Mr. Akshay Gupta,
Chief executive officer, Peerless Funds Management Company said the huge
parallel economy in India is another reason why penetration of MFs (mutual
funds) has been less than that in developed countries.
In a presentation
preceding Gupta, Mirae Asset’s Chief executive officer, Mr. Jisan Yoo, showed how South Korea, which
is smaller than Uttar Pradesh, has an MF market twice the size of India’s.
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| Akshay Gupta, Peerless Funds Management |
Housing Bubble..!
Mr. Akshay Gupta
said, “Of 130 crore people, only 14 lakh paid advance tax. That shows the
extent of the parallel economy. The biggest threat, came from the “housing
bubble”. The price of a 1,500 square feet house even on outskirts of Delhi
would cost about Rs, 75 lakh. The sole aim of a person who enters his/ her
career with an annual package of Rs. 5 lakh to Rs. 6 lakh is to build his/ her
own home. He /she buys it with a housing loan & his / her entire life is
spent servicing this home loan, leaving nothing for any financial
investments.There is a housing bubble in this country. It has to burst”.
Src :BS
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