In October, India’s equity mutual funds recorded inflows of ₹24,690 crore, down 19 % year-on-year, while debt funds attracted approximately ₹1.6 lakh crore amid investor caution and volatile markets. Systematic investment plans (SIPs) held steady, rising to ₹29,529 crore, underscoring long-term retail conviction. Managers noted a tilt toward liquid and overnight schemes as short-term yields remained attractive. Analysts expect the current trend to persist until macro clarity emerges, particularly around interest rates and inflation data. The shift reflects a defensive posture amid global uncertainty.