NEW DELHI: Growth of the capital market is imperative for Indian economy to achieve the $5 trillion mark, Vikram Limaye, managing director and CEO of National Stock Exchange said on Saturday.It is not possible for India to grow at 8-9 per cent without the development of capital markets, Limaye said on Saturday while speaking at ANMIs International Convention 2020.Limaye added that in India, the level of capital market penetration is still less than 5 per cent, whereas in the developed markets, the same level is at 10-14 per cent.It is important for us to take steps to develop the capital market and help achieve the $5 trillion economy mark, he added.Earlier in the day, Anurag Thakur, Minister of State for Finance said the stock exchanges and brokerages are playing a crucial role in capital formation in India and we need to ensure that public faith in the capital market is not eroded due to frauds and scams.Capital market plays a significant role in any nations development.
In our journey to become a $5 trillion economy by 2024-25, the role of the capital market is paramount, said Thakur.