Mapping Rural–Urban Inequality in Mutual Fund Participation: An AMFI Data-Driven Study

Abstract

Mutual fund industry of India has achieved a significant growth over the past decade. Assets Under Management has grown from Rs. 22.19 lakh crores in 2019 to Rs. 77 lakh crores in 2025. This growth is apparent in the AMFI Reports. Despite robust industry growth, T30 (urban centres) still hold more share than B30 (rural centres) i.e., contributing over 80% of total AUM. On the other hand, rural population being 68% of total population contributes only 18.44% to total AUM in 2025. This study examines the rural-urban disparities using secondary data from AMFI data from 2019 to 2025. This study analyses the AUM contribution, composite trend, percentage of growth in rural centres, rural-urban gap ratio, disparity indices and future projections of AUM till 2030. This study employs a quantitative approach and visualisation to interpret AMFI data. It provides detailed quantitative data with qualitative insights derived from key policy documents and industry reports. This research contributes to the discourse of financial inclusion.  Additionally, the study also confirms the role of industry in channelling household savings into productive assets, promoting economic resilience and evolving sustainable development. The future research may explore micro-level behaviours, rural-urban disparity and various aspects of composition of asset-class.