The Indian Capital Market
Capital is a sine qua non for economic development. Without capital land will be barren, labour idle and organizations directionless. Capital enables the entrepreneur to bring together the other factors of production. It is necessary to build and develop infrastructure, buy and put in place plant and machinery, for working capital, and for setting up markets and so on. Capital grows out of savings of the community. Capital investment would lead to economic development only if channelled into productive activity. The securities market is the channel through which investible resources are routed to companies. The securities market converts a given stock of investible funds to a larger flow of goods and ...