Goldman Sachs Says India Could Surpass the UK As the World’s 5th Largest Stock Market by 2024

India might soon expand its market value by $400 billion, with Indian start-ups generating $10 billion through IPOs so far in 2021 and 150 private companies lining up to list on the country’s stock exchange, Goldman Sachs has predicted.

According to the investment bank, India’s stock market has already raised more money this year than it has in the previous three years.

According to analysts, investor interest will remain strong, boosting the country’s market capitalisation to $5 trillion by 2024, up from $3.5 trillion now.

Several prominent technology start-ups in India have recently announced aspirations to go public.

The Indian insurance business Life Insurance Corp (LIC) is planning an initial public offering (IPO) next year with a valuation of more than $250 billion, making it the country’s largest IPO to date.

MapmyIndia, a prominent Indian tech company, is also planning an IPO in the coming months.

The mapping firm, which feeds data to Apple Maps and Amazon’s Alexa, is looking for a $825 million IPO price.

Food delivery company Zomato, payments behemoth Paytm, ride-hailing startup Ola, and e-commerce behemoth Flipkart are among the prominent names already on the list.

Analysts at Goldman Sachs predict that in future years, so-called “new economy” industries such as e-commerce, the internet, online retail, and the media will join India’s stock market, while commodity and software services firms will be less visible.