India's structural growth booming across all sectors, not a tale of monopoly: BJP leader Hitesh Jain

New Delhi, Nov 9 (IANS) India has seen a robust structural growth across all sectors -- from small startups to large conglomerates -- in the last decade, which is not a tale of monopoly but a story of a nation becoming a premier global investment destination, Bharatiya Janata Party (BJP) leader Hitesh Jain said on Saturday.

Slamming Congress leader Rahul Gandhi's "baseless accusations" around the current economic landscape, Jain cited findings of a latest report by one of the leading financial services firms, Motilal Oswal, which offers a powerful glimpse into India's financial journey, driven by a decade of strategic reforms under Prime Minister Narendra Modi.

According to Jain: "Viksit Bharat by 2047 isn't just a vision -- it's a path we're already on, empowering businesses of all sizes and shaping India’s future."

In a series of posts on X social media platform, Jain said that this report disproves Rahul Gandhi's claims of "monopolisation" by highlighting the inclusive growth across sectors -- from startups to large caps.

"India's economy is thriving due to structural reforms, creating a vibrant ecosystem for businesses of all sizes. From burgeoning market caps to structural reforms, this thread provides a breakdown of India’s incredible journey," the BJP leader posted.

He further stated that India's high-quality growth is no accident -- it's built on robust foundations.

"Key reforms have driven this journey: from world-class infrastructure and business-friendly policies to a thriving entrepreneurial ecosystem and expanding opportunities for small businesses. Add to this the stable macro conditions and rising domestic equity flows, and India stands strong as a global investment hub. With geopolitical shifts favoring the China+1 strategy, India is emerging as a powerful alternative on the world stage. This combination of size, growth, and diversity is unmatched globally," Jain explained, citing data from the Motilal Oswal report.

For a major portion of the 2010s, a primary concern among several large investors was the limited investable universe of Indian equities, characterised by fewer investible sectors, lower absolute size of companies, narrow sector breadth, and a relatively smaller number of large-sized stocks with good depth.

"However, the last five years have seen a remarkable transformation. The blazing growth in India's market capitalization, along with wider participation of multiple sectors and smaller companies, as well as a wave of new issuances across sectors, has effectively quelled many of these concerns," the BJP leader emphasised.

India's economic growth indicates the potential for structural shifts in global capital. India now has 11 mega-sized companies with a market cap over Rs 5 trillion, compared to zero in 2014. With a surge in mid- and large-cap firms, the equity market is packed with potential giants.

"India is now the second-highest emerging market in terms of market cap, growing from $1.2 trillion in 2014 to $5.4 trillion in 2024, with a global share increase to 4.3 per cent. A decade of astounding growth,” Jain posted on X, with data from the report.

Nifty-50, Nifty Midcap100, Nifty Smallcap100, and Nifty-500 have seen massive gains in the past decade, with market caps growing by 4.3x, 5.4x, 8.1x, and 5.8x, respectively.

"India’s equity indices are on an impressive rally," he added.

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