Team siliconindia

• Under PM Modi’s leadership since 2014, the number of NSE investors jumped from 1.67 crore to over 11.5 crore, driven by digital access and mobile platforms.
• NSE’s market cap skyrocketed from Rs 67 lakh crore in 2014 to Rs 440 lakh crore in 2025, fueled by political stability and tech infrastructure.
• The market cap-to-GDP ratio doubled from 60% to 124% in 11 years, highlighting the stock market's strong alignment with India's economic growth.

The Indian stock market has witnessed exponential growth over the past 11 years under the leadership of Prime Minister Narendra Modi, according to Ashish Kumar Chauhan, Managing Director and CEO of the National Stock Exchange (NSE).

In a recent interaction with IANS, Chauhan highlighted a dramatic rise in investor participation and market value since May 2014. “When PM Modi took office in 2014, there were about 1.67 crore investors. Today, that number has surged to over 11.5 crore unique investors on the NSE”, he said.

This investor boom has been matched by a corresponding leap in market capitalisation from Rs 67 lakh crore in 2014 to a staggering Rs 440 lakh crore in 2025. The NSE CEO credited this surge to sustained political stability, the rise of digital public infrastructure, and increased accessibility to mobile data and investment platforms.

“People are now able to invest in mutual funds or directly in stock markets more easily, thanks to the robust digital infrastructure that’s been built”, Chauhan added.

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India’s market capitalisation has grown more than 120 times since the NSE began operations in 1994. Notably, the market capitalisation of NSE-listed firms has grown nearly six-fold in just the last 11 years. The market cap-to-GDP ratio, a key indicator of stock market value relative to the economy, has doubled from 60% in FY14 to 124% in FY25.

The NSE pioneered India’s first fully automated, screen-based order matching system in 1994, laying the foundation for a tech-driven financial sector. Today, the NSE stands as the world’s largest stock exchange by volume, symbolising India’s robust economic momentum and growing global stature.