Inside the Record Year for India’s $585 Billion Mutual Funds Industry
- Percentage growth in assets in 2023 leaves US, Japan behind
- Equity investments by individuals the biggest reason for boom
An advertisement for the Mutual Funds in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
A record surge in assets under management. More than 20 million new investment accounts added. And a planned return by BlackRock Inc., the world’s largest money manager.
These are some of the milestones that mark what’s set to be a blockbuster year for India’s mutual funds industry. Powered by an insatiable thirst for financial gains, millions of young Indians armed with smartphones have taken to equity investments in the world’s most-populous nation. That’s helped boost fund assets by 19% in the first 11 months of 2023, data from Morningstar Inc. show, beating major peers like the US, Japan and China.