Maharashtra, the unwavering beacon of financial prowess, has once again asserted its dominance as the foremost contributor to the Average Assets Under Management (AAUM) in India’s Mutual Fund industry, underlined a report by ICRA analytics.
From a whopping Rs. 22.41 lakh crore in February 2024, Maharashtra’s AAUM contribution soared to a commendable Rs. 22.52 lakh crore in March 2024. Within the intricate dance of numbers, five of the 37 states and union territories saw a sequential dip in their AAUM contributions in March 2024. Yet, Maharashtra stood resolute, its contribution reigning supreme at an impressive 40.93 percent.
Among the other significant players, New Delhi shone with a solid 8.41 percent, Karnataka with a promising 6.92 percent, Gujarat with a robust 6.89 percent, and West Bengal with a steady 5.20 percent. These top five states collectively wove a financial canvas comprising nearly 68 percent of the total contributions, a testament to the stability and strength of the mutual fund industry.
However, this tale of wealth and growth is also interspersed with notes of decline. Lakshadweep, the most pronounced, experienced a steep fall of 57.90 percent, followed by Sikkim at 3.22 percent and Kerala at 0.59 percent. While some states faltered in this advancement of financial fortunes, others rose, adding a balanced blend of resilience and hope to the evolving economic landscape.
Daman and Diu, with their quiet resilience, emerged as the luminaries of growth, showcasing a remarkable 3.60 percent increase. Close behind, the vibrant land of Manipur flourished at 3.09 percent, while the steadfast Dadra and Nagar Haveli shone with a 2.62 percent rise. In the intricate spin of financial progress, some states, including Andhra Pradesh, Goa, Kerala, Lakshadweep, and Sikkim, faced the shadows of sequential decline. Lakshadweep saw the most profound descent, plummeting by 57.90 percent, trailed by Sikkim at 3.22 percent and Kerala at 0.59 percent.
Conversely, a beacon of hope emerged from the top five states that recorded chronological growth: Daman and Diu, Manipur, Dadra and Nagar Haveli, Meghalaya, and Tripura. Daman and Diu led this optimistic parade with a 3.60 percent increase, followed by Manipur at 3.09 percent and Dadra and Nagar Haveli at 2.62 percent.
The ICRA report unfolds a vibrant mutual fund landscape in March 2024. Growth and equity-oriented schemes painted the broadest strokes, contributing 51.96 percent to the AAUM. Debt-oriented schemes followed with 16.27 percent, and liquid schemes added 13.01 percent. Despite their smaller shares, other exchange-traded funds stood at 11.91 percent, balanced schemes at 5.84 percent, gold exchange-traded funds at 0.55 percent, and fund investing overseas at 0.46 percent.
The recent ICRA report also highlights a breathtaking surge in the Assets Under Management (AUM) of the Indian Mutual Fund industry. From Rs. 39.42 lakh crore in March 2023, the AUM soared to an astonishing Rs. 53.40 lakh crore in March 2024. This 35 percent surge represents the most rapid year-on-year growth since March 2021, a year marked by a 41.17 percent rise in AUM. The Indian mutual fund industry’s dynamic journey unfolds, with every rise and fall narrating a story of resilience, ambition, and the unyielding spirit of growth.
Over the past five years, the Mutual Fund industry’s AUM surged 124 percent, a journey that began in March 2019. The open-ended equity funds, the vibrant heart of this narrative, swelled by 55 percent, reaching an impressive Rs. 23.49 lakh crore in March 2024, up from Rs. 15.17 lakh crore in March 2023. In contrast, the steady and steadfast open-ended debt funds experienced a more tempered growth of 7 percent, with their AUM rising to Rs. 12.62 lakh crore in March 2024 from Rs. 11.82 lakh crore in March 2023.
“The recent ICRA report highlights a breathtaking surge in the AUM of the Indian mutual fund industry. From Rs. 39.42 lakh crore in March 2023, the AUM soared to an astonishing Rs. 53.40 lakh crore in March 2024”
Maharashtra’s financial prowess is not merely a testament to its ambition but reflects the collective aspirations of millions who call this vibrant state their home. The rise in AAUM mirrors investors’ trust, fund managers’ meticulous strategies, and the hardnosed pursuit of excellence that defines this region. Each increment in the AAUM echoes the prosperity and confidence reverberating through the state’s bustling markets and serene financial landscapes.
As March gave way to the promise of April, Maharashtra’s financial journey stood as a beacon of hope and resilience. Though etched in the precision of economic reports, the numbers tell a profoundly human story. They tell of dreams realized, goals met, and a future that promises even more significant achievements.
Meanwhile, in the grand backdrop of India’s economic narrative, Maharashtra’s contributions are threads of gold, weaving a tale of endurance and aspiration. The state’s rise in AAUM is not just a statistic but a testament to its unyielding resolve. It is a song of progress, a hymn of growth, and a wave of optimism that continues to enthuse and uplift. As we reflect on this journey, we are reminded that within every statistic lies a story, and within every rise, the heartbeats of dreams are realized and futures forged.
