India doesn’t need ‘sixes every ball’ as markets post Rs 18 lakh crore fundraising record: NSE’s Ashish Chauhan

Chauhan flagged India’s credit-to-GDP ratio of 0.66, far below the nearly 4 seen in the US and China, as evidence that the economy is “underfunded.”

Sachin Tendulkar may have scored 100 centuries, but fans still expect a six every ball. Ashish Chauhan, Managing Director and CEO of the National Stock Exchange (NSE), used that line at the CII National Finance Summit today to argue that India’s capital markets face the same impossible expectation, despite delivering one of the world’s strongest fundraising and governance records.

Chauhan said India’s markets remain steady and well-governed even as global volatility rises and AI-driven tech exuberance in the US and China grabs headlines. “Last year, we raised nearly Rs 18 lakh crore through the markets, including Rs 1.69 lakh crore in equities, making us the largest IPO market globally,” he said.

India’s Market Strength vs. Global AI Bubble

Pushing back against fears that the global AI race will overshadow India, Chauhan described the US-led AI surge as a bubble that has already been challenged by China’s cheaper open-source models. He said the earlier belief that AI would capture 90 percent of productivity gains has dropped to under 7 percent. “That opens 93% of the market for India’s IT and service sectors to provide solutions,” he said.

Banking System: The Underleveraged Giant

Chauhan flagged India’s credit-to-GDP ratio of 0.66, far below the nearly 4 seen in the US and China, as evidence that the economy is “underfunded.” India, he said, cannot afford policies that discourage lending. “If we continue incentivising banks not to lend, the economy will suffer,” he warned.

Governance and Market Integrity a Key Advantage

Calling India’s corporate governance regime “much tougher than the US and 100 times better than China,” Chauhan said strong disclosures and automated, screen-based trading systems have helped build deep investor trust and differentiate India from other large markets.

Valuation and Growth Outlook
On valuation concerns, Chauhan said India’s PE ratio of 23 reflects markets catching up with earnings after a period of consolidation. Faster-growing economies, he noted, have historically traded at higher multiples. But he cautioned against copying global financial norms without adapting them to India’s structure and risks.

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