Skills, democracy main drivers of growth: Jhunjhunwala

Skills and democracy are the main drivers of sustainable growth, ace investor Rakesh Jhunjhunwala said on Friday, adding that he is bullish on the Indian market.

"If you examine history, democracy creates chaos and forces people to think and act.

"Therefore, skills and democracy are the main drivers of sustainable growth...It is most needed..," Jhunjhunwala said at the 'India Today Conclave 2021'.

On markets, he said he is inherently bullish and India is coming to a phase economically that it has never seen before.

"Earlier I used to say our time will come but now I am saying that our time has already come... There are so many more savings to come...So, I am very bullish, corrections will always come, but I cannot time the market beyond a point," he added.

Asked about his recent meeting with Prime Minister Narendra Modi, Jhunjhunwala, without divulging much, said they talked about the economy.

"I told the prime minister that the economy is going to take-off," he added.

When asked about his entry into the aviation sector when some companies have gone bust, Jhunjhunwala said he cannot say much but he is prepared for any outcome.

"We will see what happens. If it becomes successful, I will tell you about it and if it fails, I will simply say I didn't do anything much about it.

"I am taking a conscious risk...I am hopeful and prepared for failure," he added.

Talking about divestment, he said around 10-12 companies are likely to be divested till March 2022.

"BPCL, LIC, Container Corporation, Shipping Corporation and some more... I think there will be 10-12 divestments between now and March 31, 2022, including LIC, which I think the government is very serious about," he noted.

Jhunjhunwala further said risk is a four-letter word and the essence of life. "We can predict it but we cannot know it. Only the future will tell us what it is."

"I am a very measured risk taker. When you take a risk, you should be conscious of it and if things go against you, you should be able to bear that loss, without any emotional damage or any substantial financial damage," he added.

"I like to predict markets. Sometimes I am right and sometimes I am wrong.

"When I am right, I feel elated and when I am wrong, I learn....I am not afraid to make any mistake, only one that I can afford," Jhunjhunwala said.

Photograph: Shailesh Andrade/Reuters