Birla Sun offers three schemes to NRIs

DUBAI - India's Birla Sun Life Mutual Fund is offering three packages to Non-Resident Indian (NRI) investors, mainly to attract some of maturing Resurgent India Bond funds into its various schemes.

By A Staff Reporter

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Published: Tue 7 Oct 2003, 12:38 PM

Last updated: Wed 1 Apr 2015, 9:32 PM

The Indian mutual fund along with its partners in the UAE Barjeel Securities also held a roadshow in Dubai yesterday. This will be followed by a roadshow in Abu Dhabi today and another in Sharjah tomorrow.

Bhadresh P Soni, assistant vice president, Birla Sun Life Asset Management Company Limited, said that the packages have been made keeping in view the demands of different types of investors.

He said that those who are willing to take more risk could invest in Advantage India, which comprise India Advantage Fund and Birla Dividend Yield Plus. The balanced investors could invest in Interesting Gains, which comprise, Birla Income Plus, Birla Dividend Plus and India Advantage Fund. For the more conservative investors, the package that has been tailored is called Capital Preserved, which comprise India Advantage Fund and Birla Dividend Yield Plus.

Soni also explained that the packages does not have individual loads because they combine different funds denominated in different currencies. But he said that the packages have been developed keeping in mind the risk appetite of investors.

Giving a presentation on the Indian economy, Nishid Shah, Birla Sun Life's head of private client group, said that India and China would provide the global growth impetus in the next 10 years. He said that with a quarter of the globe's youth population in India, the country is just waking up and the potentials are huge. He said that the foreign reserves of the country has touched $88 billion and is likely to reach the $100 billion mark in the next six months.

Shah also said quoting the World Bank that India is the fourth largest economy after the US, China and Japan and has a purchasing power parity adjusted GDP of $3 trillion. But he also added that in the very near future with the way the Japanese economy is going, India is likely to emerge as the third largest economy.

Shah said that India is likely to see a consumption led growth. He also added that the house hold savings in the country is 25 per cent of the GDP, while the retail debt to GDP stands at just six per cent and there are only five million credit cards compared to 170 million bank accounts, an indication of the potentials.

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