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Go and invest in Pakistan, Rakesh Jhunjhunwala tells British investor

The remark came as a retort to repeated questioning by a London-based investor at the World Hindu Economic Forum on the rising joblessness in India

Press Trust of India  |  Mumbai 

Markets may correct in the short term. But in a bull market the correction is always sharp, swift and short-lived: Rakesh Jhunjunwala
Rakesh Jhunjunwala

Big bull on Friday advised a British investor to "invest in Pakistan" if he has doubts over the joblessness in the country.

The remark came as a retort to repeated questioning by a London-based investor at the World Hindu Economic Forum on the rising joblessness here.

It can be noted that at 6.7 percent, unemployment has risen to a 45 year high in 2018, according to the official data, which the government though has chosen not to make public. In defence, officials say the data do not capture the gig economy and other self-employed jobs.

"Don't come if you don't want to (invest in India)...you go to Pakistan", an irate Jhunjuwala said, when the investor persisted with his queries during a panel discussion in which the big bull participated.

Initially, Jhunjhunwala, the largest individual investor in the country, said the only solution to unemployment is strong growth.

The duel started when Jhunjhunwala interjected to a question by the British investor on employment, countering it with a claim that if joblessness is so prevalent, it will not be so difficult to find a driver in the financial capital.

The investor drew Jhunjhunwala's attention to the India beyond Mumbai, and pointed out that in the last decade, we have had strong growth but despite that, unemployment rose.

At one point, Jhunjhunwala asked the man to stop, forcing him to assert his right to ask questions which bothers him as an investor.

We don't need money from such skeptics, Jhunjhunwala said, and later advised him to go to Pakistan and invest there in a roaring way when the investor stressed that India needs foreign money.

He said after steeply cutting corporate tax, foreign money is bound to flow in and stressed that he is bullish on the country not because he is patriotic but because it makes sense as an investor.

He also said the yield-chasing investors, who have to contend with negative rates in the West, will have to come to India.

First Published: Sat, September 28 2019. 11:18 IST
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