I am 80% less frustrated today than I was in June: Rakesh Jhunjhunwala on SAMVAT 2077

Foreign institutional investors, which have been net buyers in the equity market since April, are most likely to keep their faith alive in India. This could help India to reach its target of double-digit growth in the next five years, Rakesh Jhunjhunwala, partner at RARE Enterprises said in an interview with CNBC-TV18.

The Indian market has recovered from COVID wounds and could retest unchartered territory in the run-up to Diwali, and a large part of the recovery could be attributed to the net inflows from foreign institutional investors despite muted earnings and economic data.

“I am 80 percent less frustrated today than I was in June,” says Jhunjhunwala. He further added that the pace of Govt. reforms is picking up now as compared to in June.

"Was earlier frustrated by the slow pace of reforms. Now the pace of reforms is picking up," he said.

He believes that the government is doing extremely well in terms of reforms. With reforms being the focus, he believes there will be a tsunami of capital flowing into the stock market.

"It is not easy to do reforms in India. The government is hell-bent to carry out reforms despite political opposition. I am extremely happy with the kind of reforms done by the government," he said.

Jhunjhunwala believes the government will soon do the strategic sale of PSUs.

Govt reforms, along with liquidity, will take India towards double-digit growth in the next 5 years. He is bullish on the economic growth prospects that lie ahead for India.