Ashish Kumar Chauhan, MD & CEO of NSE, has said that India has emerged as the world’s IT capital, driven by technology-fuelled growth. With 20-30 million IT jobs requiring unmatched expertise, India has become a global IT hub, he remarked, adding that over 2,000-3,000 international IT companies have set up their bases in India, leveraging the country’s exceptional talent pool.
Chauhan shared his insights during a Governance Now podcast conversation with Kailash Adhikari, MD of Sri Adhikari Brothers.
Chauhan emphasised that NSE pioneered India’s digital public infrastructure for trading via satellite in 1994, during the time of IT boom. He said that this innovation boosted confidence among Indians and engineers. Later, during the Y2K era, NSE showcased India’s technological capabilities, attracting big contracts and becoming a hub for small companies to demonstrate their expertise.
He added that it was the dawn of the IT era, a time when India made a significant leap forward. Chauhan said, “Today, technology is our fuel and India is the IT capital of the world. Technology has brought the biggest shift and change in the world.”
According to Chauhan, Indian tech giants like TCS and Infosys have massive workforces, with over 7,00,000 and 5,00,000 employees, respectively. He said that technology has been a key driver of India’s growth story. “When it comes to technology, India is the world leader. Technology has played a huge role in India’s growth story. A society that adopts IT will progress,” said Chauhan.
Service Economy
Chauhan said that India excels in the service economy, boasting a robust ecosystem. Unlike manufacturing, which relies on raw materials, the service sector leverages expertise and knowledge, making it a key driver of India’s growth.
Speaking on India’s resilient economy, Chauhan said that India’s total exports today stand at $700 – $800 billion, with almost the same amount it imports. He stated that this includes net services of $200-$250 billion and $125-$150 billion of remittances. “So our balance of payments is in surplus since last 4–5 years. This is the reason for our strength and abilities, as we are frugal and produce high quality work in a cost-effective manner,” he added.
Manufacturing In India
“Now with iPhones going to be manufactured in India, servers and electronic chips too will be made in India. Be it Microsoft or Google, they get their AI work done from our people. 80% of Microsoft Windows parts are manufactured in India. We have the best and most capable engineers and manpower, and we deliver the best practises at affordable rates. Today we have good roads and logistics” said Chuhan.
According to him, approximately 200,000 tech experts from around 3,000 prominent global companies are currently based in India.
Chauhan noted that technological advancements are now happening at an accelerated pace, and the next 50 years will see unprecedented wealth creation. He described the emerging tech era as “Capitalism without Capital,” highlighting that technology requires less capital investment compared to traditional manufacturing.
NSE Launching SME Exchange
Responding to a question about the launch of the SME Exchange by NSE and its future role, Chauhan said that in 1994, India had fewer than 10 lakh investors. Today, that number has grown to 11 crore, spanning the entire country from Ladakh to the Andaman and Nicobar Islands, and from Arunachal Pradesh to Dibrugarh, Jorhat, and Dwarka. Out of 19,400 PIN codes in India, only 28 have no investors. Chauhan emphasised that India’s entrepreneurs are the foundation and strength of the NSE. Women now make up 25% of investors, and one in every five households, amounting to 11 crore individuals, are investing in the NSE.
According to Chauhan, NSE provides a platform for businesses, entrepreneurs, and industrialists to grow and find partners, regardless of size. He highlighted that over 600 companies that raised capital through NSE in the last decade have successfully transitioned to the main board. He stated, “These companies have earned the trust of investors. Indians are very hardworking, and the world is taking note of that.”
Chauhan said that markets promote transparency and serve as a disinfectant, cleansing the system of inefficiencies and irregularities. “The stock market capital, of Rs 3.80 lakh crore in 1994, today stands at Rs 4.40 lakh crore. This never happens in a low per capita income country, and here India is an outlier. This is created by the trust that investors have in the transparency of the markets,” he added.
“NSE acts as a catalyst for Indian economy. NSE receives more than Rs 2,000 crore worth of orders daily within 6 hours. Within 100 microseconds we respond and shares traded are reflected in investors accounts the very next day” said Chauhan
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