The recent
move to reduce corporate tax will give a generous fillip to our ailing economy
and have a positive effect on the stock market, said Abhijit Bhave, CEO, Karvy
Private Wealth
Direct equity investments continue to be the favourite of investors, growing
6.39 per cent in 2018/19, in spite of stock markets remaining lacklustre and
volatile in the last one year. At Rs 52.10 lakh crore, investments in direct
equity comprise one-fifth financial assets which saw investments by
individuals, according to Karvy India Wealth Report 2019.
"This
shows the belief of investors in the Indian equity markets, notwithstanding the
volatility it has been through. We believe India's drive towards a $5 trillion
economy will have a cascading positive effect on individual wealth,"
Abhijit Bhave, CEO, Karvy Private Wealth, said at the release of the company's
India Wealth Report 2019. "The recent landmark move by the finance
minister to reduce corporate tax will give a generous fillip to our ailing
economy and have a positive effect on the stock market," he added.
Bank
deposits, the second biggest in volume, saw growth of 8.85 per cent to Rs 45.82
lakh crore. The popularity of mutual funds has also picked up. This is evident
from higher systematic investment plan (SIP) inflows and exponential increase
in assets under management. Data shows a net inflow of Rs 92,693 crore in MFs
through SIPs, an 38 per cent increase over FY18. Total individual wealth in MFs
in India in 2018/19 stood at Rs 13.77 lakh crore, an increase of 18 percent
over the previous year. Alongside, individual wealth in the country grew 9.62
per cent to Rs 430 lakh crore, continuing the acceleration over the last few
years. A majority of this growth was achieved by 10.96 per cent rise in wealth
creation by financial assets as compared to physical assets, which grew 7.59
per cent, the report said.
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