Latest news with #AshishChauhan
Economic Times
29-07-2025
- Business
- Economic Times
Era of multilaterals over; in this era of bilaterals, India will be counted: Ashish Chauhan
Ashish Chauhan, MD & CEO, NSE, says India's growing economic importance is reshaping global geopolitics, marking a shift from a multilateral era where it was often overlooked. Now the fourth largest economy with technological prowess, India demands recognition. Post-World War II systems are becoming less relevant as India asserts its influence. If you look at a 20, 30, 50 years' time horizon, there is nothing better than India. On an average, we have given a growth of 6.5-7%. In rupee terms, we have given CAGR of almost 12-13%. In dollar terms we are 1% higher than S&P 500 in those 30 years. So, we have done wonderfully well in the last 30 years. ADVERTISEMENT Everything comes with its share of ups and downs. And that is exactly what the market is. When I met you earlier, at the National Stock Exchange, you said that like in a love relationship, markets also experience fights, ups and highs. Where do you think the market is headed next? There are question marks on when the rural recovery will come about even though the RBI has fired all guns. Where do you think the economy is headed? Ashish Chauhan: In a way, there are reasons why things happen and overall, the world is softening for a variety of reasons including the tariff war. But the tariff war is an outcome of a long drawn movement away from manufacturing in China and services in India from the rest of the world. In that context, the rich countries of the west are feeling slightly poorer and they are saying that if you want to access our markets, you need to pay tariffs which is, of course, in a way recessionary because it brings down demands and increases prices. So there is going to be an impact of that longer-term trend. The second trend which we have not discussed is because it happens over 20-30 years. Life goes through a lot of other noise, and we often do not look at that signal. It is the demographics. The world is becoming old. Other than India, Pakistan, Bangladesh, broadly the rest of the world is getting older. From Japan to China to Europe to the US, it is decisively older demographics, bringing down demand. But it will bring demand up for the hospitals and healthcare and many other things. We need to understand where life is going to go. The third long-term trend is technology. Technology is the only thing which changes the world. And the technology that has changed over the last 30 years has also changed India decisively. It has made India what it is today. The world power in services, information technology, and it is also going to take India up because of the same reason that the changes in technology are going to come even faster and India is the youngest, highly technology-oriented country compared to our neighbours or other younger course, we are a very large market ourselves. Overall on a scale of 25, 30, 50 years, India has a glorious future. I will say that in a thousand years, when the technology race was run, we were not even in the stadium. Now, we are at the front line and today we have a chance to become rich before we become old because we will also become an older society by 2100. But before that, we should all work hard to become rich. Within that, there are geopolitics issues. People who have a lot of money are feeling slightly poorer and have started coming after poorer countries. Those things will continue. We have to mend our ways. We have to ensure that we are good with people who have money, who need us. We learn from them. We bring ourselves up and of course, maintain our dignity in terms of negotiations. In that context, today what we call the era of bilaterals has started with Donald Trump. ADVERTISEMENT Before that, in the last 50, 60, 70 years, it was the era of multilaterals and multilaterals had given very little importance to India. The bilaterals are now a situation where we are being given importance because we are important. Now, we are the fourth largest economy. We are also an up and coming economy. We are a highly technology-oriented economy. So, people will have to give us importance and many times I say that when the new geopolitics is defined, India will be counted. We were not. When World War II got over and the Bretton Woods was called, our economists also went, but as a part of the British Empire because we had not become independent then. So, for me, the post World War II multilateral systems of World Bank and UN and WTO and every other thing, WHO is now becoming irrelevant in a way because of the way the new situation has evolved. ADVERTISEMENT You were part of the prime minister's contingent to the UK. Ashish Chauhan: That tells you that now India is able to kind of ask for each pound of flesh. If you look at a 20, 30, 50 years' time horizon, there is nothing better than India and we have seen it in the last 30 years. So many times, the markets have gone up and gone down, but on an average, we have given a growth of 6.5-7%. In rupee terms, we have given CAGR of almost 12-13%. In dollar terms we are 1% higher than S&P 500 in those 30 years. So, we have done wonderfully well in the last 30 years. But in the next 30 years or by 2047, as Modi says as as Viksit Bharat (developed India) we would be doing immensely well compared to the rest of the world. ADVERTISEMENT But what is the