New Delhi, June 11 -- Net inflows into equity mutual funds (MFs) dropped 22% from April to Rs.19,013 crore in May, the lowest in a year, according to data issued by the Association of Mutual Funds in India.

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That's a substantial drop, no doubt, but not surprising, given all the flux in the global economy and the fact that Indian equity indices are still to regain their past peaks. Household investors may have grown cautious.

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While India's economy grew strongly last quarter, at 7.4% year-on-year, its pace of expansion is now expected to weaken as external drags weigh in. That said, investments through systematic investmen...