Big Bull Rakesh Jhunjhunwala says economic slowdown may not last long; check why he is upbeat

Even as the situation is not as bad as some of the people are making out, the government should take steps to remove fear in the business community, Rakesh Jhunjhunwala said.

Even as the economy sees a slowdown, Big Bull Rakesh Jhunjhunwala is confident that the current phase of weakness soon would pass. Even as the situation is not as bad as some of the people are making out, the government should take steps to remove fear in the business community, the market veteran Rakesh Jhunjhunwala told CNBC TV-18 in an interview. There is a need to revive animal spirits in the economy for the investment and exports to pick up, he added. On private capital expenditure, he said that it would improve as the consumption picks up, which is expected to happen soon.

Talking about the stock markets, Rakesh Jhunjhunwala said that the bottom of the market has moved up to 11,000. On Wednesday, the Nifty advanced 15.75 points, or 0.14 per cent, to settle at 11,604.10 amid ongoing volatility due to both domestic and global factors. Adding, Rakesh Jhunjhunwala said that the sales have been reported to be improving in the last two to three days.

Also read: Need of economic power in an era of trade war

Meanwhile, the ace investor Rakesh Jhunjhunwala earlier this month said that PSU stocks offer a very good buying opportunity. “The biggest beneficiary of the tax cut will be the PSUs. If the government does its disinvestment programme in a measured manner, these will gain,” he said in an interview with ET Now. Taking stock of the volatile market, Jhunjhunwala said that this must be the darkest hour before dawn. “The market always gives you an opportunity to buy before going up. It is like the weather: you may not like it, but you will have to bear it,” he told the channel.