Former prime minister Manmohan Singh (Photo: PTI)
Former prime minister Manmohan Singh on Wednesday announced that a bourse that he inaugurated as a finance minister 25 years ago, is yet to yield its full potential. He mentioned that the best is on its way for the National Stock Exchange (NSE). National Stock Exchange was originated in 1994 to bring a potential reform in the Indian market.
While NSE operations were commenced long back, Singh referred to the foundation of it and emphasised about the skepticism involved in the financial sector during that time. Former prime minister, who is celebrated as the architect of India’s economic reforms, said that it is a good fortune of the country that the skeptics have been proven wrong.
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Singh was attending the exchange’s silver jubilee celebrations in New Delhi when he mentioned that it made him proud that NSE turned out to be a brilliant decision taken by him as a finance minister in 1994.
He further added that the reforms of 1991 and the reforms that followed have led the foundation for India emerging as one of the fastest growing economies in the world.
According to Singh, NSE has been an institution of great national importance and played a crucial role in the transformation of India’s capital markets and also in building trust in markets.
"I am sure NSE will continue to contribute towards the objective of both market development for financing India's economic growth and integration of Indian economy with the global economy," he added.
While President Ram Nath Kovind was not able to attend the event personally owing to his busy schedule, his message was read out loud at the event.
"NSE is one of the largest and most important financial institutions in India. NSE has been playing a pivotal role in providing a stable, transparent and globally trusted market platform that has encouraged Indian and global investors to trust the Indian capital markets," the message noted.
"I hope NSE will continue to highlight the Indian growth story, improve investor awareness and, in the process, give a further fillip to the culture of household savings in India," Kovind said in the message.
Niti Aayog Vice Chairman Rajiv Kumar, who was also present at the event, reflected that NSE has borne many fruits for India. He said that the best period for the Indian economy is yet to unfold as India has only two per cent of households which invest into the capital markets, compared to 40 per cent in developed markets like the US.
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He motioned confidence that NSE will be a powerful driver in retail penetration going forward.
Road Transport and Shipping Minister Nitin Gadkari and Delhi Lieutenant Governor Anil Baijal also graced the exchange’s silver jubilee celebrations.