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'Seeing early signs of rising private investments'
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SME Times News Bureau | 05 Oct, 2021
Structural reforms along with Centre's high capital expenditure has
triggered private investments to flow into the economy, said the chief
of the Bombay Stock Exchange (BSE).
In a conversation with IANS,
BSE MD and CEO Ashishkumar Chauhan pointed out that macro-economic
growth indicators have painted a healthy picture of the economy which
coincides with the accelerated pace of India's vaccination rate.
"With
the Indian government putting focus on structural reforms and capex, we
are seeing early signs of increase in private investments."
"That
coupled with monetary stimulus provided by RBI aimed at boosting growth
is only going to help India remain amongst the fastest growing
economies in the world."
According to Chauhan, India's economy has recovered more strongly than it was halted by the pandemic.
"The
economic toll from a deadly second wave of Covid-19 outbreak in India
last quarter wasn't as bad as feared, with the nation still very much on
track to achieving the world's fastest growth this year."
"High-frequency
data showed the impact of pandemic restrictions were less severe than
last year, enabling demand to recover quickly in the consumption-driven
economy."
The optimism over India's economic rebound pushed the benchmark S&P BSE Sensex above the 60,000-mark.
New
investors along with healthy inflows of foreign funds and receding
impact of Covid 2.0 have been cited as the key propellants of the equity
market.
Besides, he expects the localised approach to contain
the second Covid wave would continue to allow majority of business
activities to continue and cushion the economic blow.
"The
economic indicators clearly suggest that the Indian markets shall
continue to perform well in in the coming days and achieve newer,
greater milestones as we move forward."
Furthermore, he said the pandemic has led in new market participants in the country.
"During
the pandemic, we observed that the markets provided liquidity for
investors in the worst of times. The government did not force the
markets to close which allowed people who were in need of funds to sell
their assets like stocks or mutual fund units, collect their money, use
it for other purposes and that would not have been possible if we had
closed down the markets."
"Also, another reason is the rapid
digitisation of processes that occurred during this time, it has made
the investment process much easier for new comers and veterans alike."
Recently, the BSE crossed the 8 crore Registered Investor Accounts (UCC).
The journey from 7 to 8 crore users took only 107 days making it the fastest addition in the history.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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