Will I be able to create Rs 8 crore with these mutual funds?

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I have started monthly SIP into the following mutual funds:
Axis Bluechip Fund – Rs 3,500
Mirae Asset India Equity Fund (name changed to Mirae Asset Large Cap Fund) – Rs 1,500
Mirae Asset Emerging Bluechip Fund – Direct Plan – Growth – Rs 6,000
L&T Midcap Fund Direct Plan – Rs 2,000
SBI Small Cap Fund – Direct Plan – Growth – Rs 6,000
Invesco India Contra Fund – Direct Plan – Growth – Rs 1,500
Total amount – Rs 20,500/month

Horizon is 25-30 years.
Retirement corpus Rs 7-8 crore.
Can you guide me for the above funds? Are they okay to continue? I am an aggressive investor.
I am also investing through NPS (HDFC Tier 1) Rs 50,000 every year.
–Neeraj Agarwal

Harshad Chetanwala, Co-Founder of MyWealthGrowth a mutual fund advisory firm, based out of Mumbai responds:

First of all congratulations for thinking of retirement at this stage where you still have 25 to 30 years to go. This will work in your favour in the long term as those who start investing early for their long-term goals need a lesser investment amount and can take more risk compared to those starting late. Also, the funds you are investing in are good in their respective categories.

While the horizon of 25 to 30 years is good for accumulating retirement corpus, you will have to allocate more monthly investment in future if you want to achieve the retirement corpus of Rs 7 crore to Rs 8 crore.

There are many investors who follow the strategy of increasing their SIP amount every year for retirement and other financial goals. You too may have to follow the same strategy as with Rs 20,500 at growth rate of 10% p.a. you will be able to accumulate around Rs 2.5 crore in 25 years and Rs 4.25 crore in 30 years. If you increase your SIP by 5% every year you will be able to accumulate Rs 6.8 crore at the end of 30 years. To reach around the same amount in 25 years you will have to increase your SIP amount by 10% every year.

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