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Macro-economic scenario extremely positive in India: Ashishkumar Chauhan
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IANS | 09 Jul, 2018
Despite the global equity market volatility, along with banking sector
woes, the macro-economic scenario is extremely positive in India, says
the top executive of the Bombay Stock Exchange (BSE).
"Banks'
books are getting cleaned up and NPAs (non-performing assets) are also
being recognised in a transparent manner. With growing GDP, legislative
reforms such as GST and IBC (Insolvency and Bankruptcy Code), India will
hit double-digit growth rates soon," Ashishkumar Chauhan, Chief
Executive Office and Managing Director of BSE, told IANS in an interview
over the phone. According to Chauhan, the ongoing strength of
the Indian economy and growth was evident in GDP numbers, which were
recently released. "India's economy expanded at its fastest pace since
December 2016 as government spending continues to drive economic
growth," he said. "Under the newly-enacted IBC, the fear of
losing control over their companies has prompted defaulting promoters to
settle their dues of around Rs 83,000 crore before action was
initiated," he said. Regarding IPO supply being affected because
of low market buoyancy due to high interest and oil costs, Chauhan
replied: "Globally, Indian exchanges recorded the highest IPO activity,
with 90 IPO launches that raised $3.9 billion in the first half of
2018." He said that even at the BSE SME platform, there were 254
listed companies having a market capitalisation of Rs 21,000 crore.
"Nearly 46 companies have filed for listing, of which 20 SMEs have
received approvals and we hope to hit 300 SMEs listings by the end of
the year. So, at BSE, we are very bullish about the IPO markets going
ahead," he added. On the growth prospects of BSE, Chauhan
pointed out that more than the traditional products, BSE was now
focusing on growth of next-gen products that cater to "emerging India". "Through
innovative business models and solutions, we are efficiently scaling up
our outreach to the financially excluded population of India," he said. "BSE is betting big on facilitating investments in equities, mutual funds and insurance," he added. He
said BSE now planned to also provide insurance distribution through its
nationwide distribution system available in more than 3,000 cities
having more than 200,000 people. Recently, BSE tied up with Ebix
Inc. for distribution of insurance in an exchange model, and has
applied to the Insurance Regulatory and Development Authority of India
for approval. The stock exchange major has emerged as the
largest market for bond distribution, IPOs, Offer to Buy, Offer to Sale
and other instruments related to equities. Last year, BSE raised
Rs 1.7 lakh crore on its bond distribution platform and listed total
additional debt securities worth Rs 4.3 lakh crore. "BSE has
now truly become a catalyst for capital formation in the country instead
of acting solely as a platform for speculative activities," Chauhan
added.
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