India is undergoing an astonishing stock market revolution

It is the largest experiment ever in participatory capitalism. As the Indian stock market has soared, households have tried their best to stake a claim on its success. As barriers to entry have fallen, about 100 million people, not far above the poverty line, have become capitalists, with small stakes in publicly traded companies. One in five households owns shares today, compared to one in fourteen just five years ago. The number is expected to rise further. A new mutual fund with a minimum monthly contribution of 250 rupees ($3) will be launched soon, according to India’s financial regulator.