This is what Rakesh Jhunjhunwala has to say about PM Narendra Modi and general elections 2019

Prime Minister Narendra Modi needs a second term to achieve India's full growth potential, said ace investor Rakesh Jhunjhunwala in a television interview. He believes it is too early to predict the outcome of Lok Sabha elections 2019, but he is sure PM Modi will come back to power.

"It is too early to predict an election which is going to take place after 11 months. Too much is being read into bypoll results. The fact remains that Prime Minister Narendra Modi is the most towering leader our country has today. So, you will fight 2019 election on the basis on electable prime minister. I don't think congress has any credible prime ministerial face," said Jhunjhunwala in an interview with CNBC TV18.

"So far as my calculations are concerned, the next government is going to be a BJP government. However, they might not repeat the same performance as they did in 2014," he added.

The billionaire investor believes markets have had a tremendous rise. "We are now correcting and if you look at the long rise that we have had, I would say it is a very poor correction. I believe that bull markets cannot end at these level of profits to gross domestic product (GDP)," he said.

Jhunjhunwala pointed out if 2017 was a year of robust gains, then 2018 will be a year of consolidation.

On local fund inflows, Jhunjhunwala, the owner of RARE Enterprises, said that it is just a beginning. "The record domestic inflows into stock market that we have seen is just the beginning. Abhi to khali trailer aaya hai," he said.

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On foreign money exodus, the big bull said it is not India specific per se, but company specific.

"The major amount of foreign money is company specific. Lot of people are invested in HDFC, lot of people are invested in HDFC Bank, lot of people are invested in TCS, so I don’t think that has got anything to do with India, it has got to do with Indian companies," he said.

Jhunjhunwala is bullish on pharma sector, and believes the worst is behind us. "I think the pharma industry’s worst is very much behind us. Now the Indian pharma industry is entering unknown, risky, but exciting phase, where companies like Sun Pharmaceutical, Lupin, and others are going into specialty generics. Even if one of the medicines succeeds, it could be a game changer," he said.