MUMBAI: The massive inflows into mutual funds, which have grown over 37% in April to cross the Rs 57 trillion (Rs 57 lakh cr) mark, have also spawned an unsung hero — the B30 cities, which are those small cities and towns beyond the top 30 — whose collective AUM has surpassed the Rs 10-trillion-mark for the first time in April, gaining 44%.
The assets under management (AUM) of the 45-player mutual fund industry have seen an annual growth of 37% and a monthly growth of 3.6% in April, to Rs 57.3 trillion. In FY24, the industry clipped at over 37 % to scale past Rs 55.01 trillion mark. The total assets of B30 cities, the next 30 growth drivers beyond the top 30 (T30) cities, rose 3.43% to Rs 10.16 trillion, to cross the 10 trillion for the first time, in April 2024 from Rs 9.83 trillion in the past month, as per an analysis by Icra Ratings.
On an annulaised basis, this was a full 44 percent growth over April 2023, while the total assets of T30 centres grew 36%. Of the total AUM as much as 41% still come from Maharashtra and Delhi is a pale 8.4%, and 28 which are collectively known as the T30 cities saw total assets rising 3.69% month-on-month to Rs 46.85 trillion in April from Rs 45.18 trillion in March.