On the back of the economic recovery and strong credentials, Indian bourses are heading towards a multi-decade bull market, billionaire investor, Rakesh Jhunjhunwala, said on Tuesday.

"India's resilience (during the global financial crisis) has been recognised internationally. In my view, India may be beginning to see a multi-decade bull market," Jhunjhunwala said at a seminar organised by the Indian Institute of Foreign Trade in Mumbai.

With the onset of the financial crisis, the centre of the global economy is shifting towards eastern emerging economies from the West, which may temporarily destabilise emerging economies, he said.

Investors should look for long-term growth prospects and growth-drivers of companies where they invest, rather than getting carried away by short-term apprehensions, Jhunjhunwala said.

The choice of asset class and the risk-taking ability of individual investors could also prove decisive in managing investments, he said.

"You need to look at whether the organisation has the ability to scale...it is important to understand the factors driving growth, he said.