Birla Sun Life Mutual Fund launches Short Term FMP-Series 10

Birla Sun Life Mutual Fund new issue closes on 28th February

Birla Sun Life Mutual Fund has launched Birla Sun Life Short Term FMP-Series 10, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 91 days from the date of allotment.

The new issue opens on 28th February and closes on the same day. The minimum investment amount is Rs5,000.

CRISIL Liquid Fund Index is the benchmark index. Kaustubh Gupta would be the fund manager for the scheme.

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Union Budget : Govt pegs FY12 subsidy bill at about 13% lower than in the current fiscal

Food, fuel and fertiliser subsidies for 2011-12 estimated at Rs1,34,210 crore compared to Rs1,53,962 crore in the current financial year

New Delhi: The government has pegged the outgo on food, fuel and fertiliser subsidies in the 2011-12 at about 13% lower than that in the revised estimates for the current fiscal. According to the budget proposals, the government's subsidy bill on food, petroleum and fertilisers is estimated at Rs1,34,210 crore for the financial year 2011-12, compared to Rs1,53,962 crore in the revised estimates for the current financial year.

The oil subsidy which is given to state-run oil firms such as Indian Oil, BPCL and HPCL, for selling diesel, domestic LPG to households and kerosene through the PDS system below cost, is estimated at Rs23,640 crore for FY12, compared to Rs38,386 crore in the current fiscal, PTI reports.

The government's food subsidy, given to run the public distribution system, is estimated to decline marginally to Rs60,572 crore in the next fiscal from Rs60,599 crore. Food subsidy is provided to meet the difference between the economic cost of foodgrains and the sales realisation at the central issue price fixed under the public distribution system (PDS) and other welfare schemes.

The fertiliser subsidy is also pegged lower at Rs49,997 crore in the next fiscal, as against Rs54,976 crore in the 2010-11 financial year. Under the fertiliser subsidy, the government would provide Rs13,308 crore for indigenous (urea) fertilisers, Rs6,983 crore for imported (urea) fertilisers and Rs29,706 crore for the sale of decontrolled fertilisers (DAP, MOP and complexes) at a subsidised rate to farmers.

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Union Budget: Chidambaram says balanced Budget will promote inclusive growth

Union home minister believes that increase in revenues will help increase investment in health, education and security

New Delhi:  Union home minister P Chidambaram has described the Union Budget as "balanced" and "good", saying it will promote inclusive growth and that the projected increase in revenues would help to augment investment in health, education and security sectors.

"The finance minister has focused on high growth, on investing in, incentivising and increasing agricultural production in order to moderate inflation, and on fiscal consolidation," Mr Chidambaram said in a statement.
Mr Chidambaram, who held the finance portfolio till November 2008, said Mr Mukherjee has used the projected increase in revenues to augment investment and for larger outlays on education, health and security, reports PTI.

"We are very happy and I compliment the finance minister on presenting a good and balanced budget that will promote inclusive growth," he said.

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