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In the last 8 years, India has seen a financial inclusion wave, making even the poorest of the poor a part of the formal financial system, Prime Minister Narendra Modi said at a function at the Gujarat International Finance Tec-City (GIFT City).
The prime minister said that the "250% growth in mutual fund AUM in the last 8 years" stands testimony to the rising financial inclusion in India.
"According to AMFI, in 2014, the AUM of the mutual fund industry was around Rs. 10 lakh crore. In 8 years (by June 2022), the AUM was up 250% at Rs. 35 lakh crore," he said.
'Good scope in financial education'
The prime minister said the rising mutual fund AUM shows that there is a large aspirational class in India which wants to invest for growth. "They want us (government institutions and private players) to ensure financial education and information is available freely," PM Modi said.
"There is good scope in financial literacy. Investors need financial courses which can help them understand different financial instruments. Moreover, these courses should be run on a not-for-profit model to build trust," he added.
PM Modi was speaking at a function at the GIFT City near Gandhinagar in Gujarat soon after laying foundation stone for the International Financial Services Centres Authority (IFSCA) and inaugurating the India International Bullion Exchange (IIBC) and NSE (National Stock Exchange) IFSC (International Financial Service Centre) and SGX (Singapore Exchange Ltd) Connect platform.
