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Endorsing government's economic policies, ace investor Rakesh Jhunjhunwala on Thursday said the Narendra Modi government has performed very well and the country will achieve the target of $5 trillion economy in the given time.
"I support Prime Minister Narendra Modi on what he is doing.
He has delivered on his promises made to his constituency," Jhunjhunwala said in an interview to NDTV.
Talking about the market, Jhunjhunwala said that indicators are suggesting that stocks have bottomed out, particularly midcaps, and this is a good time to invest.
He said the indicators are pointing towards a turnaround.
"We have a much better monsoon this year.
Banks are flushed with funds.
Bank credit will grow by 15 per cent and we have come out of NPA cycles," he added.
"We are seeing the beginning of a turnaround, but it will be slow," the ace investors added.
When asked about the reforms government can undertake to fuel the economy, Jhunjhunwala said it should think long-term as the short-term boosters don't help the economy much.
Suggesting some measure to boost long-term growth, he said te government should dismantle the agriculture produce marketing companies, provide guarantee for the loans, work on ease of doing business, kickstart infra spending and pay discoms on time.
However, he countered economists demand for stimulus in form of big infra spending.
He said this is unrealistic in Indian scenario.
“The clearance for new projects takes time and it takes a long time to implement the infra spending," he said.
In a more radical suggestion he said government should dismantle the public sector companies.
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Market has bottomed out, this is a good time to buy: Rakesh Jhunjhunwala
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