Jhunjhunwala has often boosted India’s economic growth outlook over the years. He was bullish on India achieving a 10% growth rate by 2024-25. And while the economy has not delivered on this amid global uncertainty, markets have continued to rise and are showing a strong recovery.
India’s real GDP grew by 9.1% in FY2022 and 7.2% in FY2023 after a pandemic-induced contraction in FY2021. Reserve Bank of India Governor Shaktikanta Das recently projected sustained growth towards 8% in FY2024, underscoring the resilience and potential of the Indian economy, a target Jhunjhunwala has enthusiastically endorsed.
The billionaire has also been a supporter of the Indian government’s economic policies, particularly those of Prime Minister Narendra Modi: “I support Prime Minister Modi’s policies. I want him back. His policies are categorically right,” he said in an interview after the 2019 election.
Foreign direct investment inflows have doubled in a decade to reach a record high of $85 billion in FY22. This is a testament to the growing global confidence in India’s economic policies and potential, a view shared and endorsed by Jhunjhunwala.
His foresight went beyond common sense, especially in predicting the emergence of the Indian pharmaceutical industry as a global leader.His predictions proved prescient, with Nifty Pharma soaring by over 120% in the last five years, cementing India’s pivotal role in the global pharmaceutical industry.
