The current market capitalisation (m-cap) of Indian equities is around $2.09 trillion, making it the seventh largest market by size. M-cap, which is the market value of listed firms, typically moves in tandem with economic growth. India is the fastest growing major economy and its gross domestic product (GDP) is likely to touch $5 trillion by 2025, which will reflect in the performance of its stock markets. India’s m-cap has room for improvement as its m-cap-to-GDP ratio, at around 78 percent, is below the world average and also much below its historical peak of 151 percent seen before the global financial crisis in 2008. Brokerage Morgan Stanley says the m-cap of Indian equities is likely to hit $6.7 trillion by 2027.