I won't say that I am very happy with the fact that reforms have been made, but I would say that I am happy about the fact that at least some reforms have come about. I am not very hopeful that during the tenure of this government we would have many major reforms. There is tremendous political opposition to whatever the government wants to do.
Whatever has to happen 12 months later, will happen. You will remember that when FDI was opened for many items, there was so much opposition. But who is talking about it today? The opposition to FDI in retail is all humbug because you say that foreigners will import goods from China. But isn't Pantaloon importing, DMart, Trent or Titan importing? Indian retailers are already importing goods.
So what do you mean by foreigners will come and necessarily import? You have to make our economy competitive. Goods will have to be procured from where you get the cheapest price and best quality. So what are these politicians trying to say?
Punita Kumar Sinha: It could also risk increasing India's trade deficit which is already quite high?
Rakesh Jhunjhunwala: But already Indian retailers are importing it.
Punita Kumar Sinha: The scale of the change will be much much more now.
Rakesh Jhunjhunwala: Who says that the India's scale would not go up? Do you think that Wal-Mart can open 100 stores in a month or a year? There is no magic. It is just like saying that when computers first came, the government employees were apprehensive of losing their jobs. So these politicians are creating noise for no purpose and no reason.
Punita Kumar Sinha: So are you trying to capitalise on opportunities in the sectors where there have been announcements -- retail, aviation? I have heard you bought SpiceJet, infrastructure and wherever there have been announcements.
Rakesh Jhunjhunwala: I don't want to discuss my trades. I already have a lot of investment in the retail sector. The retail sector is going to be one of the fastest-growing sectors in the economy.
Punita Kumar Sinha: What about aviation? You seem to have taken a position there.
Rakesh Jhunjhunwala: I am taking some small positions and have liquidated also. I am not so bullish on it unless and until oil prices come down. Unless oil prices come down to the previous level of $90, I do not think that FDI in airlines is really going to make a difference to their basic profitability.
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