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Punjab's trust in equity highest in India: Karvy report
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SME Times News Bureau | 20 Nov, 2019
Individual investors in Punjab have opted for a higher allocation to
equity products in their mutual fund portfolio at 68.11 per cent
compared to the national average of 64 per cent, Karvy Private Wealth
said on Wednesday.
Chandigarh, Ludhiana, Amritsar and Jalandhar
have all recorded a higher equity share in total assets under management
than the national average.
Overall, mutual funds grew by a
healthy 9.99 per cent year over year in Chandigarh, Karvy Private Wealth
CEO Abhijit Bhave told media here.
Quoting 'India Wealth Report 2019', he said investors in Punjab have placed their trust in equity the most.
According
to him, tier-2 and tier-3 cities will be significant contributors to
mutual fund assets under management growth in the years ahead.
While
equity seems to be the favourite asset class, keeping in mind the
volatility in the markets, term deposits continue to remain a safe bet
for investors, he said.
Overall growth rate in deposits is close to the national growth rate.
Among
the cities in Punjab, Chandigarh recorded the highest year over year
growth at 12.12 per cent, followed by Amritsar at 11.39 per cent.
"Direct
equity continues to hold the fort in terms of investment preference in
India. This shows the belief of investors in the Indian equity markets
notwithstanding the volatility it has been through. We believe that
India's drive towards a $5 trillion economy will have a cascading
positive effect on the individual wealth by 2024," Bhave told IANS.
The report said there would be a continued shift towards financial assets in India in the near future as well.
Massive
investment in infrastructure and green energy, backed with a regulatory
boost with tax reforms, aided by a huge young workforce, will
accelerate the Indian economy towards the $5 trillion target once there
is a pickup in consumption.
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