The budget was presented in a better economic environment than recent years. It aimed to achieve housing, electricity, drinking water and sanitation for all Indians as well as creating jobs and reducing poverty. Key highlights included financial inclusion of over 125 million families, transparent coal auctions, and the Swachh Bharat mission. Infrastructure such as roads and railways saw major boosts, while reforms around GST and direct benefit transfers were also announced.

1. MARCH 2015For private circulation only
The Budget was presented in a much improved economic
environment than the recent past, as was highlighted by the
Economic Survey. Riding on back of record breaking elections
and improving economic environment, there were heightened
expectations from Mr. Jaitley to deliver on big bang reforms and
a host of goodies by everyone. Here is our update on the
highlights of the recent Union Budget - the first full budget
presented by the NDA government.
INTRODUCTION
STATE OF ECONOMY: Credibility of Indian economy has been
re-established in the last 9 months. Real GDP growth expected
to be 7.4% in 2014/15. India about to take-off on a fast growth
trajectory. Macro-economic stability and conditions for
sustainable poverty alleviation, job creation and durable double
digit economic growth have been achieved.
VISION FOR “TEAM INDIA”: Housing for all, 24x7 power, clean
drinking water, a toilet and road connectivity. Job to at least
one member in family and substantial reduction in poverty.
Electrification and communication connectivity to all villages
with medical services and higher education school in vicinity. To
make India, the manufacturing hub through Skill India and
Make in India and support entrepreneurship.
THREE KEY ACHIEVEMENTS: (i) Financial Inclusion - 12.5
crores families financially mainstreamed in 100 days.
(ii) Transparent Coal Block auctions (iii) Swachh Bharat mission
INFRA FOCUS: Major boost to infrastructure development,
allocation for Roads and Railways. Resources targeted towards
Pradhan Mantri Krishi Sinchai Yojana, Rural Electrification and
Sagar Mala Project. Game changing reforms on the anvil: (i) GST
(ii) Jan Dhan, Aadhar and Mobile (JAM) - for direct benefit transfer.
KEY HIGHLIGHTS ON DIFFERENT THEMES
COMMON MAN: (a) Social security system for all Indians.
(b) Pradhan Mantri Suraksha Bima Yojna to cover
accidental death risk (R 2 Lakh) with R 12 premium per year. (c)
Atal Pension Yojana with Government contributing 50% of
beneficiaries’ premium upto R 1,000 p.a. for 5 years. (d)
Pradhan Mantri Jeevan Jyoti Bima Yojana to cover both natural
and accidental death risk of R 2 lakh with R 330 premium per year.
AGRICULTURE: (a) To create a unified National
Agriculture Market (b) ‘Pradhanmantri' Gram Sinchai
Yojana’ to provide ‘Per Drop More Crop’. R 5,300 cr. support for
irrigation. (c) Target of R 8.5 lakh cr. of agricultural credit during
the year 2015-16. R 75,000 cr. for facilitating rural credit.
(d) R 25,000 cr. for Rural Infrastructure Development Fund (RIDF).
INFRASTRUCTURE: (a) Sharp increase in outlays of
roads and railways. PSU capital expenditure to rise. (b)
Establish National Investment and Infrastructure Fund (NIIF)
with R20,000 cr. annual flow (c) Fuel excise duty (R 4 per liter) to
be used as Road Cess for investments (d) Tax free
infrastructure bonds for rail, road and irrigation projects. (e)
PPP mode of infrastructure development to be revitalised. (f) 5
new Ultra Mega Power Projects, each of 4,000 MW, in the
Plug-and-Play mode.
ENTREPRENEURSHIP: (a) Incubation facilities, funding
for seed capital and ease of Doing Business. (b)
Establishing (SETU) Self-Employment and Talent Utilization as
Techno-financial, incubation and facilitation programme;
R1,000 cr. earmarked. (c) Atal Innovation Mission (AIM) &
Promotion Platform to be setup.
FINANCIAL MARKETS: (a) Foreign investments in
Alternate Investment Funds to be allowed. (b) No
distinction between FPI and FDI. (c) Public Debt Management
Agency (PDMA) to bring all borrowings under one roof (d)
Forward Markets Commission (FMC) to be merged with SEBI.
(e) One financial redressal agency to cover all financial service
providers. (f) Monetising Gold: Gold monetisation scheme will
give interest to depositors and loans to jewellers. Alternative of
Sovereign Gold Bond scheme to physical gold. To develop
Indian gold coin (g) Option for employees to opt for EPF or
NPS.
BLACK MONEY: ((a) New comprehensive law for foreign
black money and Benami Transactions (Prohibition) Bill
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OUR
SERVICES
INVESTMENT
OPTIONS
RETIREMENT PLANNING
CHILD EDUCATION PLANNING
INSURANCE PLANNING
TAX PLANNING
MUTUAL FUNDS
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FINANCIAL PLANNING
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PLANNING
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INVESTMENT
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2. TAX IMPACT: (a) Direct tax proposals to result in revenue
loss of R 8,315 cr. (b) Proposals in indirect taxes to yield
R 23,383 cr.
PERSONAL INCOME TAX: (a) No change in tax rates &
slabs. Tax benefits upto R 4,44,200 with concessions in
present & last budget. (b) Wealth-tax replaced with additional
surcharge of 2% on income over R 1 cr.
CONCESSIONS: (a) Limit for contributions to PF and
NPS increased from R 1 lakh to R 1.5 lakh. Additional
deduction of R 50,000 for NPS u/s 80CCD. (b) Limit of health
insurance premium up from R 15,000 to R 25,000 & for senior
citizens from R 20,000 to R 30,000. (c) Senior citizens above 80
years (uncovered), deduction of R 30,000 for medical
expenses (d) Limit of R 60,000 for senior citizens w.r.t.
specified & serious diseases enhanced to R 80,000.
(e) Additional deduction of R 25,000 for differently abled
persons. (f) Transport allowance at R 19,200, up from 800 p.m.
to R 1,600 p.m. (g) Sukanya Samriddhi scheme to be fully
exempt on EEE mode.
CORPORATE TAX: (a) To reduce rate from 30% to 25%
over next four years, starting FY.2016-17 accompanied by
rationalisation & removal of various exemptions & incentives.
