ET Now GBS 2024: Tremendous scope for mutual fund industry in India, says Jenny Johnson, CEO, Franklin Templeton
Franklin Templeton's top boss Jenny Johnson can't wait for the India opportunity to unfold where she believes the mutual fund industry has tremendous scope for growth and credits her fund management company for spotting the country's vast potential 27 years ago when it became the first foreign fund manager to start operations.
«Only 5% of the population has mutual funds. So, we are incredibly excited about how the future is going to be,» said Johnson, chief executive officer of the $1.4 trillion global investment management giant. Johnson, who has lived in India briefly during her long career with Franklin Templeton, said she had really seen the country grow over the past 27 years.
«There was a saying India grows at night while the government sleeps. I would laugh at that because I always believed there is huge potential in the economy. 56% of the population is under 25. You have a British-oriented legal system,» she said. Citing how remarkably things have changed, she said the country, which earlier faced headwinds because the government was blamed for slowing things down, now has a tailwind.
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«I can't imagine an event in the US where so many people from the government are accessible,» Johnson said. «The railroads minister sounded like a businessman. The transparency of the various folks is remarkable,» she said. «It feels like being a chef and walking into this phenomenal kitchen which is now coming
