Best is yet to come for NSE: Former PM Manmohan Singh
Former prime minister Manmohan Singh today said the best is yet to come for the National Stock Exchange (NSE), a bourse which he inaugurated as a finance minister 25 years ago.
Former prime minister Manmohan Singh today said the best is yet to come for the National Stock Exchange (NSE), a course which he inaugurated as a finance minister 25 years ago.
Referring to the commencement of NSE's operations in 1994, he said that was the time for thinking aloud about the future of the country and there were many skeptics including those in the financial sector.
"It is a good fortune of our country that the skeptics have been proved wrong," Singh, who is widely regarded as the architect of India's economic reforms, said.
Speaking at the exchange's silver jubilee celebrations here, he recalled that NSE was inaugurated by him as finance minister in 1994.
A message by President Ram Nath Kovind was also read out at the event. He was scheduled to attend the event but opted out citing his busy schedule.
"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 said the best period for the Indian economy is yet to unfold as India has only two percent of households which invest into the capital markets, compared to 40 percent in developed markets like the US.
He exuded 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.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)