INDIRECT TAX PROPOSALS: (a) GST to be
implemented by 2016. (b) Service-tax plus education
cesses increased from 12.36% to 14%. (c) Provision to levy
Swachh Bharat cess at 2% or less if needed (d) Education
cess to be subsumed in Central Excise Duty. (e) Time limit for
taking CENVAT credit increased from 6 months to 1 year. (f)
Minor adjustments in excise duty structure, Service Tax
negative list and customs duty structure.
BUDGET ESTIMATES: (a) The total Plan Outlay for
2015-16 is R 465,277 crore. (b) Proposed spending of R
17.77 lakh crore in 2015-16, up about 6% with tax receipts
expected to increase by 16%. (c) Fiscal deficit is targeted at
3.9% of GDP and revenue deficit at 2.8%.
The Economic Survey is an important source of key
economic information, views of the government on economic
issues, highlights of key policy initiatives and the prospects
of the economy in the short to medium term. The Economic
Survey for 2014-2015 was tabled in the parliament, as is the
tradition, a day before the Union Budget. The survey carries
the imprint of the government's Chief Economic Adviser,
presently Mr. Arvind Subramanian, who is it's principal author.
In this article we present the important highlights &
observations of this year's survey.
ECONOMIC GROWTH: 2015/16 GDP growth seen at
between 8.1 to 8.5% and expected to be around 7.4% for
2014-15. FY 2014/15 saw hardly any external support to
growth and the growth was largely domestic demand driven.
Double digit economic growth trajectory now a possibility.
Expectations for such high growth rate is due to a number of
reforms already undertaken and more that are being planned
for, backed by optimistic outlook for domestic macro economic
parameters. Services sector clocked double-digit growth in FY
2014/15. Year 2017 to be a game-changing year for growth.
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Tax Proposals & Budget Estimates:
Economic Survey 2015: Key Highlights
(b) Strict imprisonment terms for evasion of tax /non-filing of
return/ inadequate disclosures (upto 10 years). All entities
covered in same. Mandatory filing /disclosures of any foreign
assets and returns. Concealment/evasion of income to be
predicate offence under PML Act (c) Domestic black money
laws to discourage cash transactions and encourage payments
through cards and keep PAN mandatory for any purchase or
sale over R 1 lakh. Acceptance or re-payment of an advance of
R 20,000 or more in cash for purchase of immovable property
to be prohibited.
MAKE IN INDIA: (a) Tax “pass through” to both category
I and category II alternative investment funds. (b) GAAR
deferred by two years (c) Income-tax on royalty/fees for
technical services reduced from 25% to 10% (d) Basic Custom
duty for inputs in 22 items, reduced to minimise the impact of
duty inversion. (e) Almost all goods exempted from Special
Additional Duty (SAD) (f) Improvements in structure /laws for
REITs (g) Permanent Establishment (PE) norm to be modified to
encourage fund managers to relocate to India.
EASE OF DOING BUSINESS: (a) Comprehensive
Bankruptcy Code soon (b) To replace multiple prior
permission with a pre-existing regulatory mechanism (c)
Domestic transfer pricing threshold limit up from R 5 cr. to R 20
cr. (d) MAT rationalised for FIIs and AOPs. (e) Tax procedures
simplified, online central excise & service tax registration in
2 days.
SWACHH BHARAT: (a) 100% deduction for Swachh
Bharat Kosh and Clean Ganga Fund. (b) Clean energy
cess up from R 100 to R 200 per metric tonne of coal (c)
Provision to levy 2% or less of Swachh Bharat cess, if needed
(d) Common affluent treatment plant services exempt from ST.
Concessions on custom & excise duty to electric/hybrid
vehicles extended.
OTHER: (a) Skill India: To launch unified National Skill
Mission. A student Financial Aid Authority to oversee all
scholarship & loan schemes. (b) Education: Setting up of 1 new
IIT, 5 AIIMS, 3 National Institute of Pharmaceuticals Education
and Research & 2 institutes of Science and Education
Research. (c) Tourism: Visas on arrival for 150 countries in
stages. More resources for heritage sites. (d) Green India:
Renewable energy target revised to 1.75L MW till 2022 (e)
Digital India: Push National Optical Fibre Network Programme
(NOFNP) with states participation (f) Gift City: Appropriate
regulations very soon.
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3. INFLATION: Structural shifts are underway caused by
lower oil prices and deceleration in agriculture prices
and wages. These are simultaneously being reflected in
dramatically improved household inflation expectations.
Inflation showing a declining trend in 2014/15 and likely to be
below RBI targets next year. CPI inflation in 2015/16 is likely
to range between 5 to 5.5%. Presently, the CPI is at 5.1% and
wholesale inflation is negative. Lower inflation will open up
space for reducing interest rates & increasing credit flow
which will help boost growth.
FISCAL CONSOLIDATION: Government committed to
fiscal consolidation and will adhere to fiscal deficit
target of 4.1% in 2014/15. Must meet medium-term fiscal
deficit target of 3%. Current Account Deficit is estimated to
fall 1% in 2015/16 and to be below 1.3% for 2014/15. India
can balance the short-term imperative of boosting public
investment to revitalize growth with the need to maintain
fiscal discipline. Expenditure control and expenditure
switching, from consumption to investment in short to
medium term will be key. Outlook for external financing is
correspondingly favourable. Focus should now be on
reducing revenue deficit and any excess borrowings
/expenditure must be in capital investments only.
SUBSIDIES: For April-December major subsidies were
up 12.5%. Survey stated that revamping of the subsidy
regime would help in rationalisation of expenditure,
especially food subsidies. Food subsidy bill rose 20% in
April-January 2014-15 at R 1.07 lakh crore. Price subsidies
(about 4.24% of GDP) are often regressive and may not be
best weapons for fighting poverty. Rationalisation of
subsidies and better targeting of beneficiaries through direct
transfers would help generate part of the resources for the
public investment. Ending, phasing out subsidy was not
feasible, nor desirable. Under-recoveries on petroleum
products to come down to R 74.7 thousand crore in 2014/15,
from R 1.39 lakh crore in FY 2013/14.
