Mutual funds' penetration remains low in India

Plans to expand equity product portfolio to cover sector/specific themes, global mkts and passive strategies: HDFC AMC

New Delhi: Penetration of mutual funds (MFs) remains extremely low in India despite strong growth in the past decade, HDFC Asset Management Company chief Navneet Munot said on Monday. Addressing shareholders of the company, Munot said the economy should come back to a steady recovery path with the Covid-19 curve showing signs of flattening and the nationwide vaccination drive gathering steam.

"The markets are clearly exhibiting confidence, signalling better times ahead. Our people are well equipped with top class digital infrastructure to function seamlessly. As India continues on its growth journey, the fund house aspires to be a wealth creator for every Indian, with an audacious vision to be the most respected asset manager in the world," said Munot. "At HDFC AMC, we are well positioned to capitalise on the opportunities with pedigree, people, processes, products, performance, presence, partnerships and platform," the MD and CEO of HDFC AMC said.