India: listed equities equal 136% of annual GDP
2024: year-end domestic listed equity value divided by annual GDP. A high ratio alone is not proof of a bubble.
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The size of the stock market alongside the economy.
Vertical scale: percent of annual GDP. 100% means equal numeric amounts for a stock and a yearly flow.
- 2024 % of GDP
136.44%
Year-end market value of listed domestic equities divided by annual GDP: a stock/flow ratio, not P/E or a bubble diagnosis. Foreign revenues and the share of business outside exchanges vary across countries. India, 2025: WDI reports USD 10.56 trillion of capitalisation, while NSE Market Pulse January 2026 reports about USD 5.3 trillion for India. The reason is unresolved. That year’s capitalisation and capitalisation/GDP are retained in the typed dataset with quality=source_discrepancy but excluded from annual charts and automatic analysis pending review. Source definition: Market capitalization (also known as market value) is the share price times the number of shares outstanding (including their several classes) for listed domestic companies. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies are excluded. Data are end of year values.
Listings, privatisations and foreign revenues affect this ratio. It is not P/E.
A question for this picture
Repricing, new listings, or a change in GDP?