The nascent mutual fund industry in India is poised for tremendous growth averaging 29% a year over the next five years, Celent predicts. Driving the growth will be low retail penetration, high household savings rate and increasing interest among foreign asset managers to serve the market.

Retail investors will drive sales, with this segment of the market growing at an annual rate of 35%, whereas the institutional segment will grow 25% a year, Celent said.

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