message for retail investors because they get affected by the noise, by all the headlines, and also the lofty valuations. In the long term, there is a reason why India will continue to command that premium, but in the near term, does that work well for retail participants? Ashish Chauhan: For me, retail participants are of two types – retail traders and retail investors. The retail investors would be investing for the long-term and if they do not have time because they have other jobs and they have savings, they would rather invest through mutual funds or portfolio managers or advisers and things like that because those are experts and they should go through them and not trade in derivatives. There is a class of people who are basically retail traders who would try to take every signal like what Donald Trump has said about China many times, and they will try to sell or buy. For me, it is not only retail guys who do it, there are professionals also who do it. There are algorithms which pick up all those things now and start trading. But that is what I call trading on the noise. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
29-07-2025
- Business
- Time of India
Era of multilaterals over; in this era of bilaterals, India will be counted: Ashish Chauhan
Ashish Chauhan , MD & CEO, NSE , says India's growing economic importance is reshaping global geopolitics, marking a shift from a multilateral era where it was often overlooked. Now the fourth largest economy with technological prowess, India demands recognition. Post-World War II systems are becoming less relevant as India asserts its influence. If you look at a 20, 30, 50 years' time horizon, there is nothing better than India. On an average, we have given a growth of 6.5-7%. In rupee terms, we have given CAGR of almost 12-13%. In dollar terms we are 1% higher than S&P 500 in those 30 years. So, we have done wonderfully well in the last 30 years. Everything comes with its share of ups and downs. And that is exactly what the market is. When I met you earlier, at the National Stock Exchange , you said that like in a love relationship, markets also experience fights, ups and highs. Where do you think the market is headed next? There are question marks on when the rural recovery will come about even though the RBI has fired all guns. Where do you think the economy is headed? Ashish Chauhan: In a way, there are reasons why things happen and overall, the world is softening for a variety of reasons including the tariff war. But the tariff war is an outcome of a long drawn movement away from manufacturing in China and services in India from the rest of the world. In that context, the rich countries of the west are feeling slightly poorer and they are saying that if you want to access our markets, you need to pay tariffs which is, of course, in a way recessionary because it brings down demands and increases prices. So there is going to be an impact of that longer-term trend. Explore courses from Top Institutes in Please select course: Select a Course Category MBA MCA Public Policy Degree CXO Artificial Intelligence Technology PGDM others Data Science Others Finance Product Management Healthcare Project Management Cybersecurity Management Digital Marketing Design Thinking Operations Management Data Analytics Data Science healthcare Leadership Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details The second trend which we have not discussed is because it happens over 20-30 years. Life goes through a lot of other noise, and we often do not look at that signal. It is the demographics. The world is becoming old. Other than India, Pakistan, Bangladesh, broadly the rest of the world is getting older. From Japan to China to Europe to the US, it is decisively older demographics, bringing down demand. But it will bring demand up for the hospitals and healthcare and many other things. We need to understand where life is going to go. The third long-term trend is technology. Technology is the only thing which changes the world. And the technology that has changed over the last 30 years has also changed India decisively. It has made India what it is today. The world power in services, information technology, and it is also going to take India up because of the same reason that the changes in technology are going to come even faster and India is the youngest, highly technology-oriented country compared to our neighbours or other younger nations. Of course, we are a very large market ourselves. Overall on a scale of 25, 30, 50 years, India has a glorious future. I will say that in a thousand years, when the technology race was run, we were not even in the stadium. Now, we are at the front line and today we have a chance to become rich before we become old because we will also become an older society by 2100. But before that, we should all work hard to become rich. Live Events You Might Also Like: NSE is still the first achievement and probably the largest I will ever have: Ashish Chauhan Within that, there are geopolitics issues. People who have a lot of money are feeling slightly poorer and have started coming after poorer countries. Those things will continue. We have to mend our ways. We have to ensure that we are good with people who have money, who need us. We learn from them. We bring ourselves up and of course, maintain our dignity in terms of negotiations. In that context, today what we call the era of bilaterals has