NSE CEO Ashish Chauhan Highlights Capital Markets Reflect India’s Economic Growth

On May 22, Ashish Kumar Chauhan, Managing Director and CEO of the National Stock Exchange (NSE), emphasized that India’s burgeoning capital markets mirror the robust growth and resilience of the country’s broader economy. Speaking at an ASSOCHAM event in New Delhi, Chauhan described India as a “beacon of stability and opportunity” amid global uncertainties including trade tensions, slowing growth in developed markets, and rising geopolitical risks. NEW DELHI

Highlights:

• India’s equity market ranks as the fourth-largest globally.

• Market capitalization has surged over 120 times since NSE’s inception in 1994.

• NSE-listed companies’ market cap grew nearly six-fold in the last 11 years.

India Emerges as Fourth-Largest Equity Market Globally, NSE CEO Says

Chauhan highlighted India’s rise to become the world’s fourth-largest equity market, trailing only the United States, China (including Hong Kong), and Japan. He pointed out that the total market capitalization now stands at around Rs 440 lakh crore ($5.1 trillion). Since the NSE’s inception in 1994, the market capitalization has increased more than 120 times, showcasing the country’s rapid capital market expansion.

Highlights:

• India ranks 4th globally by equity market capitalization.

• Market cap now at Rs 440 lakh crore ($5.1 trillion).

• Market capitalization to GDP ratio doubled from 60% in FY14 to 124% in FY25.

Deepening Market Participation and Investor Confidence Evident in Key Ratios

Chauhan noted that the market capitalization of NSE-listed companies has grown nearly six times in the past 11 years. He drew attention to the market cap-to-GDP ratio, which has more than doubled—from 60 percent in fiscal year 2014 to 124 percent in fiscal year 2025—signaling deeper market participation and strengthened investor confidence.

Highlights:

• Market cap-to-GDP ratio doubled over 11 years.

• Reflects rising investor participation and confidence.

• Achievement unprecedented for a country with per capita income in $2,500–$20,000 range.

India Stands Out as a Stable Growth Engine Amid Slowing Global Economy

Against a backdrop of global economic slowdown, Chauhan cited International Monetary Fund (IMF) projections, which forecast global growth to decline from 3.3% in 2024 to 2.8% in 2025. In contrast, India’s economy is projected to grow at 6.2% in FY26 and 6.3% in FY27, positioning it as one of the fastest-growing major economies worldwide.

Highlights:

• Global growth forecast to slow to 2.8% in 2025.

• India projected to grow over 6% in FY26 and FY27.

• India described as a “beacon of stability and opportunity.”

NSE Leads Globally in IPO Fundraising in 2024, Boosting Primary Markets

Chauhan also underscored NSE’s leadership role in the primary markets, revealing that in calendar year 2024, NSE facilitated IPO fundraising of approximately Rs 1.67 lakh crore ($19.5 billion) across 268 IPOs. This achievement ranks India among the world’s top markets in terms of IPO volumes and value.

Highlights:

• NSE raised Rs 1.67 lakh crore ($19.5 billion) through IPOs in 2024.

• Total of 268 IPOs listed on NSE in 2024.

• Positions India as a leading global IPO destination.