A significant transformation is under way in India’s capital markets. Domestic household savings are now replacing foreign institutional money. This is not just a change in numbers — it is a shift in market power. Indian equities are less exposed to the unpredictable swings of global capital, which is positive for stability. However, there is a challenge: millions of new retail investors are stepping in, and not all of them are prepared for the complexities ahead. As India aims for “Viksit Bharat 2047,” the question is whether stability built on unequal participation and limited returns supports inclusive growth.

The rise of domestic money

The latest NSE Market Pulse report shows Foreign Portfolio Investor (FPI) ownership of Indian equities at a 15-month low of 16.9% and 24.1% in the NIF

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