REFORMS: Reforms initiated in numerous areas and
major ones are on the horizon. The macroeconomic
response to the favourable terms of trade shock has led to an
appropriately prudent mix of increased government savings
and private consumption. There is scope for big bang
reforms now. GST, expanding direct benefit transfers to be
game-changers. Labour, capital, land, market reform and
skills to be engines of growth. Potential for large gains from
coal pricing reforms.
AGRICULTURE: Survey stated that one of most striking
problems is how unintegrated and distortions-ridden
are agricultural markets. India needed a national common
market for farm goods, instead of thousands of APMCs
controlled markets. All states urged to drop fruits, vegetables
from APMC and for policy help to farm markets in private
sector. Agricultural strategy must focus on raising yield,
productivity.
FINANCIAL SECTORS, MARKETS: Must remove
market access barriers to boost services sector and
boost capital markets and bond financing. Capital, labour,
land market distortions hurting manufacturing. SLR need,
priority lending creating financial repression. Liquidity
conditions remained broadly balanced and RBI played key
role for same.
EXTERNAL TRADE, FOREIGH INFLOWS: Foreign
portfolio flows have stabilised the rupee. Foreign inflows
since April 2014 have been about $55 billion. Foreign
exchange reserves up at record $340 billion. Trade
performance signals good time to scrap gold curbs. Rising
non-oil, non-gold imports are major source of concern. Oil
prices expected to stay benign in coming months. India can
increase public investments and still hit its borrowing targets
and ensure that borrowings over the cycle is only for capital
formation. Portfolio flows were pressurising long-term
interest rates.
INVESTMENTS: India among most attractive
investment destinations and investment activity seems
grounded on stronger footing. Private investment must
remain the primary engine of long-run growth; but in the
interim, to revive growth and to deepen physical connectivity,
public investment, especially in the railways, will have an
important role to play. Due to weak profitability and
over-indebtedness, private sector having limited ability to
invest. Need to revitalize PPP model of investment and
higher public investment to ramp up capital formation and
recreate an attractive environment. Expenditure switch from
consumption to investment to be key.
STALLED PROJECTS: Immediate resolution needed
for several stalled projects, adding upto 7% of GDP,
mostly by private sector and for manufacturing &
infrastructure. Vicious circle of weak corporate & PSU bank
balance sheets which in turn constrain future private
investment.
SKILLING INDIA: Need balance between ‘Make in
India’ and ‘Skilling India’. 'Make in India' has skill
development and employment as a major challenge. It
requires improving infrastructure and reforming labor and
land laws by complementing it with the Skilling India initiative.
JAM TRINITY: Exciting possibilities with cash-based
transfers using JAM trinity - Jan Dhan Yojana + Aadhaar
+ Mobile - to effectively target resources to those who need
it most. Success will allow prices to be liberated to perform
their role of efficiently allocating resources and boosting
long-run growth. Today there are about 12.55 crore Jan Dhan
bank accounts 78.73 crore Aadhaar numbers, and
approximately 90 crore mobile phones. When the JAM trinity
becomes linked, the goal of periodic and seamless financial
transfers to bank accounts after identification through the
Aadhaar number can be implemented with immeasurable
benefits to helping the lives of the poor.
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4. MF NEWS
Axis Equity Fund - Gr
Axis MidCap Fund - Gr
Baroda Pioneer Growth Fund - Growth Plan
Birla Sun Life Advantage Fund Gr
Birla Sun Life Dividend Yield Plus - Growth
Birla Sun Life Equity Fund - Gr
Birla Sun Life Frontline Equity Fund - Gr
Birla Sun Life India Opportunities Fund - Gr
Birla Sun Life Long Term Advantage Fund - Gr
Birla Sun Life Midcap Fund - Gr
Birla Sun Life MNC Fund Gr
Birla Sun Life Pure Value Fund - Gr
Birla Sun Life Small and Midcap Fund - Gr
Birla Sun Life Special Situations Fund - Gr
Birla Sun Life Top 100 Fund - Gr
BNP Paribas Dividend Yield Fund- Gr
BNP Paribas Equity Fund - Gr
BNP Paribas Midcap Fund - Gr
BOI AXA Equity Fund - Regular Plan Gr
Canara Robeco Emerging Equities Fund - Gr
Canara Robeco Equity Diversified - Gr
Canara Robeco F.O.R.C.E. Fund - Regular Gr
Canara Robeco Large Cap Plus Fund - Gr
DSP BlackRock Equity Fund - Reg. Plan - Div
DSP BlackRock Focus 25 Fund - Gr
DSP BlackRock Micro Cap Fund - Gr
DSP BlackRock Opportunities Fund - Gr
DSP BlackRock Small and Mid Cap - Reg Gr
DSP BlackRock Top 100 Equity Fund Gr
DWS Alpha Equity Fund - Gr
DWS Investment Opportunity Fund - Gr
Edelweiss Diversified Growth Equity Top 100 Fund - Gr
Franklin India Bluechip Fund Gr
Franklin India Flexi Cap Fund - Gr
Franklin India High Growth Companies Fund - Gr
Franklin India Opportunities Fund-Gr
Franklin India Prima Fund Gr
Franklin India Prima Plus Gr
Franklin India Smaller Companies Fund - Gr
