India’s markets are set to soar: Ashish Chauhan of NSE sees growth driven by investors, savings, tech

India’s markets are entering a self-reliant new era, driven by a record 12 crore investors, rising domestic savings, and a young, tech-savvy population. Despite global volatility and shifting foreign investment flows, the country’s growth story remains structurally strong, anchored in trust and domestic participation. According to Ashish Chauhan, MD and CEO of the National Stock Exchange (NSE), this combination of factors makes India uniquely positioned for long-term wealth creation, even as speculative behavior requires careful vigilance.

Speaking at the India Today Conclave in Mumbai, Chauhan said that for India, it will only be up amid volatility and global shocks. He added that Indian investors are entering a new era of opportunity and volatility. The global order is shifting, foreign money is no longer the dominant force in local markets, and India has firmly taken its seat at the front table. With 12 crore investors, rising domestic savings, and a young, tech-savvy population, India’s markets are entering a self-reliant new era, he adds.

With India saving about 30% of its GDP—roughly $1.2 trillion annually—the country now has the capital to fund its own growth. Mutual funds, pension funds, and household savings are cushioning volatility and ensuring resilience.

Chauhan remarked on the way Indian markets are anchored in trust. Retail participation has exploded in the last decade, rising from just 1.67 crore investors in 2014 to over 12 crore unique investors today.

“They are in all pin codes in India except 28, and most of those are in airports where you can’t stay full time. Effectively, across India—from the remotest part of Ladakh to the remotest part of Andaman and Arunachal Pradesh—you will find investors,” Chauhan noted.

For him, the faith small investors show in India’s businesses is transformative. This is the wealth of trust. One-third of India’s wealth—$5.2 trillion—is the wealth of trust, he said.

He notes that this widespread investor confidence sets India apart from older markets. He compares the Indian market to Germany’s, which is much lower than India’s, and also to the UK, which is now 50% smaller compared to India. "Except for India and the US, you don’t have new companies coming to the markets. You don’t have new investors coming to the market," he pointed out.

Chauhan, however, insists that optimism must be balanced with vigilance. He is particularly wary of speculative behavior. “Day trading is clearly not productive. It is going to lose money for everyone. If you are not capable of understanding derivatives or do not have the ability to bear the shocks, you’d rather stay away,” he warned.

Instead, he argued, India’s young investors should channel their energy into entrepreneurship and innovation. As per him, with technology changing so fast, it has reached a stage where one requires very little to create a business that can generate huge profits.

Despite 2025 being a tough year so far, Chauhan is convinced that India’s long-term story remains intact. “In the last 30 to 33 years, India has delivered an average growth of six and a half percent. Even if we continue at that rate, the long-term story is intact,” he says.

He cites the performance of the Nifty index as proof of India’s resilience. “When I created Nifty in 1995, it was based at 1,000. Today it’s 25,000. In literally 30 years, it has given you 25 times return. If you take the dividends, it could be close to 30,000 right now. Even at a conservative growth rate, the next 30 years will multiply wealth significantly again.”