India's mutual funds industry is experiencing a blockbuster year, marked by a record surge in assets under management and the addition of more than 20 million new investment accounts. Fueled by the insatiable thirst for financial gains, young Indians armed with smartphones are increasingly investing in equity markets. This trend has boosted fund assets by 19% in the first 11 months of 2023, outperforming major peers like the US, Japan, and China. The industry has come of age, with consistent and sticky flows of domestic money, which have shielded the market from foreign outflows.
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