Indian capitalists: What’s behind India’s stock market rally

This Economist podcast delves into the remarkable rise of India's stock market, fueled by a surge of retail investors. Millions of Indians, many lacking extensive financial knowledge, are turning to fintech platforms and online brokers to invest, resulting in record-high valuations and a boom in derivatives trading. While this trend offers exciting prospects for economic growth and greater financial inclusion, it also raises concerns about a potential market bubble and the risks facing these new investors if the market takes a downturn. The conversation highlights the shift from a bank-centric system to one driven by capital markets, emphasizing both the promising opportunities and significant risks that come with this rapid change.