This fund will attempt to invest across selected best-of-breed funds from different asset management companies
ING Investment Management India today said that it is launching its ING Optimix Financial Planning Fund (an open-ended fund-of-funds scheme) aimed at "simplifying investing" in mutual funds.
This fund will invest across selected best-of-breed funds from different asset management companies in one fund.
In addition, investors can invest in four different asset classes-liquid funds, debt funds, equity funds and gold ETFs (exchange traded funds) while getting the flexibility to choose from four convenient plans that cater to different risk tolerance levels investors may have, said the company in a press release.
"Mutual fund investing today has become complex and stressful. Investors need to choose from thousands of funds, closely track their performance, take decisions to retain or change funds, attract tax liability if funds are changed before 12 months and finally, reconcile all these holdings at the end of the year. ING IM's unique Multi Manager Fund of Funds capability simplifies all of this in an instant," said ING Investment Management India's MD & CEO, Navin Suri.
"ING has been offering multi-manager funds in India since 2006 and already manages close to Rs 347 crore from a wide base of nearly 30,000 investors," he said.
Investors can choose from four risk profiles-'cautious', 'conservative', 'prudent' and 'aggressive'-each offering a different mix of asset classes.
Premium income has increased to Rs6,115 crore for the fiscal ended 31 March 2011 from Rs4,625 crore in the previous year
National Insurance Company said today that it has clocked a 32.32% growth in its total premium income to Rs6,115 crore in 2010-11, with major business coming from the health and motor segments.
"Our premium income has increased to Rs6,115 crore for the fiscal ended March 31, 2011, from Rs4,625 crore in the previous year," National Insurance CMD NSR Chandraprasad told PTI.
The company has added new customers, which resulted in the record new business premium income during the fiscal. "During the fiscal we have earned new business premium worth Rs1,490 crore, which is a record level. Health and motor insurance segments saw the maximum number of additions," he said.
When asked if the company's solvency margin is adequate to support the proposed increase in provisioning requirement for motor insurance covers, Mr Chandraprasad said that National Insurance is "well capitalised".
"We do not need any capital infusion at present. Although the hike in provisioning would impact the balance sheets of insurers, our solvency margin is already good," he added.
The domestic environment is conducive for growth and private final consumption expenditure is projected to grow by a healthy 7.5% and gross fixed capital formation by 14.6%, the Centre for Monitoring Indian Economy said in its latest monthly review of the country's economy
Mumbai: India's gross domestic product (GDP) is projected to continue to grow at a brisk pace of 8.8% in 2011-12 (FY11-12), reports PTI quoting a leading economic think-tank.
The domestic environment is conducive for growth and private final consumption expenditure is projected to grow by a healthy 7.5% and gross fixed capital formation by 14.6%, the Centre for Monitoring Indian Economy (CMIE) said in its latest monthly review of the country's economy.
In FY10-11, the performance of India's economy has been robust, it said, adding real GDP is estimated to have grown by 9% during the fiscal.
"This has been powered by a rebound in the agricultural sector following the drought in 2009-10, and a sharp pick-up in private consumption and gross fixed capital formation," CMIE said.
In FY11-12, the agricultural and allied sector is projected to grow by 3.1%, on top of the 5.1% growth estimated in 2010-11. This will be the third consecutive year of positive growth, it said.
The industrial sector, including construction, is projected to grow by 9.4% during 2011-12, as compared to 8.5% estimated in 2010-11.
Growth in industrial production will be driven by a rise in consumption demand and investment demand, it said.
"Consumption demand, in turn will be driven by a rise in corporate wages, fresh employment generation and relatively lower inflation," the economic think-tank said.
Investment demand is expected to remain buoyant, as more and more projects move into the implementation stage, it said.
Activities in the construction sector are expected to be pushed-up as projects worth Rs8 lakh crore are scheduled to be commissioned in FY11-12, CMIE said compared to Rs3.5 lakh crore in FY10-11.
"The sector is projected to grow by 10.5% during the fiscal, as compared to an estimated 9.5% in 2010-11," it said.
Growth in the services sector and its segments is projected to moderate marginally in 2011-12. The services sector is projected to expand by 9.9% during 2011-12, as compared to an estimated 10.2% in 2010-11," it said.