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Double-digit growth on cards, asserts BSE chief

Mumbai, July 8: Despite the global equity market volatility, along with banking sector woes, the macro-economic scenario is extremely positive in India, says the top executive of the Bombay Stock Exchange (BSE).
“Banks’ books are getting cleaned up and NPAs (non-performing assets) are also being recognised in a transparent manner. With growing GDP, legislative reforms such as GST and IBC (Insolvency and Bankruptcy Code), India will hit double-digit growth rates soon,” said Ashish Kumar Chauhan, Chief Executive Office and Managing Director of BSE.

According to Chauhan, the ongoing strength of the Indian economy and growth was evident in GDP numbers, which were recently released. “India’s economy expanded at its fastest pace since December 2016 as government spending continues to drive economic growth,” he said.

According to Chauhan, the ongoing strength of the Indian economy and growth was evident in GDP numbers, which were recently released. “India’s economy expanded at its fastest pace since December 2016 as government spending continues to drive economic growth,” he said.

Regarding IPO supply being affected because of low market buoyancy due to high interest and oil costs, Chauhan replied,” Globally, Indian exchanges recorded the highest IPO activity, with 90 IPO launches that raised $3.9 billion in the first half of 2018.”

He said that even at the BSE SME platform, there were 254 listed companies having a market capitalisation of Rs 21,000 crore.

On the growth prospects of BSE, Chauhan pointed out that more than the traditional products, BSE was now focusing on growth of next-gen products that cater to “emerging India”.

“BSE is betting big on facilitating investments in equities, mutual funds and insurance,” he added.

He said BSE now planned to also provide insurance distribution through its nationwide distribution system available in more than 3,000 cities having more than 200,000 people.(IANS)

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