Technology is the primary driver of wealth creation, said Ashishkumar Chouhan, chief executive officer of the National Stock Exchange of India.
"I usually have no view on whether market goes up or down...but as a person who has observed, for me technology is the only change that creates wealth, technology brings change and that change brings wealth," Chouhan said at the NDTV Profit Conclave in Mumbai, on Tuesday.
Reflecting on the last 30-40 years, Chouhan highlighted the remarkable journey from the absence of computers to their ubiquitous presence. Rapid technological changes today are set to create even more wealth than the advancements of the past century, he said.
"Young people understand new technology and, basis that, they create new wealth. If you look at Japan, it is old, China has suddenly become old, Europe is old, India is young and technology oriented, America will become old if they don't import people," the CEO said.
"Effectively, India is in a great position to take advantage of technological wave and the wealth that comes with that...India will have a chance to become rich before it becomes old in next 30-40 years."
The Evolution Of Corporate Governance
Chouhan emphasised on the evolution of corporate governance in India. “When I joined the business in 1991, getting an annual report was a pleasure. Quarterly results were unheard of, and companies often combined results of two-three years. Today, we are better than the best in corporate governance,” he said. He credited NSE for automating processes and cleaning up corporate governance, ensuring that it always serves the interests of minority shareholders.
When asked about the defining moments of the markets in the last decade and the future of exchanges, Chouhan noted, “Evolution happens slowly, but then it gathers pace rapidly. We can credit NSE for many advancements, but the main job of the stock market is to ensure corporate governance that benefits minority shareholders. In that regard, India is faring better than the best.”
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