Goldman Sachs India Equity Fund - Gr
HDFC Capital Builder-Gr
HDFC Core and Satellite Fund - Gr
HDFC Equity Fund - Div
HDFC Growth Fund Gr
HDFC Large Cap Fund - Gr
HDFC Mid Cap Opportunities Fund - Gr
HDFC Premier Multi-Cap Fund - Gr
HDFC Small and Mid Cap Fund - Gr
HDFC Top 200 Fund - Div
HSBC Equity Fund - Gr
HSBC India Opportunities Fund - Gr
ICICI Prudential Dynamic Plan-Cum
ICICI Prudential Exports and Other Services Fund - Gr
ICICI Prudential Focused Bluechip Equity Fund - Gr
ICICI Prudential MidCap Fund - Gr
ICICI Prudential Select Large Cap Fund - Retail Gr
ICICI Prudential Top 100 Fund - Gr
ICICI Prudential Top 200 Fund - Gr
ICICI Prudential Value Discovery Fund Gr
IDFC Classic Equity Fund - Regular Plan - Gr
IDFC Equity Fund - Regular Plan - Gr
IDFC Imperial Equity Fund - Regular Plan - Gr
IDFC Premier Equity Fund - Regular Plan - Gr
IDFC Sterling Equity Fund - Regular Gr
Indiabulls Blue Chip Fund - Gr
JP Morgan India Equity Fund - Gr
JP Morgan India Mid and Small Cap Fund - Gr
Kotak 50 Equity Scheme Div
Kotak Classic Equity Fund - Gr
Kotak Emerging Equity Scheme - Gr
Kotak Midcap - Gr
Kotak Opportunities Fund - Gr
Kotak Select Focus Fund - Gr
L&T Equity Fund - Gr
L&T India Large Cap Fund - Gr
L&T India Special Situations Fund - Gr
L&T India Value Fund - Gr
L&T Midcap Fund - Cum
Mirae Asset Emerging Bluechip Fund - Gr
Mirae Asset India Opportunities Fund - Gr
Pramerica Large Cap Equity Fund - Gr
Principal Dividend Yield Fund - Gr
Principal Emerging Bluechip Fund - Gr
Principal Growth Fund Gr
Principal Large Cap Fund - Gr
Quantum Long Term Equity Fund - Gr
Reliance Equity Opportunities Fund - Gr
Reliance Focused Large Cap Fund - Gr
Reliance Growth Fund Gr
Reliance Mid & Small Cap Fund - Gr
Reliance Quant Plus Fund - Gr
Reliance Regular Savings Fund Equity Plan - Gr
Reliance Small Cap Fund - Gr
Reliance Top 200 Fund - Gr
35.25
57.21
44.59
57.40
42.84
48.42
44.51
52.43
49.07
62.97
100.92
50.00
59.18
54.17
42.91
49.01
49.61
59.62
37.47
78.67
39.76
56.64
35.58
48.23
54.71
79.69
44.20
62.08
37.80
44.87
38.90
44.50
37.87
51.39
73.18
60.30
70.12
54.68
69.62
59.63
41.66
29.79
32.91
30.77
26.49
55.39
36.57
37.51
31.74
32.86
47.77
33.03
51.36
39.27
66.55
36.61
34.52
40.95
61.53
37.73
30.81
33.95
60.05
60.28
33.84
46.93
76.50
43.30
39.34
77.98
64.54
52.68
56.02
48.83
46.88
49.01
63.80
68.23
68.02
46.05
32.89
26.64
67.99
40.29
37.05
23.92
53.56
40.48
55.07
66.50
30.84
50.25
68.31
52.06
29.74
44.38
30.52
40.14
30.23
38.33
33.68
42.82
36.60
40.75
51.65
48.28
41.14
37.30
34.30
33.94
34.34
44.06
28.56
53.16
28.69
33.77
26.09
33.02
33.43
53.89
32.26
42.67
26.64
31.38
28.42
30.27
26.66
37.09
48.15
37.61
48.18
36.71
54.08
-
34.17
28.33
31.97
24.89
21.98
44.03
30.13
31.10
29.13
25.41
36.47
30.47
46.90
30.53
49.82
29.36
29.84
32.77
46.33
25.10
24.46
23.89
40.79
37.15
22.92
31.52
50.60
29.27
28.73
46.94
41.16
33.85
37.87
33.49
31.44
34.65
44.54
47.42
50.38
35.95
23.04
23.84
47.81
34.91
29.57
25.81
38.10
31.03
35.57
46.56
24.49
33.64
55.87
36.03
20.76
-
18.39
24.58
19.83
24.18
23.02
27.18
23.88
25.17
34.79
30.32
25.64
22.53
23.66
23.29
23.94
30.74
18.45
34.34
20.15
23.14
-
21.08
-
33.20
20.70
26.94
18.16
19.90
17.69
21.25
18.33
24.20
31.10
23.48
31.67
24.63
35.27
-
22.68
16.89
20.94
16.75
14.89
30.01
18.07
20.35
19.54
16.46
23.87
21.29
31.88
21.61
30.04
20.03
21.31
21.67
30.96
16.62
16.97
15.27
27.89
25.06
-
20.73
32.61
19.31
19.76
29.41
26.41
22.03
25.03
21.89
20.65
23.75
28.53
29.34
-
24.64
-
16.22
30.48
23.22
19.57
19.03
26.59
20.11
22.04
28.99
16.79
21.39
-
23.95
-
-
16.21
20.77
20.55
20.87
21.29
23.50
21.45
22.94
32.34
-
23.57
18.70
21.20
22.35
20.37
27.08
-
31.06
20.17
-
-
19.73
-
31.19
19.21
25.90
17.13
17.00
15.35
-
18.01
22.19
26.94
19.60
28.26
22.18
30.63
-
21.71
17.23
21.10
16.72
14.22
28.62
17.69
-
19.27
14.46
20.05
20.41
26.76
-
25.45
-
19.40
19.66
30.02
14.61
15.56
14.14
26.90
25.17
-
18.86
28.16
17.14
18.22
24.83
23.84
19.59
-
20.70
19.90
21.99
-
25.97
-
-
-
16.04
-
19.30
18.92
20.07
26.39
15.88
19.97
25.03
-
19.92
-
20.73
-
-
14.86
16.15
17.96
17.46
19.27
16.67
-
19.34
25.40
-
-
-
-
-
16.54
-
-
-
17.77
-
-
18.24
-
-
16.63
-
16.64
15.30
14.37
-
16.41
18.69
-
15.72
20.98
19.35
-
-
18.24
14.65
18.97
15.99
11.53
-
-
-
18.15
13.20
16.27
18.53
-
-
18.82
-
16.79
16.42
24.09
-
-
-
-
-
-
-
-
15.41
-
-
17.89
17.32
-
-
-
-
-
20.15
-
-
-
12.84
-
14.10
-
-
-
-
17.94
-
-
-
-
-
-
-
-
17.88
19.49
21.06
21.53
17.02
-
22.31
25.63
-
-
-
-
-
-
-
-
-
-
-
-
21.98
-
-
19.78
-
19.80
18.05
15.82
-
19.18
-
-
18.31
22.86
21.92
-
-
21.27
-
22.11
19.24
13.51
-
-
-
21.50
16.88
-
21.87
-
-
-
-
19.04
19.06
-
-
-
-
-
-
-
-
-
18.69
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15.71
-
-
-
-
23.04
-
-
-
-
-
SIP RETURN AS ON 28TH FEBRUARY 2015
Starting - March Month of
Years
Invested Amount :
Schemes (Diversified Equity)
2014
1
1,20,000
2012
3
3,60,000
2010
5
6,00,000
Returns % - CAGR
2008
7
8,40,000
2005
10
12,00,000
2003
12
14,40,000
Modi, markets propel mutual fund
assets past C 12 lakh crore
Buoyed by good inflows and strong
showing by equity schemes, the assets
under management (AUM) of the mutual
fund (MF) industry has zoomed past the
R 12 lakh crore mark or around $200
billion for the first time ever in February.
