Nasdaq Rings In India’s Independence Day

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As a part of the celebrations for the 70th anniversary of Independence Day of India and India@70 series, India’s Consul General in New York, Sandeep Chakravorty, rang the opening bell at Nasdaq on Tuesday, August 16.

More than 25 prominent members from the business and Indian-American community were present at the ceremony. This year marks the 8th year in a row that Nasdaq held the bell-ringing ceremony to commemorate India’s Independence day, a recognition of the rise of this South Asian nation as an economic force in the global arena.

Speaking at the event, Chakravorty said the financial sector had played an important part in the “incredible” bilateral economic relationship between India and the U.S. He credited Nasdaq with playing a “critical” in this endeavor.

The Vice President of Nasdaq Joe Brantuk noted that more Indian companies wanted to be listed on this stock exchange. Currently 5 Indian companies are listed and their combined market capitalization is valued at $40 billion, he said, adding that India was now the 4th largest economy in the world.

“We consider the U.S. an important partner in our flagship programs such as ‘Make in India’, ‘Digital India’ and ‘Startup India’ for bringing about inclusive social and economic changes…,” Bantuk is quoted saying in an Indo Asian News Service report.

“India’s progress will not only ensure the well-being of a sixth of humanity, it will also provide an engine of global prosperity and also anchor stability,” IANS reported Chakravorty saying. Brantuk said that Nasdaq is a primary contractor providing the technology for India’s Energy Exchange, the country’s first institution for trading electricity, according to IANS.

One of the India-related companies listed on the exchange, Cognizant, “is a member of the Nasdaq 100 Index, one of the most prestigious and widely followed indices in the world,” Brantuk said.

The other Indian companies listed on Nasdaq include MakeMyTrip, Videocon and Sify.