If short-term developments are significant for the markets, a look at the long-term trends open up a plethora analysis for everybody. Indian markets have progressed appreciably over time; time for a look at the trends.

It was barely two decades since independence and India was recovering from the onslaught of two wars already. The fragile economic condition of the country warranted some major decisions to be taken. To start with, in a historic step, the Government of India nationalized 14 largest banks of the country in 1969. Subsequently a series of steps were taken to dissociate government from wealth management activities to create a healthy financial services environment in the country. Amidst several arguments on whether it was proper to hand over the responsibility of the financial sector to the private sector the process of self-discovery went on. The argument continues even today.

All the reforms that we talk of in the new millennium, be it improving fiscal position and balance of payments, introduction of market-based exchange rate, opening of mutual funds sector for private players, market for foreign direct and portfolio investment, opening up of the market for insurance and pension funds etc., have come at the aftermath of the chain of events that have unfolded. All these steps were taken to bring companies and investors together.

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