: Indian stockbrokers clocked stellar growth while the economy went into recession #IndiaNEWS If stock brokering businesses were the benchmark for India’s economic success, no one would believe that

Indian stockbrokers clocked stellar growth while the economy went into recession #IndiaNEWS
If stock brokering businesses were the benchmark for India’s economic success, no one would believe that the country is going through its worse financial crisis in decades.Over the last year, as India struggled with Covid-19 outbreaks, the country’s economy went into a recession, the unemployment rate spiked sharply and thousands of households were pushed into poverty. Many small businesses are currently hanging by a thread.Away from this gloom and doom, stockbrokers in India have raked in crores of rupees during the pandemic.In the financial year that ended in March 2021, the stock brokerage industry in India clocked an income of Rs 27,500-Rs 28,500 crore, which is around 30%-35% higher year-on-year, according to rating agency ICRA.This growth is the result of millions of Indians entering the stock market for the first time, lured by the record highs that both the BSE’s benchmark index Sensex and the National Stock Exchange’s Nifty touched during the last 12 months. In addition, as the Reserve Bank of India drastically slashed interest rates to arrest the economic slump, traditional saving instruments such as bank fixed deposits became less lucrative. And with thousands of Indians locked indoors through most of 2020, many took interest in the stock market, trying to learn about investing on platforms such as YouTube and...Read more

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