started with Donald Trump . Before that, in the last 50, 60, 70 years, it was the era of multilaterals and multilaterals had given very little importance to India. The bilaterals are now a situation where we are being given importance because we are important. Now, we are the fourth largest economy. We are also an up and coming economy. We are a highly technology-oriented economy. So, people will have to give us importance and many times I say that when the new geopolitics is defined, India will be counted. We were not. When World War II got over and the Bretton Woods was called, our economists also went, but as a part of the British Empire because we had not become independent then. So, for me, the post World War II multilateral systems of World Bank and UN and WTO and every other thing, WHO is now becoming irrelevant in a way because of the way the new situation has evolved. You were part of the prime minister's contingent to the UK. Ashish Chauhan: That tells you that now India is able to kind of ask for each pound of flesh. If you look at a 20, 30, 50 years' time horizon, there is nothing better than India and we have seen it in the last 30 years. So many times, the markets have gone up and gone down, but on an average, we have given a growth of 6.5-7%. In rupee terms, we have given CAGR of almost 12-13%. In dollar terms we are 1% higher than S&P 500 in those 30 years. So, we have done wonderfully well in the last 30 years. You Might Also Like: There is more scope for Indian investment in the UK than the other way around: Swaminathan Aiyar But in the next 30 years or by 2047, as Modi says as as Viksit Bharat (developed India) we would be doing immensely well compared to the rest of the world. But what is the message for retail investors because they get affected by the noise, by all the headlines, and also the lofty valuations. In the long term, there is a reason why India will continue to command that premium, but in the near term, does that work well for retail participants? Ashish Chauhan: For me, retail participants are of two types – retail traders and retail investors. The retail investors would be investing for the long-term and if they do not have time because they have other jobs and they have savings, they would rather invest through mutual funds or portfolio managers or advisers and things like that because those are experts and they should go through them and not trade in derivatives. There is a class of people who are basically retail traders who would try to take every signal like what Donald Trump has said about China many times, and they will try to sell or buy. For me, it is not only retail guys who do it, there are professionals also who do it. There are algorithms which pick up all those things now and start trading. But that is what I call trading on the noise.
Economic Times
28-07-2025
- Business
- Economic Times
NSE is still the first achievement and probably the largest I will ever have: Ashish Chauhan
Ashish Chauhan, MD & CEO, NSE, says in a way, his life in the stock market started with the NSE. He was a part of the team that set up NSE originally and most of what is considered as NSE now including screen based trading or Nifty or derivatives were in a way reporting to him. After almost 34 years since he started working on NSE, it is still the first achievement and probably the largest he will ever have. ADVERTISEMENT A boy from IIT Bombay, IIM Calcutta to this glorious journey that you have had and now you have a book on your life as well. How does it feel? Ashish Chauhan: It is life as usual. Basically, the book is not written by me, somebody else has written and the book captures some portion of my journey from childhood. So, in a way, it is kind of déjà vu, but with somebody else's perspective. Absolutely. But it must feel special, right? You have a legacy and now you have a documented legacy. Ashish Chauhan: Yes, why not? In some ways, you feel a little different when somebody or some book comes about your life. I wrote a book on the Bombay Stock Exchange, The Temple of Wealth Creation. At that time, BSE was 140-year-old. So when you write a book, you need to do a lot of research and come up with lots of facts and remove the facts from fiction and so it is hard work. Somebody has done it for me, I am delighted and also grateful. Is the idea of one nation, one exchange feasible? Ashish Chauhan answers Absolutely. And it gives us a peak into your life and how you have gone from strength to strength. What a glorious past you have had BSE, IPL, and now at the helm at the largest stock exchange, National Stock Exchange as well. Ashish Chauhan: In a way, my life in the stock market started with the NSE. I was a part of the team that set up NSE originally and most of what you consider as NSE now including screen based trading or Nifty or derivatives were in a way reporting to me. So, after so many years, almost 34 years since I started working on NSE, is still the first achievement and probably the largest I will ever have. Absolutely that is a feather in your cap. But let us talk about the book a little bit. I was very intrigued by the concept of sthitapragya, rooted in the Bhagavad Gita. What does it mean? Ashish Chauhan: Sthitapragya is a very spiritual word in Bhagavad Gita and it embodies stoicism with spirituality. A person who is nothappy in happiness and not sad in sorrow, a person in equilibrium, who is always balanced and can