Best is yet to come for NSE: Former prime minister Manmohan Singh

The reforms of 1991 and the subsequent reforms have laid the foundation for India emerging as one of the fastest growing economies in the world, says Manmohan Singh

Former prime minister Manmohan Singh on Wednesday 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.

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 sceptics including those in the financial sector.

"It is a good fortune of our country that the sceptics 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.

The reforms of 1991 and the subsequent reforms have laid the foundation for India emerging as one of the fastest growing economies in the world, he said.

Singh further said NSE has been an institution of great national importance and played a critical 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.

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 per cent of households which invest into the capital markets, compared to 40 per cent in developed markets like the US.

He exuded confidence that NSE will be a power 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.