Axis MF introduces Capital Protection Oriented Fund (Series 3)

Axis MF new issue closes on 23rd December

Axis Mutual Fund has launched Axis Capital Protection Oriented Fund (Series 3), a close-ended income scheme.

The Scheme will endeavour to protect the capital by investing in a portfolio of debt and money market instruments that are maturing on or before the maturity of the Scheme. The scheme also aims to provide capital appreciation through exposure in equity and equity related instruments. The duration of the scheme is 3 years.

The new issue closes on 23rd December. The minimum investment amount is Rs5,000.

CRISIL MIP Blended Index is the benchmark index. R Sivakumar and Sudhanshu Asthana are the fund managers of the scheme.


PDS leakage down to 10-15%: Government

The leakage has come down to 10%-15% from 40% as stated in the Economic Survey for 2010-11 minister of state for consumer affairs and public distribution KV Thomas said

New Delhi: The government today claimed there has been an “impressive improvement” in the performance of the targeted public distribution system (TPDS), with leakage reduced to about 10%-15% on average now from 40% earlier, reports PTI.

“The leakage, on an average, is nearly 10%-15%,” minister of state for consumer affairs and public distribution KV Thomas said in a reply during Question Hour in the Rajya Sabha.

The government provides subsidised foodgrain to the poor through the TPDS. The Economic Survey for 2010-11 prepared by the finance ministry had indicated that over 40% of the grain meant for distribution to the poor through the TPDS does not reach the target audience.

The onus for procurement, allocation and transportation of foodgrain up to the designated depots of Food Corporation of India (FCI) lies with the central government.

The duty of lifting and distributing the allocated foodgrain to the eligible people through fair price shops is with the states.

Mr Thomas said that the estimates in the Economic Survey for 2010-11 were prepared on the basis of a study conducted by economist Reetika Khera and the latest study, done by a group of research scholars, including Ms Khera, recently opined, “There has been an impressive revival in the TPDS across the country.”

“The group has based its findings on a study made in 106 randomly selected villages, spread over two districts each in nine states, covering a total of 1,227 BPL/Antyodaya households,” Mr Thomas said.

The team visited various states, including Bihar, Andhra Pradesh, Bihar, Himachal Pradesh and Uttar Pradesh.

“It has also been pointed out the days when up to half of the PDS grain was diverted to the open market are gone,” he added.


Govt sets textiles export target of $33 billion for 2012-13

Textiles minister Anand Sharma informed the Lok Sabha that the export target for the next year has been set at $33 billion, up from the current year’s target was $28 billion

New Delhi: The government has set an export target of $33 billion for the textiles sector next year despite the global economic slowdown, which it termed a ‘serious concern’ and said steps have been taken to address the ‘challenge’, reports PTI.

Textiles minister Anand Sharma told the Lok Sabha that the textiles sector has witnessed a slowdown due to various factors, including the poor global economic situation.

Maintaining that it was a matter of ‘serious concern’ in a reply to supplementaries, Mr Sharma said steps have been initiated to address the ‘challenges’.

The government has constituted six high-level inter-ministerial committees with representation from various ministries and departments, including the Planning Commission, to review and evaluate the performance of the textiles industry.

He said the export target for the next year has been set at $33 billion. The current year’s target was $28 billion.

In reply to a supplementary from Basudeb Acharya (CPM), the minister said so far, the government has not received any complaint of dumping of Chinese raw silk in the Indian market and maintained that natural calamities in China have reduced production of silk in that country.

Mr Sharma, however, said mechanisms like safeguard duty help the government to check dumping of commodities in Indian markets.

He maintained that Chinese silk was helping weavers in India as the production of raw silk has come down in the country.

The minister said the establishment of 21 new integrated textile parks was approved in October this year at a cost of Rs2,100 crore to create world-class infrastructure for the textiles industry.

As several members were not satisfied with the reply of the minister and wanted to place more supplementaries, Speaker Meira Kumar said a half-an-hour discussion on the textiles sector could be held if members give notice.

In reply to another question on the handloom census, Mr Sharma said the handloom sector is facing competition from the mechanised sector and also from cheap imported fabrics.

He said the flow of credit to the handloom sector has been characterised by high costs, low disbursement levels and choking of credit lines due to a “debt over-hang”.

At this, PC Chacko (Congress) said while the minister, as in-charge of the commerce ministry, has taken initiatives on foreign direct investment (FDI) in retail, he should now concentrate on weavers in the textiles ministry.

He said promises made to weavers during the Budget should be implemented before the next General Budget is presented in Parliament.

Mr Sharma said the Cabinet Committee on Economic Affairs recently approved a Rs3,884 crore loan waiver package for the handloom sector. He said the package will reopen choked credit lines for handloom weavers and their societies and will benefit three lakh handloom weavers.

At this, BJP members shouted that while there are over 43 lakh handloom weavers according to latest census, the scheme would only help three lakh of them.


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