Financialization of India
NSE just announced that there are 15 crore investors registered, of which 8 crore are unique. Much of this growth has come in the last 3–4 years. The pace of financialization is crazy, and this is in no small part thanks to the exchanges, especially NSE. This is vital for India to grow.
A case in point, this year, total Sovereign Gold Bonds (SGB) issued is ~10% of total gold imports. That’s money staying within the country and not going out. Much of the physical gold lying in vaults does nothing for the economy.
Since the bulk of the SGBs are bought on the exchanges through brokers, they have potentially introduced many new investors who might invest in other things as well.