India will surprise on the upside; Nifty could hit 100K by 2030, says Rakesh Jhunjhunwala

He added that the ratio of corporate profits to GDP is at its lowest ever. "Exposure to equities in India, a country with savings of $550 billion is only 5 percent of the wealth… We had a series of reforms in the last five years in terms of Goods and Services Tax, RERA, Jan Dhan Yojana… We have the least leverage corporate sector in history. And we have had the credit cycle problem. Nowhere in the world has the credit cycle problem occurred. It takes at least 10 years for the next one after the last one peaks,” he said and added, "We have a rejuvenated and a resurgent India".

"The government is going to do what it has to do in terms of policies and at the same time, use the money for corporate disbursement and social justice, so I am extremely bullish on India," Jhunjhunwala asserted.

Optimism around the Union Budget announced by the Narendra Modi government on February 1 led to a 9 percent week-on-week rally in the market with Sensex touching the 52,000-mark for the first time. Nifty, on the other hand, claimed 15,000 levels.

"The prolonged period of growth has either come from colonialism or skill and democracies. I think Indians are essentially skilled people and growth is a process. Everything in India is bottoms up and not tops down," he said and shared that things will get better with time. He also predicted a double-digit growth for a prolonged period.

"Very good corporate governance" and a "good mutual fund industry" will help keep India on the path on growth at a "very high rate", Jhunjhunwala suggested.

Meanwhile, the Big Bull of Dalal Street opined that Tata Motors will be the biggest player in India's electric vehicle (EV) market. "I am a large shareholder of Tata Motors. I am playing the EV story through Tata Motors," he said.

Speaking about large companies with manufacturing and investment capabilities, distribution channels, production experience and ability to design good cars will be ahead in the EV race, he explained, "It’s going to be the Mercedes, the Volkswagens and the Tata Motors, who are going to be the real winners."

Another factor that car makers need to consider is Indian road conditions while designing the vehicles, he said. "India is a ‘cost-conscious’ market where EV usage will mostly depend on the kind of incentives that the government offers. Infrastructure, such as charging stations, must be built for widespread acceptance of EVs," he said.

While Tata Motors and Mahindra & Mahindra sell EVs in country, there are reports of US carmaker Tesla planning to launch an electric car manufacturing unit in south India.

According to a Reuters report last year, India, in its efforts to boost the use of EVs, plans to offer $4.6 billion incentives to companies setting up advanced battery manufacturing facilities. The government had earlier approved a scheme to provide subsidy on the sale of electric and hybrid vehicles.

Responding to the bull run of bitcoin, the world’s largest cryptocurrency, Jhunjhunwala called for a ban on it. "I won’t buy Bitcoin even for $5… I don’t want to join every party in the town. Cryptocurrencies should be banned," he said.