The report notes that the International Monetary Fund (IMF) projects India’s per capita GDP to grow by more than 9 percent between 2027 and 2030, driven by rising incomes and rising productivity.
As per capita income increases, households are expected to allocate more to savings, leading to greater participation in market investments. This, in turn, is expected to support investment and financial market development while maintaining the country’s economic momentum.
“By 2030, India’s rising per capita income should position the country on a higher growth trajectory and a stronger position in the global economy,” the report said.
The report also highlights a structural shift in the way Indian households allocate their savings, noting that an increasing share of the country’s large household savings pool is shifting towards market-based instruments, fueling strong growth in the mutual fund industry.
“The share of mutual funds in gross annual household savings flows rose from 3% in 2020 to 13% in 2025, signaling a structural shift in the intermediation of savings.”
Notably, the growth has been particularly strong in recent years with mutual fund assets under management (AUM) more than doubling from Rs 31.43 lakh crore in March 2021 to Rs 73.73 lakh crore in March 2021 to Rs 73.73 lakh crore in March. 2026, the average annual growth rate will be 18.60%.
This outperformed bank deposits, which grew 11.2% during the same period,” the report said, adding that the industry’s AUM touched a record high of Rs 82.03 crore in February 2026.
Crisil attributed this growth to “rapid digitization, increasing financial literacy and preference for systematic investment plans (SIPs).”
Overall, the report notes, this transformation indicates that “increasing formalization of household finance, greater SIP-based retail participation, growing awareness, digital access and trust in regulators have combined to expand the industry’s ability to raise assets beyond cyclical market support.”