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Bullish over Indian
stock market's growth potential, top bourse BSE's chief Ashish Chauhan
has said its market capitalisation can grow over ten times in the next
10-15 years to surpass $ 10 trillion level with a right approach at
various levels.
The markets,
however, need to become a vehicle for generating funds to be invested
across various sectors, rather than just being trading platforms.
"If India has to
take its rightful place at the global platform, it also needs to have a
much higher market capitalisation and we need to have a large amount of
participation from every nook and corner of the country," Chauhan told
PTI in an interview.
When asked how and
by when Indian markets can get an overall valuation of $ 10 trillion,
the BSE MD and CEO said, "Indian markets would need to work to reach
that target.
"Today we have
reached around $ 1.6 trillion (over Rs 100 lakh crore) and over the next
ten years, if we work hard, we increase our investor base, from within
India and abroad, we increase investments in different areas, then there
is no doubt that India can grow 10 times over the next 10-15 years.
"So, by 2030 we can
reach that range. There are $ 40 trillion of wealth waiting globally
for good markets and India need to take its share from there."
On steps required
to broaden the investor base, Chauhan said there are an estimated 2.7
crore investors in India and a lot of efforts would be required to
expand this to 27 crore by 2030.
"In the last 20 years, the Indian middle class has grown ten times, but the number of investors has remained similar.
"In some sense, we can say that BSE and other participants have not been able to do enough to bring people to the markets. For example, Sensex has given a return of about 300 times in the last 35 years, but has this return been shared by all in the country?
He said that the
companies have raised $ 10-12 billion of funds annually from Indian
markets over the last 2-3 years, but the Indian markets need to generate
funds to the tune of $ 150 billion a year to support investment
requirements of the next 5-6 years.
He said Indian
markets are among the most sophisticated markets and also among the most
spread-out markets in the world and everything is automated in our
markets.
"If you see the
numbers, India is now a $ 2 trillion economy and it saves 30 per cent,
so India effectively saving $ 600 billion a year and over the next seven
years it would be saving at least $ 4.2 trillion at current level.
These savings could be to the tune of $ five trillion after taking into
account growth in the economy.
"Today also, around 10 per cent of savings go into financial instruments, so on a $ 5 trillion base we would be able to bring in at least $ 500 billion and the remaining $ 250 billion can come from the foreign investors.
"Today also, around 10 per cent of savings go into financial instruments, so on a $ 5 trillion base we would be able to bring in at least $ 500 billion and the remaining $ 250 billion can come from the foreign investors.
Overseas investors
pumped in a staggering Rs 33,688 crore in capital markets last month,
making it the highest investment in six months owing to easing inflation
and rate cut by Reserve Bank of India (RBI).
Foreign
Institutional Investors (FIIs) bought shares worth Rs 12,919 crore (USD
2.1 billion) in January, while they bought debt worth Rs 20,769 crore
(USD 3.34 billion), taking the total investment to Rs 33,688 crore (USD
5.45 billion), latest data with Central Depository Services Ltd (CDSL)
showed.
In 2014, the net
investment by overseas investors into the debt markets was Rs 1.16 lakh
crore, while in equities it stood at Rs 98,150 crore
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