Abstract
The capital market in India has made enormous progress in developing sophisticated instruments and modern market mechanisms. The key strengths of the Indian capital market include a fully automated trading system on all stock exchanges, a wide range of products, and an integrated platform for trading in both cash and derivatives. The capital market constitutes a vital segment of the Indian economy, along with the financial institutions that finance the economic development of the country. Stock market development like the economic development is a complex and multifaceted concept and no single measure will capture all views of stock market growth. It thus necessitates the study of a wide array of stock market growth indicators like stock market size, market liquidity, and regulatory and institutional growth. In the light of the above, it can be said that an investor is never determined in his power to exploit the opportunities available in the economy, which mobilizes and saves so as to enhance the wealth of the investors. This study evaluates capital market and developing economies, challenges to capital market growth, and economic growth in India and policy directions for promoting capital market growth in developing countries.
Keywords: capital market, economic growth, economic development
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