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Noting that a majority government with a visionary leader are prerequisite for a stable, vibrant and deep Indian financial market, Finance Minister Nirmala Sitharaman on Tuesday said that BJP-led coalition fulfils these parameters and Prime Minister Narendra Modi today filed his nomination papers from Varanasi for a third successive term in Lok Sabha polls.
Speaking at the Bombay Stock Exchange on 'Vikshit Bharat 2047' theme, the minister said that stability of policy, predictability, and a soft-touch regulatory framework are among the high points that help make markets efficient. "Stability of government, stability of policy particularly of taxation policy, predictability, and above all a soft touch regulatory framework these are the high points with which markets become efficient, markets function without volatility. For a stable, vibrant, and deep Indian financial market, the prerequisites are a stable government, a majority government...and a government with a visionary leader and that is what BJP and the coalition...Today our leader, the Prime Minister has filed his nomination to get elected for the third term and that is going to make markets function with stability," she said. Sitharaman also referred to the growing interest of both domestic and foreign investors in Indian stock markets and noted the significant increase in retail in demat accounts from 2 crore to 15.1 crore, with 3.6 crore added in just the past year. "Retail investors are actively coming to the Indian markets, not restricted to post office savings only, just in last one year 3.6 crore added to list. Families are investing in markets also from the post office and banks, they are not restricted to post office savings only," she said. The Finance Minister also highlighted the significant growth of the BSE's market capitalization, which increased from 76 lakh crore ten years ago to 400 lakh crore in April. "When world markets were fluctuating....India's financial markets have far exceeded everybody's expectations," she said. The minister lauded technological advancements in Indian markets. "Technology is the best thing happening in the Indian market. Fast trade instruments have been brought in. Foreign markets are watching India's T+0 settlement technology," she said. She also said any unchecked explosion in retail trading of futures and options can create future challenges not just for the markets, but for investor sentiments and also for household finance. (ANI)
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