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New Delhi: Prime Minister Narendra Modi successfully completed nine years in office today. During the nine-year stint of the Modi government, the Indian stock market has shown remarkable growth despite the challenging Covid period.
The equity benchmarks Sensex and Nifty have surged over 150 per cent, and the overall market capitalisation of the Bombay Stock Exchange (BSE)-listed firms more than tripled, jumping by Rs 195 lakh crore, in that period.
When Narendra Modi became the prime minister of India for the first time, Sensex was at the level of 25,019.51 and Nifty50 was at 7359.05. As of now, the highest point of Sensex is 63,583.07 and that of Nifty50 is 18,887.60. As far as the cumulative market capitalisation is concerned, that of BSE-listed firms stood at Rs 85,20,816.63 crore on 26 May 2014; and on 25 May 2023, the overall market capitalisation of BSE-listed firms was Rs 2,80,33,373.63 crore.
Coming to sectoral indices, the Nifty IT index surged 219 per cent while the Nifty Financial Services index surged 213 per cent in that period.
Nifty Private Bank index, meanwhile, jumped 196 per cent, the Nifty Bank index jumped 188 per cent and the Nifty FMCG index jumped 180 per cent during prime minister Narendra Modi’s nine-year regime.
While Nifty Energy index went up by 140 per cent, Nifty Auto index jumped by 116 per cent, Nifty Realty index rose by 94 per cent, Nifty Metal index went up by 86 per cent, and Nifty Pharma index climbed by 67 per cent during the period.
Between 2013 and 2023, during Narendra Modi’s regime, India’s economy saw an average growth of about 6-7 per cent every year. Morgan Stanley believes India is “on track to become the world’s third-largest economy by 2027, surpassing Japan and Germany, and have the third-largest stock market by 2030 due to global trends and key investments the country has made in technology and energy.”
Moreover, India’s GDP could more than double from $3.5 trillion today to surpass $7.5 trillion by 2031, Morgan Stanley says.
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