How DeMo changed the face of MF investment?
Indians by nature save a lot. Historically, we have seen that and going ahead there is no reason to believe otherwise. This is the area where we outscore many of the developed countries and even the global average. As of 2016, India’s gross domestic savings rate stood at 29 per cent, compared with the global average of 25 per cent.
Nevertheless, most of these savings were in physical assets such as real estate and gold. Of late it has been shifting towards financial assets. Net financial savings grew at a healthy pace of 9.9 per cent CAGR between fiscals 2013 and 2017, compared with savings in physical assets, which grew at a CAGR of 0.1 per cent. Commensurately, the proportion of net financial assets among the total household savings have seen a sharp rise from 31 per cent in fiscal 2012 to 42 per cent in fiscal 2017. As of fiscal 2017, the total household financial savings stood at Rs. 10.3 trillion.
Even in the financial savings, bank deposits cornered about two-third of the entire financial savings. On November 8, 2016, the Government of India announced phasing out of large-denomination currency notes (Rs. 500 and Rs. 1,000 notes to be precise) representing the bulk of the total currency in circulation, as legal tender. The process was also known as demonetisation. Post demonetisation, however, there has been changing in the saving behaviour of individuals in India. In the last two years, we have witnessed a quantum spurt in investments into capital markets, with the household allocation to shares and debentures increasing from 2 per cent in fiscal 2015 to 10 per cent in fiscal 2017.
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)