Jhunjhunwala says can't assess GST gains, but sure of double-digit growth from FY20

NEW DELHI: Ace investor Rakesh Jhunjhunwala, also known as Warren Buffett of India, on Friday wondered why it took India 15 years to usher in GST.

In an interview to ET Now, the market pundit said India cannot afford to change at such a slow pace, if it needs more capital and investment.

Jhunjhunwala said that gains from GST will not be immediate, but they will be both tangible and intangible and difficult to asses.

He believes India will see double-digit growth from FY2020.

Jhunjhunwala, whose assets are estimated at around $2.4 billion as of June 30 told ETNow that the rollout of GST will lead to greater tax compliance and that he sees an overall reduction in taxes, rather an increase due to GST implementation.

GST ROLLOUT: 360-DEGREE COVERAGE
>> 5 disruptions you will notice from tomorrow

>> Look, who is going to get hurt by GST?

>> GST rollout today: Why party's over for millions

>> GST set to transform face of logistics industry

>> Big hit for small savers ahead of GST

In the backdrop of consensus view of weakness in earnings in a couple of quarter due to GST impact, Jhunjhunwala said investors are trying to find too many reasons for market to take a pause.

“Digitalised records of transactions will lead to great tax compliance,” he said, adding that GST will lead to big logistical gains.