continue doing their work. That is also the philosophy of sthitapragya . Pragya is knowledge, sthita means steady. The steady knowledge. The person who is steady in the knowledge is a sthitapragya . And in a way you continue to do your work without being elated or in a sorrowful state and continue your duties. And that defines Ashish Chauhan – sthita and pragya , steady knowledge? Ashish Chauhan: No, according to the author, that is how I would put it. ADVERTISEMENT You were part of the formative years of the National Stock Exchange 30 years ago. From there, did you ever imagine that today the National Stock Exchange would be what it is? Ashish Chauhan: The first time when I was told to shift, I was a project finance officer in IDBI in 1991. I joined in '91 after college at IIM and was basically doing project finance. That means you need to do a lot of projections of future cash flows and other things for companies. I was one of the young ones and at that time, computers were not in use. IDBI bought computers. And so people started going on strike. All officers and employees went on strike saying computers will take our jobs. I was just out of college and I started doing Lotus 1-2-3 which was there and my other colleagues would take a month to create those spreadsheets, but once I have prepared, it used to take me a few seconds to change the projections and that was like magic. So, my bosses started thinking that I am good at it, whereas I was actually not an IT engineer. I was a mechanical engineer, who knew how to do Lotus 1-2-3 or Excel sheet as we call now. ADVERTISEMENT But when NSE had to be set up, one of the initial team members dropped out. They needed a young person who was an engineer, who knew IT, and who would not say no – and that was me. That is how life sometimes happens through serendipity. I was moved from the 9th floor to the 19th floor and for me it was just another job. I had no idea of how life would pan out later on, but it has worked out well. So, from that upgrade of 9th to 19th floor, which floor are you headed in next? Ashish Chauhan: Now, of course, I am on the seventh floor of NSE, but life takes you up and down and I have seen my share of things. When you write books like this, you do not write about the not so glorious parts; but naturally every life has its own ups and downs and we need to be acutely aware that what you read is only a small fraction of trials and tribulations people go through and that has been the case for me. I come from a Gujarati medium school and did not know English. So IIT just went into learning English instead of engineering and things like that. I do not see any life without its own internal struggles even if you think that it is rich in so many other ways. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
28-07-2025
- Business
- Time of India
NSE is still the first achievement and probably the largest I will ever have: Ashish Chauhan
Ashish Chauhan , MD & CEO, NSE, says in a way, his life in the stock market started with the NSE. He was a part of the team that set up NSE originally and most of what is considered as NSE now including screen based trading or Nifty or derivatives were in a way reporting to him. After almost 34 years since he started working on NSE, it is still the first achievement and probably the largest he will ever have. A boy from IIT Bombay, IIM Calcutta to this glorious journey that you have had and now you have a book on your life as well. How does it feel? Ashish Chauhan: It is life as usual. Basically, the book is not written by me, somebody else has written and the book captures some portion of my journey from childhood. So, in a way, it is kind of déjà vu, but with somebody else's perspective. Explore courses from Top Institutes in Please select course: Select a Course Category Project Management Artificial Intelligence Cybersecurity Finance PGDM MCA CXO Operations Management Degree Healthcare Management healthcare Technology Digital Marketing Data Analytics Public Policy Product Management Data Science others Others Leadership Data Science MBA Design Thinking Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details Skills you'll gain: Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Duration: 12 Weeks Indian School of Business Certificate Programme in IT Project Management Starts on Jun 20, 2024 Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Fungus is Not from Toe Infection! Meet the Main Enemy of Fungus (Stop Doing This) Lunavia Learn More Undo Absolutely. But it must feel special, right? You have a legacy and now you have a documented legacy. Ashish Chauhan: Yes, why not? In some ways, you feel a little different when somebody or some book comes about your life. I wrote a book on the Bombay Stock Exchange , The Temple of Wealth Creation. At that time, BSE was 140-year-old. So when you write a book, you need to do a lot of research and come up with lots of facts and remove the facts from fiction and so it is hard work. Somebody has done it for me, I am delighted and also grateful. Absolutely. And it gives us a peak into your life and how you have gone from strength to strength. What a glorious past you have had BSE, IPL, and now at the helm at the largest stock exchange, National Stock Exchange as well. Ashish Chauhan: In a way, my life in the stock market started with the NSE. I was a part of the team that set up NSE originally and most of what you consider as NSE now