IANS | 17 Apr, 2024
If the Indian stock markets are considered among the best-performing
ones in the world, it is due to the political stability and the creation
of a robust social security framework the country has witnessed in the
last 10 years, according to Ashish Kumar Chauhan, MD and CEO of National
Stock Exchange (NSE).
In a conversation with IANS, Chauhan who
has been closely associated with the Indian stock exchanges - having
served both the BSE and NSE - emphasised that when poverty reduces in a
country, people's confidence levels boost and they begin to participate
in the economic activity and overall growth increases.
"A lot of
good work has been done in the past 10 years and I feel that the
creation of social security while reducing the overall fiscal deficit is
the most significant development under Prime Minister Narendra Modi's
rule," said Chauhan who has been the founder-member of the NSE and this
is his second stint with the exchange.
Social welfare schemes like
Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan
Jyoti Yojana (PMJJBY), the Atal Pension Yojana (APY), Ayushman Bharat
and others with crores of beneficiaries have instilled new confidence
among the citizens, even in small towns and cities, to grow financially
and invest beyond traditional instruments.
In 2013-2014, the Nifty index was around 7,500. Today, Nifty is above 22,000 which has been a meteoric rise.
The
exchange saw many firsts and scaled new heights, while adopting
cutting-edge technologies for seamless, hassle-free operations for the
investors under Chauhan’s guidance.
For Q3 FY24, the NSE
registered an 8 per cent rise in consolidated net profit to Rs 1,975
crore. During the first nine months of FY24, NSE contributed Rs 28,131
crore to the exchequer.
According to him, many new companies have
been listed in the last 10 years and overall, the growth of the
corporate sector has increased, especially in the banking sector.
"There
has been massive investments across the spectrum, especially in
building infrastructure, like roads, ports, metros, electricity
generation and others in the last decade. On the other hand, income has
risen steadily and unemployment rate decreased significantly," Chauhan
noted.
A mechanical engineer from IIT Bombay and alumnus of IIM
Calcutta, Chauhan is considered one of the foremost experts in financial
market policies.
