The Indian stock market has witnessed extraordinary growth over the past 11 years, as highlighted by Ashish Kumar Chauhan, MD and CEO of the National Stock Exchange (NSE). Since Prime Minister Narendra Modi took office in May 2014, investor participation has skyrocketed, with small towns and cities now actively contributing to the market’s expansion. Chauhan revealed that the number of unique investors on the NSE has surged from 1.67 crore in 2014 to over 11.5 crore today, while market capitalization has jumped from Rs 67 lakh crore to an impressive Rs 440 lakh crore.
Chauhan attributes this boom to political stability, enhanced investor trust, and the rapid growth of digital public infrastructure. With robust mobile data and digital platforms, more Indians than ever are investing in mutual funds and directly entering the stock market. This digital revolution has democratized access, allowing even those in remote areas to participate in wealth creation.
The numbers speak for themselves: India’s market capitalization has grown 120 times since the NSE’s inception in 1994, now standing at Rs 440 lakh crore ($5.1 trillion). Over the last 11 years alone, the market cap has surged six-fold, and the market cap-to-GDP ratio has more than doubled. The NSE’s pioneering fully automated trading system in 1994 set the stage for India’s rise as a global financial hub, cementing its position as the world’s largest stock exchange today.