National Stock Exchange (NSE) Managing Director and CEO Ashish Kumar Chauhan said on May 22 India’s expanding capital market reflects the growing strength and resilience of the broader economy, with indicators highlighting an expanding global footprint.
Speaking at an Assocham event in New Delhi, Chauhan said that India has emerged as the fourth-largest equity market in the world, behind only the United States, China (including Hong Kong), and Japan.
"India’s market capitalisation has grown more than 120 times since 1994 when NSE began operations. Today, it stands at approximately Rs 440 lakh crore or $5.1 trillion," Chauhan said.
He also highlighted that the market capitalisation of NSE-listed companies has increased nearly six-fold in the last 11 years. The ratio of market cap to GDP has more than doubled - from 60 percent in FY14 to 124 per cent in FY25 - indicating deepening market participation and investor confidence.
"This is a remarkable feat. No other country with a per capita income in the range of $2,500 to $20,000 has built such a large equity market," Chauhan said.
Amid global uncertainties including trade tensions, slowing growth in developed markets, and rising geopolitical risks, Chauhan said India has emerged as a "beacon of stability and opportunity" in the world economy.
Citing International Monetary Fund (IMF) estimates, he said global growth is expected to slow from 3.3 per cent in 2024 to 2.8 per cent in 2025. In contrast, India’s economy is projected to grow at 6.2 per cent in FY26 and 6.3 per cent in FY27, making it one of the fastest-growing major economies.
On the primary markets, Chauhan said the NSE has emerged as a global leader in IPO fundraising in calendar year 2024, raising around Rs 1.67 lakh crore (USD 19.5 billion) through 268 initial public offerings.
“This puts India among the top global markets in terms of IPO volumes and value,” he added.
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