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Millions of Millennials Are Piling Into India’s Stock Market

Active investor accounts rose by a record 10.4 million in 2020.

Bombay Stock Exchange in Mumbai, India.
Photographer: Dhiraj Singh/Bloomberg
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When his parents first learned that Vishal Baveja, a 27-year-old doctor of forensic medicine, had invested some of his savings in Indian equity mutual funds, they were worried about the risk. Those fears abated when they saw the income those investments produced. Then, as the coronavirus pandemic took hold last year, they supported his decision to start buying individual blue-chip stocks.

“The tables have turned,” says Baveja, a native of Bhopal who works in neighboring Indore. “The stock market now always comes up in my daily phone conversations with my mother.”