Mutual fund industry AUM to hit Rs 50 lakh crore in next 5 yrs: Deepak Parekh

The asset base of mutual fund industry is likely to double to nearly Rs 50 lakh crore in the next five years owing to a large working population with better job opportunities and shifting of investors' preference to such financial products, HDFC Chairman Deepak Parekh said today. "Compared to global standards, in India, mutual fund AUM penetration as a percentage of GDP is still very low at 11 per cent compared to the global average of 62 per cent. This means there is a huge market that still has potential to be tapped," Parekh said at industry body Amfi summit here.

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