Winning Bizness Sports Desk
Mumbai. Very recently a "news" went viral claiming that India's economy has reached four trillion dollars, which turned out to be a fake one. But India's equity market cap is very close to reaching this mark. On Thursday, the market cap of BSE listed shares reached its all-time high of Rs 328.33 lakh crore. If seen in dollar terms, it amounts to 3.94 trillion dollars. To reach $4 trillion, India needs only Rs 5 lakh crore. According to the experts, India can reach this milestone in the next few days. Nifty has gained nine percent in this calendar year. India's market cap has increased by about Rs 46 lakh crore this year due to the tremendous performance of small and midcap stocks and the arrival of many IPOs.
USA on the top of the list
India reached the milestone of three trillion dollars in May 2021. Talking about the world, in this list America is first with a market cap of $47 trillion, China ($9.7 trillion) is second, Japan ($5.9 trillion) is third and Hong Kong ($4.8 trillion) is fourth. After this, India is at fifth position. At the macro level, India is currently the fifth largest economy in the world with $3.7 trillion. America is first, China is second, Germany is third and Japan is at fourth place. Sunny Aggarwal of SBI Securities said that India is expected to become a seven trillion dollar economy by 2030. He said that market cap will also increase according to GDP. Whenever GDP doubles, the market cap also doubles. Market cap increases due to rise in share prices and new listings in the form of IPOs. Nifty and Sensex are expected to double in the next five years.
What Devendra Fadnavis had said?
Bharatiya Janata Party (BJP) leader Devendra Fadnavis, without confirming the veracity of the fact about India's economy reaching 4 trillion dollars, had tweeted saying: “This is what visionary, dynamic leadership looks like! That’s what our New India progressing beautifully looks like! Congratulations to our fellow Indians as our Nation crosses the $4 trillion GDP milestone! More power to you, more respect to you Hon PM @narendramodi ji!” Even Adani had also tweeted like this. According to the political pundits, Claims and promises are commonplace in the rhetoric of governments, particularly in the run-up to elections. For example, the assertion that India will become a $5 trillion economy by 2024-25 is a focal point in the media, with leaders of the ruling BJP proudly championing it as evidence of the growth and development promised by the Narendra Modi-led administration.