Equity schemes alone have gained about
R 1.3 lakh crore in assets or over $20
billion since the post-election rally
started in May. Investor accounts with
MF schemes and demat accounts that is
used for trading in shares have surged by
nearly 28 lakh since April. Net inflows
(higher purchases in schemes than sales
by investors) into equity schemes has
topped $10 billion (R 62,548 crore) so far
in in the current financial year. Equity
schemes have seen an addition of 12.32
lakh investor accounts since April, data
with market regulator SEBI showed.
Assets managed by equity funds jumped
to yet another record high of R 3.46 lakh
crore in February. The MF industry's
AUM advanced 1.8% month-on-month
(m-o-m) to around R 12.02 lakh crore at
the end of the month, as per AMFI data.
MF industry may see several mergers
of schemes in coming weeks
The mutual fund industry may witness
several mergers of schemes in coming
weeks after the Budget proposed an
exemption from capital gains tax in case
of amalgamation of funds with similar
features. The government's move could
lead to further consolidation in the nearly
R 12 lakh crore mutual fund industry.
Finance Minister Arun Jaitley, in his
Budget speech, had proposed tax
neutrality in case of merger of MF
schemes with similar features, on which
investors had to pay capital gains tax
earlier. According to experts, the
consolidation will also provide clarity in
terms of the investment objective of
different schemes available with each
fund house and will help investors take
appropriate investment decisions.
FMC SEBI merger may open gates for
commodity mutual funds in India
Finance Minister Arun Jaitley’s
announcement to merge the commodity
market regulator Forward Markets
Commission (FMC) with capital market
regulator SEBI may enable fund houses
to come up with commodity mutual
funds. Commodity funds invest in food
crops, spices, fibers, copper, aluminium,
oil, gold, silver and platinum. In India,
mutual fund houses are not permitted to
invest in commodities other than gold.
However, a few fund houses have
thematic funds which invest in
companies engaged in commodity
business.

5. India poised to be world's 3rd largest
economy
As India's investment climate seems to be
improving, the moment might not be far away
for the country to emerge as the world's third
economy, says Jim O'Neill who is better
known for coining the acronym BRIC. It is
probably too early to say with certainty that
India will soon take its place as the world's
third largest economy, behind China and the
United States. But, given that India's
investment climate seems to be improving,
that moment might not be too far away, he
said in a recent commentary posted on
Project Syndicate website. By 2017, India
could surpass Italy and Brazil to become the
world's seventh largest economy; by 2020,
there is a reasonable chance that it will
overtake France and the United Kingdom to
become the fifth largest.
Domestic car sales up 6.85 per cent in
February
Domestic passenger car sales grew by 6.85
per cent to 1,71,727 units in February this
year as compared to 1,60,717 units in the
same month of 2014. According to the data
released by the Society of Indian Automobile
Manufacturers (SIAM), motorcycle sales in
last month were down by 8.22 per cent to
7,74,122 units from 8,43,436 units in the
same month previous year. Total sale of
vehicles across categories registered a
growth of 0.15 per cent to 15,26,125 units in
February 2015 as against 15,23,823 units in
the same month last year.
Foreign investors pour $11 bn in Indian
capital markets
With an average of over R 1,000 crore a day,
the net foreign fund inflows into Indian capital
markets have crossed USD 11 billion (over R
68,000 crore) in little over two months so far
in 2015. The analysts expect the inflows to
further accelerate going ahead, following
assurances in the Union Budget to revisit
controversial issues like GAAR (General Anti
Avoidance Rule). Overseas investors
witnessed a net inflow of R 24,563 crore
February, while the same in the previous
month January stood at R 33,688 crore.
FIIs (Foreign Institutional Investors) were
rechristened as FPIs last year under a new
regulatory regime that has made it easier for
them to invest in India.
Direct tax collections up 10.67% in 11
months of FY'15
Collection from direct taxes rose by 10.67 per
cent to R 6.12 lakh crore in the first 11
months of the current financial year in line
with the revised Budget projections. During
the April-February period of the last fiscal, the
government had collected R 5.53 lakh crore
under this head. As per the Budget for
2014-15, the revenue mop up from direct
taxes was targeted at R 7.36 lakh crore. It
was, however, revised downwards to 7.05
lakh crore as per the revised estimate in the
Budget for 2015-16. Thus, as per the revised
estimates, government expects a 10.5 per
cent increase in direct tax collections over
the previous fiscal which was R 6.38 lakh
crore.
