Equity linked savings schemes (ELSS) are on a roll. The category, which offers tax deduction for investors, has attracted net inflows of nearly $1 billion, between April and January, the highest in 10 months.
Net inflows into tax-saver mutual funds (MFs) as ELSS is popularly known surged nearly 68% year-on-year (y-o-y) to Rs 6,194 crore ($940 million) during the timeframe, data with the Association of Mutual Funds in India (AMFI) showed. The assets managed by tax-saver MFs have jumped 29.2% so far in 2016-17 to touch a record high of Rs 53,886 crore at the end of January.
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