Rakesh Jhunjhunwala gives his one crucial piece of advice for retail investors to create wealth

The Big Bull as Jhunjunwala is often called, reiterated that he was a through and through equity market believer.

"It’s only equity, equity, equity for me. I don’t prefer investing in commodities or real estate," he explained.

Jhunjunwala also advocated fixed-income assets and the need to build a robust market for it.  He said, "Fixed-income assets haven’t become unsafe.

Have to develop a robust fixed income market in India. PPF is the reason why the bond market is not developing."

Jhunjhunwala, who is a known supporter of the Narendra Modi government, sounded optimistic about near-term future. He expressed confidence in the governments $5 trillion economy target.

"Indians are amongst the most skilful people. The current government is very much focused on growth and it will do everything to reach the $5 trillion economy marks. The previous governments had a 'chalta hai' attitude. Ab Hindustan badal gaya hai," he said. 

Jhunjhunwala also had a disagreement with Shubhash Thakarar, former chairman of London Chamber of Commerce, at the forum on unemployment. Jhunjhunwala believes that the unemployment talk might be overstated.

He said, "There is a problem of unemployment but not to the extent it’s made out to be. The only solution to the problem of unemployment is strong growth."

Jhunjhunwala also spoke about learning from experience and on how to pick a financial advisor. "I educate myself with experience. Should see performance of financial advisors in a bad market to asses how good he is," he said. "Making wealth in a is difficult and retaining that wealth is more difficult," he added.