Govt, RBI sign pact to target CPI at 4%
The Reserve Bank and the finance ministry
NEWS UPDATE
55.66
60.80
34.18
51.79
70.33
72.06
19.21
33.01
43.69
47.69
49.89
49.70
43.51
66.17
61.23
52.66
53.73
95.51
45.59
30.94
43.31
89.03
31.98
67.19
45.04
53.16
59.78
49.16
78.70
41.54
44.46
42.00
36.81
36.42
35.19
42.56
37.43
45.54
67.28
82.72
39.12
46.13
50.07
100.92
19.21
36.67
41.55
27.37
34.40
48.81
48.43
22.29
34.34
34.38
29.86
33.11
34.59
29.61
44.17
48.58
35.65
36.97
56.86
30.56
23.40
29.76
53.91
25.04
45.42
30.03
34.67
40.62
34.43
49.67
28.25
27.80
29.56
28.46
28.08
25.49
31.82
28.44
29.97
52.16
45.27
28.90
30.46
35.74
56.86
21.98
22.08
25.87
19.18
22.68
32.58
31.73
15.08
21.59
23.06
18.25
25.42
23.52
20.13
29.52
31.61
22.62
23.94
35.32
18.94
14.96
19.58
31.36
15.83
28.98
20.57
23.05
25.24
23.68
31.30
19.41
17.17
19.45
18.19
-
16.88
22.35
19.09
19.66
32.91
31.41
20.98
20.42
23.42
35.32
14.89
19.18
23.36
17.93
20.20
-
29.10
13.95
20.77
20.81
15.61
25.96
20.39
18.87
26.67
26.41
18.76
20.98
-
16.42
13.71
17.73
26.30
13.85
26.63
20.94
20.37
22.72
22.22
26.51
18.21
14.84
18.02
17.52
-
17.36
20.69
16.67
17.72
29.12
29.16
20.77
18.24
21.19
32.34
13.71
16.28
-
-
-
-
-
13.82
17.29
-
14.06
19.86
-
16.89
20.65
-
-
18.08
-
-
12.08
-
21.35
13.17
22.25
18.12
16.71
19.69
17.93
20.19
16.32
11.57
15.27
16.12
-
-
17.40
-
15.26
-
-
-
-
17.17
25.40
11.53
19.41
-
-
-
-
-
16.86
-
-
20.06
-
-
19.26
25.23
-
-
22.42
-
-
15.09
-
-
16.33
26.25
-
19.98
-
20.70
-
19.77
13.17
19.27
18.60
-
-
18.65
-
-
-
-
-
-
19.67
26.25
13.17
SIP RETURN AS ON 28TH FEBRUARY 2015
Starting - March Month of
Years
Invested Amount :
Schemes (Diversified Equity)
2014
1
1,20,000
2012
3
3,60,000
2010
5
6,00,000
Returns % - CAGR
2008
7
8,40,000
2005
10
12,00,000
2003
12
14,40,000
Axis Long Term Equity Fund - Gr
Baroda Pioneer Elss 96
Birla Sun Life Tax Plan - Div
Birla Sun Life Tax Relief 96 Fund - Div
Birla Sun Life Tax Savings Fund - Gr
BNP Paribas Long Term Equity Fund - Gr
BOI AXA Tax Advantage Fund - Regular - Growth
Canara Robeco Equity Tax Saver Fund - Div
DSP BlackRock Tax Saver Fund - Gr
DWS Tax Saving Fund - Gr
Franklin India Taxshield Gr
HDFC Long Term Advantage Fund - Gr
HDFC Taxsaver - Div
ICICI Prudential Tax Plan - Regular Gr
IDFC Tax Advantage (ELSS) Fund - Regular Gr
JP Morgan India Tax Advantage Fund - Gr
Kotak Tax Saver - Gr
L&T Tax Advantage Fund - Gr
LIC Nomura Tax Plan Gr
Principal Personal Tax Saver
Principal Tax Savings Fund
Quantum Tax Saving Fund - Gr Plan
Reliance Tax Saver Fund - Gr
Religare Invesco Tax Plan - Gr
Sahara Tax Gain Fund Gr
SBI Magnum Tax Gain Fund - Div
Sundaram Tax Saver - Div
Tata Tax Saving Fund Plan A - Div
Taurus Tax Shield - Gr
Union KBC Tax Saver Scheme - Gr
UTI Equity Tax Saving Plan - Div
Average Returns
Maximum Returns
Minimum Returns
S&P BSE SENSEX
CNX NIFTY
62.41
44.04
64.26
66.23
56.55
53.57
44.21
43.66
45.86
42.18
54.26
30.28
38.17
44.87
53.42
47.81
62.00
40.31
54.34
37.36
40.21
25.40
70.16
59.55
24.11
48.24
43.89
54.59
38.77
46.09
41.57
47.69
70.16
24.11
28.72
31.47
45.67
31.94
39.76
40.93
33.17
37.05
31.72
30.89
35.13
31.37
36.49
29.91
33.54
36.87
36.61
31.59
33.80
30.10
34.00
29.83
35.05
26.30
48.99
39.32
27.31
35.04
29.50
34.89
26.70
32.21
28.67
34.01
48.99
26.30
24.20
24.66
31.45
19.90
25.77
25.38
20.65
25.71
20.16
21.11
23.41
19.53
24.86
20.58
21.58
24.72
24.60
20.57
21.17
20.10
21.43
19.29
23.52
19.21
31.58
25.93
18.62
23.33
19.33
23.20
17.40
-
18.80
22.43
31.58
17.40
16.39
16.68
-
17.18
21.74
21.72
18.98
22.12
-
21.07
21.30
16.39
22.90
19.95
20.95
23.76
-
-
18.45
19.72
17.71
17.07
19.34
-
27.58
23.94
18.50
20.24
16.74
20.57
16.80
-
16.59
20.05
27.58
16.39
15.11
15.26
-
13.36
16.98
17.45
14.01
-
-
19.15
-
-
19.24
16.35
17.57
18.94
-
-
-
-
13.10
14.25
14.82
-
-
-
18.55
16.75
15.07
16.19
14.74
-
13.15
16.09
19.24
13.10
13.37
13.53
-
14.44
19.48
18.97
-
-
-
21.26
-
-
21.43
19.57
21.76
22.41
-
-
-
-
13.48
16.47
17.17
-
-
-
20.18
22.82
19.05
18.36
-
-
15.00
18.87
22.82
13.48
15.59
15.41
SIP RETURN AS ON 28TH FEBRUARY 2015
Starting - MARCH Month of
Years
Invested Amount
Schemes (ELSS)
2014
1
1,20,000
2012
3
3,60,000
2010
5
6,00,000
Returns % - CAGR
2008
7
8,40,000
2005
10
12,00,000
2003
12
14,40,000
Reliance Vision Fund Gr
Religare Invesco Contra Fund - Gr
Religare Invesco Equity Fund - Gr
Religare Invesco Growth Fund - Gr
