NSE CEO Ashish Chauhan: Capital Markets Reflect India's Economic Strength and Growth

Ashishkumar Chauhan, the MD and CEO of the National Stock Exchange of India (NSE), sees India’s capital markets as financial platforms and a reflection of the country’s booming economy. In recent talks across several forums, he pointed out how tightly linked our market growth is with India’s economic rise.

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Ten Years of Massive Growth

Let’s rewind to 2014. India’s market capitalisation was under $1 trillion. Fast-forward to December 2024, which has jumped to about $5.13 trillion. That’s nearly five times more in just a decade, making India the fourth-largest capital market in the world.

What’s behind this surge? Chauhan credits it to significant changes: more people investing, better technology, and steady, supportive regulations. Case in point: individual investors have skyrocketed from 16 million in 2014 to over 110 million by 2025. That’s a significant shift in how Indians are choosing to build wealth.

Retail Investors Are Leading the Way

One of the most exciting trends is that retail investors, regular folks like you and me, are stepping up in a big way. Over 60 million Indians invest small amounts monthly (as little as ₹250) through SIPs. This alone brings about $2.5–3 billion into the market monthly.

According to Chauhan, this isn’t just about money. It shows a growing belief in Indian businesses and the people behind them. Moreover, only about 2% of investors are active in derivatives trading. That means most focus on long-term growth, not quick wins. And that’s great news for market stability.

SMEs Are Stepping Into the Spotlight

Small and medium-sized enterprises (SMEs) are also making waves. Just in 2024, 200 SMEs were listed on the NSE. Chauhan sees this as a sign that more small businesses are ready to take the leap and grow. His message? SMEs are the billion-dollar companies of tomorrow, and the stock market is a launchpad they should use to get there.

Looking to 2047: A Bold $50 Trillion Vision

So, what’s next? Chauhan is thinking big. He believes India could hit a market capitalisation of $50 trillion by 2047, the 100th year of India’s independence. That’s based on GDP growing to $30 trillion and the market cap-to-GDP ratio rising to 1.6 from today’s 1.2.

But to get there, more Indians need to invest. Right now, only about 20% of households invest directly in stocks. Chauhan wants to see that number jump to 100%. That level of involvement could turn this ambitious goal into reality.

Tech as the Engine of Wealth

Chauhan also points out something crucial: technology is a game-changer. We’ve gone from no computers to tech being everywhere. And the speed of today’s innovation? It’s set to generate even more wealth than the last hundred years combined. With its young, tech-savvy population, India is perfectly positioned to ride this wave and reap the rewards.

In a Nutshell

Ashishkumar Chauhan believes India’s capital markets aren’t just growing; they’re evolving into a powerful engine of economic transformation. With strong retail participation, SME support, and a solid tech foundation, these markets are set to keep pace with the country's rising ambitions and economic strength.