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"The Indian equity market is consistently achieving significant milestones. Reaching a market capitalization nearing $5 trillion places India among an elite group of nations, alongside the United States and China. This accomplishment can be attributed to retail investors, who have steadfastly participated despite market volatility in recent years. Concurrently, the government’s accelerated reforms and the positive response from Indian corporations have contributed to sustained earnings growth, further attracting investor interest. The current rally is driven by a combination of earnings growth and liquidity, which could propel India's market capitalization to $10 trillion within the next five years. However, the progression from $5 trillion to $10 trillion is expected to encounter challenges and may not be smooth."