Religare Invesco Mid N Small Cap Fund - Gr
Religare Invesco Midcap Fund - Gr
Sahara Growth Fund Gr
Sahara Midcap Fund - Gr
Sahara Wealth Plus Fund Variable - Gr
SBI Contra Fund - Regular Div
SBI Emerging Businesses Fund - Regular Plan - Gr
SBI Magnum Blue Chip Fund - Gr
SBI Magnum Equity Fund - Div
SBI Magnum Global Fund - Div
SBI Magnum MidCap Fund - Gr
SBI Magnum Multicap Fund - Gr
SBI Magnum Multiplier Plus 93 - Div
SBI Small & Midcap Fund - Gr
Sundaram Equity Multiplier Fund - Gr
Sundaram Growth Fund Gr
Sundaram Rural India Fund - Gr
Sundaram S.M.I.L.E. Fund - Gr
Sundaram Select Focus - Gr
Sundaram Select MidCap - Gr
Tata Dividend Yield Fund - Gr
Tata Equity Opportunities Fund - Gr
Tata Equity P/E Fund Gr
Tata Ethical Fund - Gr
Tata Mid Cap Growth Fund - Gr
Tata Pure Equity Fund - Gr
Taurus Bonanza Fund Gr
Taurus Starshare Growth
Templeton India Growth Fund Gr
Union KBC Equity Fund - Gr
UTI Dividend Yield Fund. - Gr
UTI Equity Fund - Div
UTI Leadership Equity Fund - Gr
UTI Master Share - Div
UTI Mid Cap Fund - Gr
UTI MNC Fund - Gr
UTI Opportunities Fund - Gr
UTI Top 100 Fund - Gr
Average Returns
Maximum Returns
Minimum Returns

6. Axis Equity Fund - Gr
Axis MidCap Fund - Gr
Baroda Pioneer Growth Fund - Growth Plan
Birla Sun Life Advantage Fund Gr
Birla Sun Life Dividend Yield Plus - Growth
Birla Sun Life Equity Fund - Gr
Birla Sun Life Frontline Equity Fund - Gr
Birla Sun Life India Opportunities Fund - Gr
Birla Sun Life Long Term Advantage Fund - Gr
Birla Sun Life Midcap Fund - Gr
Birla Sun Life MNC Fund Gr
Birla Sun Life Pure Value Fund - Gr
Birla Sun Life Small and Midcap Fund - Gr
Birla Sun Life Special Situations Fund - Gr
Birla Sun Life Top 100 Fund - Gr
BNP Paribas Dividend Yield Fund- Gr
BNP Paribas Equity Fund - Gr
BNP Paribas Midcap Fund - Gr
BOI AXA Equity Fund - Regular Plan Gr
Canara Robeco Emerging Equities Fund - Gr
Canara Robeco Equity Diversified - Gr
Canara Robeco F.O.R.C.E. Fund - Regular Gr
Canara Robeco Large Cap Plus Fund - Gr
DSP BlackRock Equity Fund - Reg. Plan - Div
DSP BlackRock Focus 25 Fund - Gr
DSP BlackRock Micro Cap Fund - Gr
DSP BlackRock Opportunities Fund - Gr
DSP BlackRock Small and Mid Cap - Reg Gr
DSP BlackRock Top 100 Equity Fund Gr
DWS Alpha Equity Fund - Gr
DWS Investment Opportunity Fund - Gr
Edelweiss Diversified Growth Equity Top 100 Fund - Gr
Franklin India Bluechip Fund Gr
Franklin India Flexi Cap Fund - Gr
Franklin India High Growth Companies Fund - Gr
Franklin India Opportunities Fund-Gr
Franklin India Prima Fund Gr
Franklin India Prima Plus Gr
Franklin India Smaller Companies Fund - Gr
Goldman Sachs India Equity Fund - Gr
HDFC Capital Builder-Gr
HDFC Core and Satellite Fund - Gr
HDFC Equity Fund - Div
HDFC Growth Fund Gr
HDFC Large Cap Fund - Gr
HDFC Mid Cap Opportunities Fund - Gr
HDFC Premier Multi-Cap Fund - Gr
HDFC Small and Mid Cap Fund - Gr
HDFC Top 200 Fund - Div
HSBC Equity Fund - Gr
HSBC India Opportunities Fund - Gr
ICICI Prudential Dynamic Plan-Cum
ICICI Prudential Exports and Other Services Fund - Gr
ICICI Prudential Focused Bluechip Equity Fund - Gr
ICICI Prudential MidCap Fund - Gr
ICICI Prudential Select Large Cap Fund - Retail Gr
ICICI Prudential Top 100 Fund - Gr
ICICI Prudential Top 200 Fund - Gr
ICICI Prudential Value Discovery Fund Gr
IDFC Classic Equity Fund - Regular Plan - Gr
IDFC Equity Fund - Regular Plan - Gr
IDFC Imperial Equity Fund - Regular Plan - Gr
IDFC Premier Equity Fund - Regular Plan - Gr
IDFC Sterling Equity Fund - Regular Gr
Indiabulls Blue Chip Fund - Gr
JP Morgan India Equity Fund - Gr
JP Morgan India Mid and Small Cap Fund - Gr
Kotak 50 Equity Scheme Div
Kotak Classic Equity Fund - Gr
Kotak Emerging Equity Scheme - Gr
Kotak Midcap - Gr
Kotak Opportunities Fund - Gr
Kotak Select Focus Fund - Gr
L&T Equity Fund - Gr
L&T India Large Cap Fund - Gr
L&T India Special Situations Fund - Gr
L&T India Value Fund - Gr
L&T Midcap Fund - Cum
Mirae Asset Emerging Bluechip Fund - Gr
Mirae Asset India Opportunities Fund - Gr
Pramerica Large Cap Equity Fund - Gr
Principal Dividend Yield Fund - Gr
Principal Emerging Bluechip Fund - Gr
Principal Growth Fund Gr
Principal Large Cap Fund - Gr
Quantum Long Term Equity Fund - Gr
Reliance Equity Opportunities Fund - Gr
Reliance Focused Large Cap Fund - Gr
Reliance Growth Fund Gr
