India’s stock market skyrockets: Record growth under Modi’s government fuels investor surge

From 1.67 Crore to Over 11.5 Crore Investors, Indian Market Capitalization Jumps from Rs 67 Lakh Cr to Rs 440 Lakh Cr, Marking a New Era in Digital Finance

Mumbai: The Indian stock market has experienced remarkable growth over the past 11 years under Prime Minister Narendra Modi’s leadership, according to Ashish Kumar Chauhan, Managing Director and CEO of the National Stock Exchange (NSE). Chauhan highlighted that investor participation has exploded from 1.67 crore investors in May 2014 to over 11.5 crore unique investors today.

Chauhan attributes this expansion to a period of stable political leadership paired with robust advancements in digital public infrastructure and mobile data connectivity. These improvements have made it easier for people from small towns, cities, and major urban centers alike to invest either directly in the stock markets or through mutual funds.

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In terms of market capitalization, the numbers tell a compelling story. In 2014, the NSE’s market capitalization was around Rs 67 lakh crore, and today it has surged to Rs 440 lakh crore. To put this into perspective, since the NSE began operations in 1994, India’s market capitalization has grown more than 120 times, now exceeding Rs 440 lakh crore or roughly $5.1 trillion. Furthermore, the market capitalization of NSE-listed companies has nearly sextupled in the last 11 years, with the market cap-to-GDP ratio doubling from 60 percent in FY14 to 124 percent in FY25.

The NSE’s journey began in 1994 with the introduction of India’s first fully automated, screen based order matching system, a pioneering move that signaled the country’s entry into the modern IT era. Today, the NSE stands as the world’s largest stock exchange, symbolizing India’s evolving financial market landscape and the growing confidence among its investors.

This dramatic transformation reflects the wider trend of increasing trust and participation in India’s equity markets, fueled by efficient digital infrastructure and supportive economic policies.