Rakesh Jhunjhunwala, a billionaire investor, said in his final interview before his death that Indian "markets will grow at a slower pace regardless of global trends." "I think Indian markets will gain, although at a slower rate," he said in an interview with CNBC TV-18 earlier this week.
"India is entering a golden period" and he expects the country's yearly GDP growth to be at 10 percent and added that the market will also grow at a slower pace. The business magnate projected that the IT services would grow at 10 to 15 percent for the next five years.
Jhunjhunwala, also known as "India's Warren Buffett", expressed confidence in the future of India's aviation sector.
"Our competitors are ordering new chairs in response to Akasa's chair," he said exclusively to CNBC TV-18. Akasa will compete with IndiGo and SpiceJet for a share of India's rapidly increasing domestic air travel market.
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He said that when per capita discretionary expenditure rises, there would be a lot more flying. Jhunjhunwala also highlighted civil aviation minister Jyotiraditya Scindia's projection that India will have 40 million air travelers within the next four years.
The 62-year-old said that India's aircraft fleet size requirement will nearly treble by 2027, with the country needing 1,200 aircraft.
Speaking about the challenges in the aviation sector, Jhunjhunwala said he was "prepared for Akasa Air to even fail, but better to have tried and failed than not tried at all".
The ace investor has teamed up with former chief executives of IndiGo and Jet Airways to launch Akasa, which loosely translates to sky.
Ace stock market investor Rakesh Jhunjhunwala, often referred to as ‘India’s Warren Buffett’ died on Sunday morning. A self-made trader, investor, and businessman, the 62-year-old was also known as the ‘Big Bull’ of Dalal Street.
READ| Rakesh Jhunjhunwala no more: Why was the unabashed wealth creator known as India's Warren Buffett