including screen based trading or Nifty or derivatives were in a way reporting to me. So, after so many years, almost 34 years since I started working on NSE, is still the first achievement and probably the largest I will ever have. Absolutely that is a feather in your cap. But let us talk about the book a little bit. I was very intrigued by the concept of sthitapragya , rooted in the Bhagavad Gita. What does it mean? Ashish Chauhan: Sthitapragya is a very spiritual word in Bhagavad Gita and it embodies stoicism with spirituality. A person who is nothappy in happiness and not sad in sorrow, a person in equilibrium, who is always balanced and can continue doing their work. That is also the philosophy of sthitapragya . Pragya is knowledge, sthita means steady. The steady knowledge. The person who is steady in the knowledge is a sthitapragya . And in a way you continue to do your work without being elated or in a sorrowful state and continue your duties. Live Events You Might Also Like: Is the idea of one nation, one exchange feasible? Ashish Chauhan answers And that defines Ashish Chauhan – sthita and pragya , steady knowledge? Ashish Chauhan: No, according to the author, that is how I would put it. You were part of the formative years of the National Stock Exchange 30 years ago. From there, did you ever imagine that today the National Stock Exchange would be what it is? Ashish Chauhan: The first time when I was told to shift, I was a project finance officer in IDBI in 1991. I joined in '91 after college at IIM and was basically doing project finance. That means you need to do a lot of projections of future cash flows and other things for companies. I was one of the young ones and at that time, computers were not in use. IDBI bought computers. And so people started going on strike. All officers and employees went on strike saying computers will take our jobs. I was just out of college and I started doing Lotus 1-2-3 which was there and my other colleagues would take a month to create those spreadsheets, but once I have prepared, it used to take me a few seconds to change the projections and that was like magic. So, my bosses started thinking that I am good at it, whereas I was actually not an IT engineer. I was a mechanical engineer, who knew how to do Lotus 1-2-3 or Excel sheet as we call now. But when NSE had to be set up, one of the initial team members dropped out. They needed a young person who was an engineer, who knew IT, and who would not say no – and that was me. That is how life sometimes happens through serendipity. I was moved from the 9th floor to the 19th floor and for me it was just another job. I had no idea of how life would pan out later on, but it has worked out well. You Might Also Like: Angel One, other broking stocks in focus as NSE issues stricter guidelines for retail algo trading So, from that upgrade of 9th to 19th floor, which floor are you headed in next? Ashish Chauhan: Now, of course, I am on the seventh floor of NSE, but life takes you up and down and I have seen my share of things. When you write books like this, you do not write about the not so glorious parts; but naturally every life has its own ups and downs and we need to be acutely aware that what you read is only a small fraction of trials and tribulations people go through and that has been the case for me. I come from a Gujarati medium school and did not know English. So IIT just went into learning English instead of engineering and things like that. I do not see any life without its own internal struggles even if you think that it is rich in so many other ways.
The Hindu
16-07-2025
- Politics
- The Hindu
BJP government in Uttarakhand promoting VIP culture: Congress
The Congress on Wednesday (July 16, 2025) slammed the BJP government in Uttarakhand for promoting VIP culture in the State after Chairman of Badri-Kedar temple Committee (BKTC) took a chopper to Kedarnath despite suspension of services due to bad weather. As per reports, BKTC Chairman Hemant Dwivedi, along with three other persons, took a chopper to Kedarnath on July 14. Heritage aviation had organised the chopper ride. After the matter was reported to officials, the Uttarakhand Civil Aviation Development Authority (UCADA) ordered an investigation. Sources in the department confirmed that the aviation firm was informed about the guidelines of the Director General Civil Aviation (DGCA), which has totally shut the shuttle services in the Kedar valley due to the weather conditions, while the chopper services of Char Dham are allowed but that too with the riders of weather being suitable for the flight. UCADA CEO Ashish Chauhan told The Hindu that a notice had been issued to the aviation firm. 'After around half a dozen chopper accidents took place in the State during the ongoing char dham yatra, the DGCA had issued instructions to Uttarakhand's authorised agency, UCADA, to impose a complete ban on air services during the rainy season. But BKTC president Hemant Dwivedi has not only flouted the rules by travelling to Kedarnath by helicopter, but once again openly supported the VIP culture,' said Congress spokesperson Garima Dasauni. She said when there was a complete ban on flights for the safety of common devotees, then how and why was this special exemption given to the BKTC president. 'This directly reflects the situation of 'one country, two rules' and is an example of disrespect for government rules,' she added.
