This is raw data as put up by AMFI and not inflation-adjusted. Inflation in India has always been more or less around the 8-10% mark roughly, not CPI / WPI, but the normal urban middle and upper-middle-class cohort that most investors belong to, which does not account for the sharp upmove in SIPs.
In fact, with higher inflation, savings would normally have taken a hit and reduced, as people had to dip into their savings or reduce savings and spend more of their income to maintain living standards.
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