Mutual funds and systematic investment plans have achieved new records in 2023 due to a transition from fixed deposits, according to B Gopkumar, chief executive officer of Axis Mutual Fund.
This switch where investors feel comfortable and safe in putting money can be called as a "mass movement". This push is due to promotion, education and quick delivery, according to Raghav Iyengar, chief business officer of Axis.
Today, the first investment of a guy coming with a first salary is an SIP, not an FD, Gopkumar told NDTV Profit on Tuesday. "In my view, this is a largely structural change in where savings are looked at in India."
Iyengar pointed out that mutual funds were no longer limited to urban regions, while Gopkumar praised the digital platforms that helped ease the investment process.
Manufacturing is a "structural theme" and with the push from the government, the sector has a lot of new opportunities, they said while discussing their new manufacturing-centered scheme.
Axis AMC has only participated in four out of 10 recently launched initial public offerings due to the limited allotment and the higher number of small-cap IPOs. However, Gopkumar said they would consider getting involved after seeing how the companies mature in the next three–four quarters.
Both expect a positive trend for the indices in 2024 due to several factors. "I think it's going to be a great year for the industry," Iyengar said.
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