The National Stock Exchange of India (NSE) is expected to grow much larger in the next five years, with more investors joining and markets becoming more important globally.
Speaking at the India Today Conclave in Mumbai 2025, Ashish Chauhan, CEO of NSE, shared his outlook on how India’s markets are placed, what investors can expect, and why India’s position in the global economy is changing.
Chauhan said the rise in investors and market size over the last decade gives a clear idea of the potential ahead. In 2014, India had just 1.67 crore unique investors. Today, there are about 12 crore investors, which is seven times higher. Similarly, the market capitalisation has grown from Rs 67 lakh crore in May 2014 to Rs 460 lakh crore in 2025.
He also explained the scale at which NSE operates today. “On a good day, I handle 2,000 crore orders in six hours and 15 minutes. By comparison, in earlier years, 2,000 crore transactions would take a full month. On many days, NSE accounts for more than 50% of all orders in the world, though the value per transaction is smaller,” he said.
RETURNS OVER THE YEARS
Looking at past data, Chauhan reminded that Indian markets have gone through many difficult periods but still managed to deliver average returns of 6.5% over 32-33 years. These periods included the Asian financial crisis of 1998, sanctions after nuclear tests, the 2000 dot-com bubble, the global financial crisis of 2008-09, and other ups and downs.
When the Nifty index was launched on 3 November 1995, it was based at 1000 points. Today, it has grown to around 25,000. With dividends included, it would be closer to 30,000. “So in 30 years, Nifty gave about 25 times return. If India continues at even 6.5% to 7-8% returns for the next 25-30 years, the growth will be far larger. Investors should not limit their ambitions,” Chauhan said.
HOW FAST CAN NIFTY REACH 50,000?
Answering the question of when Nifty could reach 50,000, Chauhan explained that growth depends on compounding over the long term. “From 1000 to 25,000 took 30 years. With dividends, it is about 30,000. If we assume a 6.5% return for the next 30 years, this number can multiply many times. Investors need to think long-term and not worry about small cycles,” he said.
THE NEW NORMAL FOR INDIAN INVESTORS
Chauhan also spoke about what has changed for Indian investors in 2025. He explained that India is now counted as one of the four main global blocks, along with the US, Europe, and China. “We were not even in the stadium before. Today, we are on the front table. The new normal is that we have to get used to being important, and others also have to get used to seeing India as important,” he said.
He also pointed out that many changes, or “earthquakes”, will come in the next 2-5 years, but India’s young population, technology orientation, and strong demand will keep the country in a better position than most others.
INDIA’S DEMOGRAPHIC ADVANTAGE
Chauhan said India is the only large country that will remain young for the next 40-50 years. Japan has already become old, and China is ageing fast. By 2100, China’s population could be half that of India. In contrast, India will stay young and keep adding to its workforce.
Neighbouring countries like Pakistan and Bangladesh are also young but face challenges in growth. Africa has not been able to manage its growth properly, while Europe and America are becoming old. “In 2025 itself, the US will have fewer people staying compared to 2024. With fewer young people and immigration challenges, even the US is ageing fast. But India, with 70% of the world’s young population, is in a unique position,” he said.
TECHNOLOGY AND DEMAND TO DRIVE GROWTH
Chauhan said that young countries adapt faster to new technologies, and that is where wealth shifts happen. Old societies do not have the demand or willingness to learn new technologies. India, with its young population and technology focus, is likely to grow faster.
Demand is also another strength. Ageing countries have demand mainly in healthcare, which increases their costs and fiscal deficits. India, with strong overall demand, creates space for growth in many sectors and gives the government more tax revenues through expansion.
“In short, we are a country with strong demand, strong demographics, and strong technology orientation. That will continue to drive our markets and economy,” Chauhan said.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
