Jakarta, IDN Times — Minister of Finance Purbaya Yudhi Sadewa has expressed strong optimism regarding the future of the Jakarta Composite Index (JCI). Purbaya projects that the JCI has the potential to reach the 28,000 level within the next few years, citing the country’s robust economic foundations and the ongoing expansion cycle as primary drivers for the stock market’s upward trajectory.
Speaking at the launch of the Planned and Periodic Investment Program (PINTAR) and the 2026 Mutual Fund Week at the Indonesia Stock Exchange (IDX) on Monday (April 27, 2026), Purbaya shared his bold outlook. “Assuming we are currently at the 7,000 level, and given that our economic expansion is set to continue until 2029-2030, I believe we could see a four-to-fivefold increase. Reaching 28,000 is a conservative estimate, even if some might call me crazy for saying it,” he remarked.
Comparing Past Performance to Future Growth
To support his prediction, Purbaya drew a comparison to the JCI’s performance in 2002, when the index fluctuated between the 300 and 400 levels, having previously hit a low of 200. He emphasized that the underlying strength of the national economy serves as the ultimate determinant of index valuation.
“As Minister of Finance, I have always maintained that economic fundamentals dictate the value of our JCI. Based on the progression from the lowest point of our economy to the peak of the expansionary cycle, a four-to-fivefold growth is entirely within reach,” he explained.
Reaching the 28,000 Milestone
Purbaya remains confident that by fostering sustainable economic growth, the JCI will naturally be pushed toward his targeted level of 28,000. He reiterated that this ambitious goal is not merely speculative but a tangible possibility if the country maintains its current momentum.
“It is certainly not impossible. If we continue to cultivate a healthy economic environment, reaching that level is an inevitable outcome,” he added.
Driving Growth Through Structural Reform
To ensure these targets are met, Purbaya assured Indonesian capital market participants that the government is committed to strengthening the nation’s economic fundamentals to maintain a positive stock market climate. Comprehensive reforms are being implemented to support the government’s goal of achieving 8 percent economic growth, with a particular focus on the capital market and taxation sectors.
“We are serious about the changes we are implementing. These are genuine, structural reforms,” Purbaya asserted. “In the first three months, tax revenues have already grown by 20 percent, and we expect this to continue. We are also reforming the customs sector alongside other strategic initiatives to accelerate our economic development.”
Summary
Finance Minister Purbaya Yudhi Sadewa has projected that the Jakarta Composite Index (JCI) could reach 28,000 within the next few years. He argues that this four-to-fivefold increase is a conservative estimate based on Indonesia’s robust economic fundamentals and the continuation of the current expansionary cycle until 2030.
To achieve this milestone, the government is committed to implementing comprehensive structural reforms aimed at reaching 8 percent economic growth. These initiatives include significant improvements in the taxation and customs sectors, which have already shown positive fiscal results to support a favorable climate for the national capital market.