Goa, 26 December (). Around Rs 1.95 lakh crore has been raised so far in the year 2025 through more than 365 IPOs, which reflects the strong investor confidence and stable economic policies of the country. Dr. Ranjit Mehta, CEO and Secretary General of PHD Chamber of Commerce and Industry, had a special conversation with news agency on the economic reforms led by the Central Government, increasing participation of retail investors and India’s emergence as a reliable global investment hub. Here are the highlights of the conversation.
Question: According to the data of Motilal Oswal, raising Rs 1.95 lakh crore from more than 365 IPOs in 2025, does it not prove that India’s capital market is at historical strength under the leadership of Modi government?
Answer: By December 2025, India’s IPO market has reached a record level. So far in the year 2025, about Rs 1.95 lakh crore has been raised through more than 365 IPOs. This not only breaks the record of 2024, but also shows the major changes that have taken place in the last 10 years. Ease of doing business, strong regulatory system and increasing investor confidence have given historic strength to India’s capital market.
Question: The increase in IPO fundraising breaking the record of 2024, is it not a sign of investors’ unwavering faith in the stable economic policies, political stability and policy continuity of the Modi government?
Answer: Today the whole world is going through economic instability, tariff war and geopolitical tension. At such times, India’s political stability, clear policies and continuous reforms provide confidence to investors. The policies of the Modi government are stable, predictable and based on long-term vision. This is why investors are looking at India as the safest and most attractive opportunity.
Question: When 94 percent of the total amount raised in 2025 is coming from mainboard IPOs and only 198 big companies are raising Rs 3.6 lakh crore in two years, does this not reflect India’s strong corporate governance and reform-driven economy?
Answer: In the last two years, about Rs 3.8 lakh crore has been raised from a total of 701 IPOs, in which about 94 percent contribution was from mainboard companies. This shows that India’s corporate governance is strong, transparency has increased and companies are following the rules. The reform-driven economy has provided companies with a reliable platform for expansion and capital formation.
Question: GST reforms, tax transparency and simplification of rules have reduced the costs of companies, is this the reason why startups, small-caps and large companies alike are becoming successful in the IPO market today?
Answer: GST reforms, transparency in the tax system and simplicity of rules have reduced the costs of companies. This has provided equal opportunities to startups, small-caps and big companies. Today IPO is not limited to just big companies, but young and new companies are also successfully entering the capital market.
Question: Does the increasing share of IPOs in diverse sectors like NBFC, technology and healthcare not show the success of the Modi government’s ‘ease of doing business’ and ‘minimum government maximum governance’ policy?
Answer: The strong participation of sectors like NBFC, technology, capital goods and healthcare shows that India’s business ecosystem has become diverse and balanced. The government’s ‘Minimum Government Maximum Governance’ policy has reduced the regulatory burden and made doing business easier.
Question: Average 26 times IPO subscription and participation of common investors through SIP-mutual funds, does it not prove that the Modi government has taken the stock market out of the elite system and made it a platform for public participation?
Answer: The average IPO subscription of 26 times shows how strong is the confidence of retail investors. Common people are also connecting with the capital market through SIP and mutual funds. Now the stock market is not limited only to big investors but has become a platform for the participation of common citizens.
Question: Amidst the uncertainty in other markets of the world, does India’s record IPO performance not indicate that India is no longer just a growth story but has become a reliable global investment hub?
Answer: In 2025, India has left America behind in terms of IPO listing. This shows that India is no longer just an emerging economy but has become a reliable global investment destination. Investors have trust in the entire ecosystem of India.
Question: Due to GST reforms, digital economy and ‘Reform, Perform, Transform’ model, has the Modi government created a strong economic foundation for the goal of ‘Developed India’?
Answer: GST, digital economy and ‘Reform, Perform, Transform’ model have given a strong foundation to India’s economy. Today India is among the fastest growing economies of the world. According to the World Bank, India’s growth is expected to be above 7 percent in 2025-26. This is why investors have confidence in India’s future and there is a possibility of even bigger IPOs in 2026.
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VKU/DKP