Year-end quote by Puneet Maheshwari, Director- Upstox
“The year 2022 has been a significant one for India’s investment market, wherein we witnessed some remarkable milestones. A landmark occurrence was the total number of demat accounts in India crossing the 10-crore mark this year, clearly depicting the increasing awareness and interest in equity participation. A major driver of this trend can be attributed to the new age investing platforms with strong technology infrastructure have given investing access to users across the nation. Mirroring this surge, at Upstox we too, crossed 1 crore customer base in May 2022.
This year India has seen modest growth. In July to September there were six major economies – Malaysia, Greece, the Philippines, Israel, Colombia and Argentina with growth higher than the 6.3 per cent which India achieved in the April to September quarter of this fiscal. Growth by the year end is unlikely to be vastly different (source). Few of the macroeconomic factors for this include inflation, fear of recession, volatile markets etc.
However, we witnessed some positivity after nearly two years of social, financial and economic uncertainty and we expect that with more financial power in the hands of citizens will lead to surging equity participation and a stronger economy in the coming years. According to reports, by 2027, India’s economy will rank third in the world, and by the end of the decade, its stock market will rank third. Economic growth will be more robust, equity participation will rise, and citizens will hold more financial sway. (Source: Report) This is a very positive indication of where the future of India is headed.
At Upstox, it is our endeavour to contribute to Bharat’s growth story, and we plan to do so by providing our users with the best services, backed by superior, robust and unmatched technological infrastructure.”- – Puneet Maheshwari, Director- Upstox.