Veteran investor Rakesh Jhunjhunwala of RARE Enterprises believes that India is beautifully placed to register double digit growth over the next four to five years. In conversation with CNBC-TV18, the billionaire said that the market was on the verge of a major bull run which started when the Nifty hit a low of 7,500 in 2020.

Jhunjhunwala said, "I think India is beautifully placed to register double digit growth in the next four to five years. I anticipate that despite the second COVID surge we are going to have double digit real growth in this year."

He elaborated, "India is on the verge of a very big bull run, which started from the day the market made the bottom in 2020 when Nifty was at 7,500 ."

He expects the most battered stocks in midcaps and smallcaps to give the biggest returns. Jhunjhunwala has invested heavily in the metals space.

"I think there is going to be a big upturn in the Indian economy. Look at the divergence between the valuation of cement stocks and metal stocks and look at the prospects of metal stocks, I think there is a great opportunity there. I am a large investor in metal stocks. The most battered stocks in the midcaps and the smallcaps are going to give the biggest returns."

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(Edited by : Jerome Anthony)