Blitz Bureau
The following is the edited text of the speech delivered by Ashishkumar Chauhan, MD & CEO of the National Stock Exchange, at the Viksit Bharat Conclave held to coincide with the launch of Blitz India Business, in Mumbai on January 18:
I ndia today is the fifth-largest economy in the world. We stand at a crucial juncture, where our actions today will define the Bharat of tomorrow – a Bharat that is prosperous, inclusive, and sustainable. The last 10 years have changed India’s growth momentum under the leadership of Prime Minister Shri Narendra Modi ji. This is reflected in the growth of India’s flagship indices with Nifty 50 growing about 250 per cent and Nifty 500 growing over 300 per cent in this period.
Fourth-largest market India’s remarkable progress has been supported and reflected by the country’s capital markets, which is now the fourth largest in the world, after the USA, China and Japan. Under the guidance of SEBI, India markets have witnessed a remarkable growth and are today one of the most robust markets in the world. The Indian economy has expanded nearly 32 times in 30 years, growing from Rs 103 lakh crore in FY95 to Rs 324 lakh crore in FY25.
Over the past three decades, the market capitalisation of NSE-listed companies has risen, from approximately Rs 3.6 lakh crore in 1994 to Rs 425 lakh crore ($5 trn) today, that reflects an increase of more than 118 times with a CAGR of approx.
17 per cent. This reflects the critical role of capital markets in supporting and amplifying the nation’s economic progress. This growth has resulted in the market capitalisation-to-GDP ratio soaring from 35 pc in FY1995 to around 145 pc by December 2024.
In the last 10 years alone, market capitalisation of NSE-listed companies has increased nearly six times from Rs 73.5 lakh crore as of May 1st, 2014 to Rs. 425 lakh crore today.
Remarkable journey
This conclave comes at a time when NSE is celebrating 30 years of operations. NSE was India’s first Digital Public Infrastructure (DPI) and the first, and till date the largest, fintech.
NSE was where India’s IT revolution started. In 30 years NSE has had a remarkable journey of enabling a fair, efficient and transparent capital market ecosystem. NSE has grown to become the largest exchange in the world in terms of market activity – processing around 2,000 crore (20 billion) orders and around 30 crore (300 million) trades on some days.
The NSE has proudly been an enabler of Jan Bhagidari by facilitating the participation of the masses in India’s growth story. The exchange has around 11 crore unique registered investors with over 21 crore accounts.
These investors cover 99.84 per cent of zip codes in India with only 30 zip codes not having a registered investor. The last 10 years have seen a nearly seven-fold jump in investor participation – from 1.65 crore investors as of May 1, 2014, to 11 crore investors today. Capital markets are also called ‘trust markets’. Small investors from remotest corners, be it Jammu or Jorhat, invest their hard-earned money in companies in other parts of the country because of the trust in the markets.
They literally become a bhagidaar i.e., a shareholder – of not just the wealth but also the opportunity to contribute to the nation’s economic narrative.
Need for the capital
For India to grow, the nation needs capital. As rightly said by Hon’ble Governor of Maharashtra Shri C P Radhakrishnan Ji, “Without capital, there is no Viksit Bharat.”
The NSE has become a global leader in capital raising. In CY2024, it facilitated 268 IPOs which have mobilised Rs. 1.67 lakh crore ($19.5 billion) – which is the highest in the world. The total fund mobilisation at NSE was Rs 17.9 lakh crore ($ 211.6 bn) in CY24 contributing significantly to the overall fund mobilisation in India. Between FY22 and FY25 (YTD December), NSE has facilitated a total of Rs 56.4 lakh crore in funds, accounting for nearly 84 per cent of the incremental credit offtake by India’s banking system during this period. Aligning with vision of Viksit Bharat, NSE continues to foster sustainable development through wealth creation in India. Jan Bhagidaari leads to Jan Pragati.
From saving in kitchen drums at home to engaging in one of the largest and most dynamic capital markets, India’s financial evolution is nothing short of an inspiration. In 2024 alone, household investors saw an increase in wealth by approximately Rs 13.2 lakh crore. Over the past five years (2020-2024), retail investors, through both direct and indirect investments (via mutual funds), have seen their wealth increase by over Rs 40 lakh crore.
The role of media
The media has played an extremely important role in facilitating information and constructive debates to foster progress. By leveraging its immense reach and influence, it can act as a catalyst to Viksit Bharat. I take this opportunity to invite Blitz India Business to promote financial literacy and create more awareness about investor protection and market development.
As India continues its high and sustained economic growth path over the next decade, driven by public capex and private investments, its capital markets have an even more crucial role to play in fuelling growth and entrepreneurship. As India’s growth story continues, NSE shall serve as a key facilitator and gateway for both global and Indian capital to flow into India to collaborate, participate and prosper together.
In essence, India’s capital markets are strongly aligned with the nation’s robust economic growth, evidenced by substantial increase in market capitalisation, trading volumes, and investor participation. The markets are poised to play an even bigger role in the country’s growth trajectory which is on course to achieve the dream of Viksit Bharat by 2047.
