India needs robust capital market to reach $5 trn goal: Thakur

New Delhi: While noting that the stock exchanges and brokerages are playing a crucial role in capital formation in India, Union Minister of State for Finance Anurag Singh Thakur said that the government needs to ensure that public faith in the capital market is not eroded due to frauds and scams.

Speaking at a convention organised by the Association of National Exchanges Members of India (Anmi), Thakur said on Saturday that a robust capital market is a must for India to become a $5 trillion economy.

'Role of capital market is paramount'

"Capital market plays a significant role in any nation's development. In our journey to become a $5 trillion economy by 2024-25, the role of the market is paramount," said Thakur. "A country's capital market plays a significant role in building the economy as it channelises domestic saving into long term financial assets," he added.

He also said that the Indian stock exchanges and brokerages were quite robust and deep.
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'Govt ready to favour investors'

Speaking about the steps taken by the government and the achievements in the last two years, the minister said that the government is focussed on the deregulation of the market and ease of compliance for the investor.

Union Finance Minister Nirmala Sitharaman had announced an IPO of insurance behemoth Life Insurance Corporation and had set a disinvestment target of Rs 2.1 lakh crore for the next fiscal year. The government has reiterated time and again that it has no business to be in business and has been actively pursuing the large-scale strategic disinvestment programme with a lot of aggression.