MCCI organised a Special Session with Shri Sundararaman Ramamurthy, Managing Director & CEO, BSE Limited on ‘The Golden Years of Indian Equity Markets are ahead of us’, on 16 December 2024, at the Conference Hall of the Chamber.
16th December 2024
Shri Sundararaman Ramamurthy in his address said that 1992 was the important year for Indian economy. From this year, India has started witnessing technological revolution, telecom revolution, banking reform and capital market reform.
In the context of capital market, Shri Ramamurthy informed that SEBI is protecting the interest of shareholders. Now, there are 500 companies in the markets with market cap exceeding USD 1 billion and with 200 million folios. Democratization of access has led to this revolution.
Shri Ramamurthy mentioned that India is experiencing ‘catchup growth’ which is different from ‘saturated growth’. India can achieve real GDP growth by 8% and nominal growth by 13% by 2047.
He said that the Golden years of India lie in the future years. The stock market will also experience golden years. The modern workforce should benefit from skilling, so that they can apply practical knowledge in real applications. For this, industry should come forward and adopt potential employees in order to skill them. The stock market & associated ecosystem can help India to achieve the goal of Viksit Bharat. In India, there are 6 cr. MSMEs, among whom only 1,000 are listed. For greater employment generation, corporates should encourage MSMEs to become listed companies.
He expressed that the main concentration should be to channelise the youth and women into potential workforce.
While welcoming the guests, Shri Munish Jhajharia, Vice President, MCCI said that India’s equity market has been on a relentless bull run since the COVID pandemic. But, recent lackluster earnings reports of many companies and slowing GDP growth may mean that the stock market might take a pause, at least for now.
Shri Jhajharia in his address also pointed out that The GoI has engaged in improving physical infrastructure, taxation reform, banking reform and India Stack which will lead to a better networked economy, formalisation of the economy, clean-up of the banking sector and a digitised India, respectively. The four sets of changes are interplaying with each other leading to formalisation of the economy, financialization of savings and consolidation of profits to create a more efficient and competitive economy.
Smt. Mamta Binani, Chairperson, Council on Legal & Corporate Governance, MCCI in her Vote of Thanks said that outlook for Indian equities is favourable due to a confluence of several factors and reform, although there are bound to be periods of turbulence.
(This story has not been edited by News Mania staff and is published from a Media Release)
