Record year for India’s US$585bil 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. — Bloomberg

New Delhi: A record surge in assets under management. More than 20 million new investment accounts were 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.