Jamal Mecklai, CEO of Mecklai Financial says BJP's strong mandate in the 16th Lok Sabha has opened up opportunities for India to become a global leader. Narendra Modi-led BJP won a simple majority on its own, surprising political analysts. This is for the first time since 1984 that a party has achieved this feat.
"I never expected this sort of outcome in the election...it looks like we are in a new world" Mr Mecklai added. (Watch interview)
The market veteran says India has all necessary conditions to build a socially liberal capitalist democracy which developed countries have.
Mr Modi has been taking about inclusive growth in his speeches and he wants to get everybody behind him, he said, adding that Mr Modi is in a position to do what he has promised.
Mr Mecklai expects the new government to implement the recommendations of RBI committee which talks about bringing government stake in PSU banks below 50 per cent.
"We don't have a yield curve and an interest rate derivative market because public sector banks are constrained as most of their stake is with government which do not want to improve thing for political reasons" says Mr Mecklai.
Given the kind of optimism in the market, Mr Mecklai believes 28,000 in Sensex is easily achievable. "People who missed the boat six months ago would now come to India...foreign investors who were not buying India stocks at 64-65 levels of rupee...they will now come at 58 levels of rupee".
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