Wealth manager Karvy Private Wealth in its tenth annual India Wealth report said that individual wealth is likely to grow at a rate of 13.2 per cent to Rs 799 trillion once India becomes a $5-trillion economy. The report estimates this will happen around the financial year 2023-24 (FY24).
Individual wealth grew at 9.6 per cent to reach Rs 430 trillion helped by a growth in financial assets. Financial assets grew 10.96 per cent and physical assets such as land grew at 7.59 per cent.
"Direct equity continues to hold the fort in terms of investment preference in India. This shows the belief of investors in the Indian equity markets, notwithstanding the volatility it has been through. We believe that India's drive towards a ...($5 trillion)... economy will have a cascading positive effect on.... individual wealth by 2024," he said in a statement issued at the launch of the study on Wednesday. He expects the ranks of the wealthy to reach one million by FY24.
The International Monetary Fund slashed its growth projection for India from seven per cent to 6.1 per cent for FY20 earlier in the week. It noted that demand has been affected by corporate and environmental uncertainty amid a crisis in the financial sector.
Karvy feels growth will be positively aided by large investments in infrastructure and green energy, along with regulatory reforms. A pick-up in consumption is also important, it indicated.
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