One of India’s marquee stock market investor and billionaire Rakesh Jhunjhunwala strongly believes that there will be no third wave of COVID-19 in India. He stated during an interview that the market would not have to be worried about a slowdown caused by the third wave.
During an interview with CNBC TV18, Rakesh Jhunjhunwala, Partner and CEO Rare Enterprises said, that “No one predicted the first two wave and now, everyone has become expert and ready to predict about the third wave. The reason behind his conviction was the pace of covid vaccination in the country. He says that at the pace at which vaccination is going and at the rate at which we are getting herd immunity, I don’t see any reason that there should be any third wave coming.”
As of June 21st India’s cumulative vaccination coverage has exceeded more than 28.87 crores. A total of 28,87,66,038 vaccine doses have been administered through 38,24,408 sessions, as per the provisional report till 7 pm of June 21st, more than 86.16 lakh vaccine doses were administered in the last 24 hours.
Meanwhile, more than 29.35 crores (29,35,04,820) vaccine doses have been provided to States/UTs so far, by the central Government of India. The vaccination drive has got a boost since the center started providing (free of cost vaccines) to all above 18 years of age from Monday and took back control from the states.
However, Jhunjhunwala, stated that even though if there are some stances of new covid infections there will be no major impact on the market, some corrections can be expected and it will be discounted by markets. “Wave or no wave, Indian economy is bound to grow and much better prepared to face any kind of crisis. And I can bet my money that there is going to be no third wave. All the intellectuals and so-called analysts on social media are predicting the third wave and people from all walks of life are getting fearful of it. We should maintain caution and take all care along with maintaining the covid appropriate behavior, but I do not think there is going to be a third wave…”. He said that the market has its own sense and it will discount all the negatives and will move ahead. India is a great story and it will continue to grow whether there is any wave or not.