I think regulators should step in and ban bitcoin. And they should focus on the digital rupee.
Partner, Rare Enterprises
Jhunjhunwala said India’s regulators have a role to play in keeping bitcoin out.
“I think regulators should step in and ban bitcoin,”said the investor who is currently a partner at asset management firm Rare Enterprises. “And they should focus on the digital rupee.”
Bullish on India
On the outlook for the country, he was optimistic andsaid he believes India will make a strong recovery based on the reforms and policy initiatives taken by the government in the recent budget.
“I think we now have a resurgent India. The Indian budget conveyed that the government is going to do what needs to be done in terms of policies and reforms. All these things are going to come together,” he added.
During the recent budget release, Finance Minister Nirmala Sitharaman announced plans to step up capital investment and implement financial sector reforms to support India’s battered economy following the pandemic-induced slowdown.
She also said India will need to borrow 800 billion rupees ($10.96 billion) in next two months from the bond market.
The billionaire predicted India will see strong growth in the next year as the country rebounds from the pandemic.
“I think India is at the last phase of Covid-19,” he said, adding that the country is likely to grow between 10% to 11% next year.