India’s mutual fund industry registered marginal AUM growth in September 2025 to ₹75.61 lakh crore despite continued net redemptions in debt categories. The expansion was driven by strong ₹29,361 crore SIP inflows and ₹8,363 crore of gold ETF subscriptions, reflecting investor preference for diversified asset allocation. Fund managers noted that equity inflows remained moderate but consistent, cushioning the impact of bond withdrawals. Analysts said persistent SIP discipline and rising appetite for gold-linked instruments reinforce retail investors’ focus on long-term wealth creation amid market uncertainty.