What next for India's MF industry?

The industry needs to innovate for the risk-focused, liquidity-preferring, return-agnostic masses

While the mutual fund (MF) industry has made great progress in India, it is undeniable that an overwhelming majority of our population is still excluded from the industry. This is largely because the focus of the industry has been on offering investment products to a largely savings-oriented population. As a result of this industry predilection with serving investors, most Indians continue to rely predominantly on banks to provide savings options.
 
As things stand, the MF industry in India caters to a tiny minority of the population which has achieved its basic financial needs. These basic financial needs go beyond