Political stability, robust social security framework brought economic growth: NSE's Ashish Chauhan (IANS Interview)

New Delhi, April 16 (IANS) 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.