Capital markets play key role in propelling growth: Ajay Tamta
New Delhi: Minister of State Road Transport and Highways Ajay Tamta on Thursday emphasised the significant contribution of capital markets and commodity markets in financing the economy.
Addressing the PHDCCI annual convention on Capital Market & Commodity Market, the minister highlighted that India takes pride in having the largest road network, supported by a budget of Rs 3 lakh crore. He mentioned the recent breakthrough in the Silkyara Tunnel and India's adoption of advanced technologies, further strengthening the country's market.
He asserted that the combined strength of the government and industry will make Viksit Bharat a reality.
He pointed out that the country's road network has significantly improved, with all-weather roads being built, and the capital markets have a crucial role to play in the development.
Further, he appreciated the vision of GIFT City under the leadership of Prime Minister Narendra Modi, where India is setting ambitious goals.
He discussed that road networks are now connecting villages to major cities and capitals through new greenfield and elevated roads projects.
Shekhar Chaudhary, Director Financial Market Division of the Ministry of Finance said that for Viksit Bharat, the government understands that a major part of investments must be routed through capital markets.
He highlighted how fast India has dematerialised securities. Post-pandemic, individual investor participation has grown significantly.
India has seen a surge in IPOs from startups. Going forward, regular dialogue between Government, regulators, and financial markets is essential to strengthen this ecosystem, he added.
Ashok Agarwal, Executive Chairman & Founder, Globe Capital Market Ltd., speaking on the contribution of capital markets, said that in 2000, the total deposit was Rs 10 lakh crore, which has now increased to Rs 225 lakh crore that is 22.5 times higher.
He emphasised that road construction requires capital, for which the capital market is essential. To achieve the vision of Viksit Bharat, India's per capita income needs to grow 10 times, from $2,100 to at least $21,000, requiring a GDP of around $25–30 trillion. Capital markets will play the biggest role in this growth. He also said that we need systems and instruments where interest rates are decided in India itself.
The market capitalisation now stands at $5 trillion, which is double that of bank deposits, indicating why deposits are flowing more into capital markets because of higher returns. On average, returns in capital markets are 10 times higher than those from bank investments.
Pranjal S Jayaswal, General Manager, SEBI, elaborated on the role of financial markets and SEBI in building Viksit Bharat, and how to remain resilient against external shocks. SEBI's mandate includes market regulation, development, and investor protection.
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