"....Global volatility is not going to go away in a hurry -- just a lot of uncertainty, and India in the short term will get as much affected by global volatility as everybody else, I think in the medium to long term this will actually benefit India.
"Because this current volatility people are afraid that the global economy will slow down, especially that the China will slow down because they are the second largest economy in the world- so the global economy will also slow down, an that is currently the biggest challenge that the world is facing," Shah told reporters here.
Shah said, "in the medium term it will be good for India, because we will stand out- as the growth is still very solid and along with that all the macro-economic parameters in India are very strong."
Asking investors to keep an eye on the long term, Shah said if you are looking at the next three or five years this correction will be a great opportunity to invest.
He said, "I think there are some great companies in India which have been growing at 18-20 per cent a year- which will continue to grow that rate for the coming few years."
Asked where he sees the sensex by the year end, Shah said it is hard to give a target.
"....I think eventually the idea is to see the long term growth and I think on a long term basis investing in the stock market should give you about 15 per cent of returns which is not bad.