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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