India's Equity Revolution: Households Add ₹53 Trillion to Stock Wealth in 5 Year

Recent Economic Survey data show that Indian households have added ₹53 trillion to equity wealth between April 2020 and September 2025, reflecting a marked shift in savings behaviour towards equity‑linked assets. 

Growth of Household Equity Wealth 

Household equity holdings expanded from roughly ₹8 trillion in FY14 to about ₹84 trillion by September 2025. The 5‑year increase of ₹53 trillion coincides with stronger systematic investment flows and a higher proportion of savings allocated to equities and mutual funds. 

Shift in Retail Ownership 

The share of individual investors in equity ownership rose from 11% in FY14 to 18.8% in September 2025. Direct ownership accounted for 9.6% while indirect ownership through mutual funds contributed 9.2%, indicating a clear preference for professionally managed, diversified products. 

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Rise of Indirect Participation 

Since FY19, indirect equity holdings have grown faster than direct holdings. Mutual fund participation increased the number of unique investors from 31 million in FY20 to more than 110 million by FY25, underscoring the appeal of pooled investment vehicles. 

Implications for Savings Mix 

The proportion of equities and mutual funds in annual household financial savings climbed from around 2% in FY12 to over 15% in FY25. While deposits remain a sizeable component, their share has declined, signalling a gradual rebalancing of household asset portfolios. 

Conclusion 

Data from the Economic Survey highlight a substantial increase in both the size and composition of household equity wealth, driven largely by indirect participation and a broader shift of savings towards market‑linked instruments. 

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