Despite Being Called Mad, Purbaya Confident IHSG Can Break Through 28,000 by 2030

Jakarta, CNBC Indonesia - Finance Minister Purbaya Yudhi Sadewa is convinced that the Composite Stock Price Index (IHSG) can break through to the level of 28,000 by 2029-2030. He expressed this during the inauguration of the Planned and Periodic Investment Programme (PINTAR) for Mutual Funds and the opening of Mutual Funds Week 2026, at the Indonesia Stock Exchange (BEI) building on Monday (27/4/2026). Purbaya explained that IHSG growth will be influenced by macroeconomic conditions. “Let’s say it’s now 7,000. Our expansion will continue until 2029-2030. That’s what I say could be 4-5 times. It could reach 28,000 at worst. They say Purbaya is mad,” he stated. He assessed that this is not a mad projection. After all, the IHSG was once at the 400 level in 2002 and rose to the 2,500 level in 2009. The increase reached tenfold. Thus, the projection for the IHSG to touch 28,000 is not impossible if economic growth remains high. “So that’s not impossible if we develop good economic growth and that will definitely happen,” he said. He is confident this will occur because many Gen Z individuals are investing in the capital market, numbering 57%. Previously, Purbaya was convinced that the IHSG would reach the 10,000 level by the end of this year, amid financial market turbulence influenced by uncertainty. According to Purbaya, the IHSG will reach its highest point at the 10,000 level because it is supported by Indonesia’s economy, which has strong fundamentals. “It can happen, this is still turbulent. If the economy’s fundamentals are good, it will rise quickly later,” Purbaya said.