India is undergoing an astonishing stockmarket revolution

It is the largest-ever experiment in participatory capitalism. As India’s stockmarket has surged, households have scrambled to stake a claim in its success. With barriers to entry falling, roughly 100m people not far above the poverty line have become capitalists, owning tiny stakes in publicly traded companies. One in five households today holds shares, up from one in 14 just five years ago. The number is set to rise further. According to India’s financial regulator, a new mutual fund with a minimum monthly contribution of 250 rupees ($3) will soon be launched.