Modi At 75: Soaring Benchmarks To SIP Growth — How Market Performed In Last 11 Years

Prime Minister Narendra Modi turns 75 today. His tenure since May 2014 has coincided with a transformative phase in Indian financial markets. From benchmark indices to sectoral performances, and from the surge public sector undertaking stocks to growth in investor participation, markets have moved into a phase of growth and scale not seen earlier.

Equity markets have shown strong returns compared to earlier regimes. Sectoral indices have delivered multi-fold gains, and PSU companies have risen sharply in value, with both already listed and newly listed state-owned enterprises posting exceptional results.

Modi’s regime has also witnessed significant FDI inflows, surge in SIP contributions and rapid expansion of Demat accounts across the nation.

Here’s how markets have performed under his leadership:

When Narendra Modi took charge as Prime Minister in May 2014, Sensex stood at much lower levels compared to today. Since then, it has delivered a return of 233%. Nifty has grown in parallel, delivering 243% during the same period.

This performance marks a clear contrast with earlier tenures. During Manmohan Singh’s UPA-2 regime between 2009 and 2014, Sensex had returned 78% while Nifty had risen 74%. Singh’s earlier UPA-1 regime between 2004 and 2009 saw similar growth, with Sensex gaining 180% and Nifty 172%.

Meanwhile, during Atal Bihari Vajpayee’s tenure between March 1998 and May 2004, Sensex posted 30% growth while Nifty advanced 41%.

India’s performance during this period can also be assessed against leading Asian markets. Since May 2014, Nifty has returned 241%.

By comparison, China’s benchmark CSI-300 rose 179% in the same window. South Korea’s KOSPI advanced 88.7%, and Japan’s Nikkei gained 223.4%.

A closer look at Nifty sectoral indices highlights how different parts of the economy have moved.

The Nifty Oil and Gas Index has risen 335% since May 2014. Financial services have followed closely with the Nifty Financial Services Index posting 332% returns. Automobiles, represented by the Nifty Auto Index, have delivered 318% growth. The technology sector has seen Nifty IT advance 300%. Realty has also made strong gains, with the Nifty Realty Index rising 279%.

One of the most striking features of the last decade has been the performance of public sector undertakings already listed on the exchanges before 2014.

Fertilisers and Chemicals Travancore delivered extraordinary returns of 3,359%. Bharat Electronics grew 2,870%. ITI Limited advanced 995%. HPCL rose 950%, and Chennai Petroleum delivered 932% returns.

A second category of PSU performance emerges from enterprises listed during Modi’s years in office.

Mazgaon Dock Shipbuilders, which entered the market in September 2020, has returned 3,964%. Garden Reach Shipbuilders, listed in September 2018, rose 1,969%. RVNL, listed in March 2019, posted 1,967%. IRCTC, listed in September 2019, advanced 1,036%. Cochin Shipyard, which made its stock market debut in August 2017, returned 743%.

• FDI Inflows: Between fiscal 2014 and fiscal 2025, India has attracted $748 billion worth of foreign direct investment. This inflow has reinforced market depth, providing a steady channel of external capital during Modi’s tenure.

• SIP Flows: Systematic investment plans have also gained unprecedented traction. Since August 2025, SIP flows have touched a record Rs 28,265 crore, showing how retail participation has deepened in Indian markets.

• Demat Account Surge: A key indicator of investor expansion has been the growth of Demat accounts. In 2014, there were 2.3 crore Demat accounts in India. As of now, this number has risen to 20.46 crore.