could not even talk to his children. Today, everyday he has video calls with them. So the quality of life has improved for the people who are underprivileged. I personally feel we are going to have growth with social justice. The constant efficiency that the government is bringing and the disbursement of food grain or electricity subsidy is unbelievable. Once the electricity reforms go through as proposed by the government, what a kicker to the economy it would be!The Covid crisis is unfortunate but it has also changed things radically. The government introduced aatmanirbhar programme, PLI schemes and are now able to spend not caring about the rating agencies?I do not think these changes came because of Covid. Modiji is a very careful man. These changes were going to come Covid or no Covid. I have described Mr Modi as a distilled socialist. A socialist who wants a larger part of the cake for everybody. The distilled socialist also wants that but first you have to increase the size of the cake. Mr Modi realises that without economic reforms, we cannot increase the size of the cake. I have no doubt that the reforms will be implemented and will come in spite of the Covid. Many on BRF is saying same for NAMO for years Every 10-15 years, the order changes. It was Japan, then came to America, then China. It was dominated by America for the last 10 years. Is this going to be that year when we will surprise everybody?
Not this decade, many decades. A lot of the countries are export oriented. Export-led growth can last for a time. It comes fast. But for it to sustain over a period of time is not easy. Countries which grow on their home consumption have got a much safer way to reach lasting growth.Markets and earnings have made a comeback. Demand has also made a comeback. What has surprised you more – the market comeback or the demand comeback?
Well the market comeback would not have been possible without the demand comeback. The market is an amalgamation of so many factors.
Read Full Article from Here// ET Linkhttps://economictimes.indiatimes.com/markets/expert-view/india-will-overtake-china-in-the-next-25-years-rakesh-jhunjhunwala/articleshow/81186441.cms