According to a new analysis report from the US investment and financial services giant, Goldman Sachs, with the current trajectory of the Indian stock market, the country could overtake developed countries like the UK by 2024. That will place India in fifth position. among the largest exchanges in the world.

With over 800 million internet users and around half a billion people owning a smartphone, the country’s start-up ecosystem, especially in the tech arena, is exceptionally successful and ready to welcome many more. startups. According to Goldman’s analysis, Indian startups have raised more than $ 10 billion through Initial Public Offerings (IPOs) this year. The money raised is more than what has been raised over the past three years.

India’s aggregate stock market value is around $ 3.5 trillion. However, with the proliferation of IPOs from various ongoing startups, India’s stock market value could cross the $ 5,000 billion mark over the next three years. India currently has over 60 unicorn startups, including giants like Zomato, BYJU and Paytm, according to reports, making the South Asian country the fastest growing startup ecosystem in the world. .

According to a CNBC report, Goldman analysts estimate that over the next two to three years India could experience an increase of around $ 400 billion in market capitalization.

“As exciting as China is over the past few decades, at Goldman Sachs we are reporting a new Chinese story involving ultra-profitable and successful investments, starting to expand in India,” Timothy Moe, co-head of Asia macro research at Goldman Sachs, told CNBC.

In India, the food delivery platform, Zomato, was the first to be publicly traded. Turning out to be a very successful initiative of the company, Zomato raised around $ 1.26 billion in its initial public offering, with its shares being priced at Rs. 76 each. The next in line are equally gigantic tech startups like Paytm, Ola, and Flipkart.

India’s technological growth rate has proliferated beyond the charts and doesn’t seem to be stopping anytime soon. With the pandemic moving large businesses online, be it education, payments or groceries, as well as data rates dropping sharply after the launch of JIO, India is very fertile for start-ups as well as for investments.

Keywords: Goldman Sachs, India, United Kingdom, Stock Exchange, Investment, IPO, $ 5,000 billion, Fifth, World

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