Feroze Azeez, Deputy CEO of Anand Rathi Wealth, has outlined three pivotal factors shaping the growth trajectory of Indian equity markets. A significant shift from debt to equity investments has emerged, with the continuity of government playing a pivotal role in this transition. He says, despite India's substantial household savings totalling 800 lakh crores, only 3.2% is allocated to mutual funds and direct equities. Furthermore, small and mid-cap stocks are poised to outshine large-cap counterparts. Looking ahead, there will be heightened emphasis on enhancing capital market infrastructure over the next five years. According to Feroze Azeez, it wouldn't be surprising if Nifty achieves a compounded annual growth rate of 12-13%, potentially doubling in value within this timeframe.