Asian Tech Press (SEP 23) -- Goldman Sachs expects that the market capitalization of the Indian stock market may grow to more than $5 trillion within three years, making it the fifth-largest stock market in the world.

Currently, the Indian stock market capitalization exceeds $3.4 trillion, surpassing the French stock market as the sixth-largest stock market. The top five countries and regions in terms of market capitalization are the United States, mainland China, Japan, Hong Kong, and the United Kingdom.

Indian startups have raised $10 billion through IPOs so far this year, more than they have raised in the past three years, Goldman Sachs said in a report on Sept. 19.

Goldman Sachs analysts predicted that as many as 150 private companies could go public in the next 36 months and that new IPOs could add nearly $400 billion in market value over the next 2-3 years, which would drive the total market capitalization of the Indian stock market from the current $3.5 trillion to more than $5 trillion by 2024, allowing the South Asian country to overtake the U.K. and the Middle East as the fifth-largest country in the world in terms of stock market capitalization.