Reliance Mid & Small Cap Fund - Gr
Reliance Quant Plus Fund - Gr
Reliance Regular Savings Fund Equity Plan - Gr
Reliance Small Cap Fund - Gr
Reliance Top 200 Fund - Gr
140,411
152,271
145,523
152,372
144,571
147,588
145,478
149,738
147,937
155,300
174,499
148,439
153,309
150,659
144,612
147,908
148,228
153,544
141,633
163,390
142,890
151,969
140,590
147,488
150,950
163,904
145,312
154,834
141,817
145,671
142,420
145,471
141,857
149,180
160,585
153,899
159,010
150,934
158,749
153,548
143,929
137,370
139,111
137,921
135,516
151,310
141,137
141,656
138,463
139,085
147,239
139,178
149,167
142,621
157,160
141,158
140,004
143,541
154,547
141,777
137,943
139,690
153,770
153,886
139,626
146,785
162,284
144,824
142,664
163,037
156,116
149,868
151,643
147,808
146,761
147,904
155,732
158,031
157,927
146,309
139,099
135,598
157,910
143,179
141,405
134,055
150,338
143,284
151,140
157,137
137,960
148,570
158,073
149,540
546,735
658,417
552,333
624,682
550,230
610,587
575,418
645,905
597,340
629,437
719,159
690,561
632,501
602,660
580,032
577,346
580,373
655,886
538,272
732,193
539,183
576,063
520,935
570,525
573,585
738,542
564,974
644,661
524,792
558,561
537,308
550,518
524,895
601,062
689,470
605,080
689,747
598,174
740,221
-
579,040
536,636
562,816
512,644
492,950
655,641
549,470
556,487
542,350
516,250
596,391
551,970
679,075
552,383
703,560
543,980
547,445
568,733
674,414
514,085
509,745
505,832
629,736
601,551
499,240
559,553
710,155
543,315
539,462
679,406
632,715
576,665
607,046
574,053
558,993
582,664
659,769
683,373
708,276
592,424
500,050
505,485
686,627
584,574
545,495
519,003
608,846
555,969
589,523
676,269
509,909
575,125
756,000
593,035
999,202
-
943,917
1,094,477
977,150
1,084,142
1,054,745
1,163,972
1,076,375
1,109,897
1,390,095
1,252,973
1,122,527
1,042,409
1,070,996
1,061,383
1,078,136
1,265,444
945,230
1,375,695
984,689
1,057,796
-
1,006,870
-
1,339,729
997,874
1,157,354
938,602
978,723
928,009
1,011,037
942,382
1,084,672
1,276,105
1,066,347
1,293,174
1,095,902
1,405,588
-
1,046,067
910,232
1,003,543
907,223
867,120
1,243,879
936,479
989,320
970,316
900,830
1,076,205
1,011,947
1,299,562
1,019,645
1,244,975
981,840
1,012,392
1,021,248
1,271,820
904,248
912,071
875,069
1,183,748
1,107,056
-
998,395
1,321,824
965,064
975,545
1,226,600
1,143,019
1,030,036
1,106,269
1,026,700
996,565
1,073,183
1,201,631
1,224,719
-
1,096,112
-
895,565
1,257,694
1,059,693
971,113
958,587
1,147,787
983,764
1,030,371
1,214,556
907,956
1,014,447
-
1,078,228
-
-
1,489,356
1,750,038
1,736,193
1,756,310
1,782,558
1,926,220
1,792,292
1,888,676
2,623,161
-
1,931,385
1,626,730
1,776,773
1,849,903
1,725,336
2,183,863
-
2,509,139
1,713,089
-
-
1,686,832
-
2,519,169
1,656,310
2,095,727
1,539,024
1,531,716
1,445,097
-
1,587,480
1,839,855
2,173,546
1,679,059
2,275,768
1,838,942
2,471,716
-
1,809,097
1,544,502
1,770,139
1,516,447
1,388,189
2,304,711
1,569,506
-
1,659,565
1,399,944
1,706,307
1,727,719
2,160,101
-
2,062,788
-
1,667,353
1,682,767
2,420,259
1,407,301
1,455,315
1,384,313
2,170,443
2,041,878
-
1,636,074
2,268,159
1,539,560
1,599,471
2,018,975
1,949,387
1,678,525
-
1,745,580
1,697,111
1,826,561
-
2,101,124
-
-
-
1,480,428
-
1,661,706
1,639,390
1,707,514
2,132,410
1,472,200
1,701,231
2,032,512
-
1,698,475
-
1,747,747
-
-
2,600,013
2,785,353
3,068,189
2,986,691
3,292,882
2,863,333
-
3,305,282
4,578,727
-
-
-
-
-
2,844,201
-
-
-
3,037,598
-
-
3,115,189
-
-
2,856,768
-
2,859,166
2,660,761
2,531,752
-
2,824,117
3,190,733
-
2,721,479
3,608,568
3,306,867
-
-
3,114,737
2,570,155
3,239,275
2,761,395
2,177,132
-
-
-
3,100,669
2,378,745
2,802,751
3,164,575
-
-
3,212,705
-
2,882,245
2,825,166
4,268,278
-
-
-
-
-
-
-
-
2,677,040
-
-
3,056,527
2,964,562
-
-
-
-
-
3,451,559
-
-
-
2,334,664
-
2,495,913
-
-
-
-
3,066,000
-
-
-
-
-
-
-
-
4,531,649
5,047,995
5,608,545
5,787,433
4,277,525
-
6,098,527
7,623,181
-
-
-
-
-
-
-
-
-
-
-
-
5,964,450
-
-
5,146,624
-
5,151,831
4,583,808
3,909,554
-
4,942,786
-
-
4,664,310
6,329,864
5,939,821
-
-
5,686,599
-
6,015,804
4,964,250
3,390,911
-
-
-
5,772,964
4,240,323
-
5,919,996
-
-
-
-
4,895,421
4,903,026
-
-
-
-
-
-
-
-
-
4,782,757
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,920,511
-
-
-
-
6,403,677
-
-
-
-
-
Starting - March Month of
Years
Invested Amount
Schemes (Diversified Equity)
2014
1
1,20,000
2012
3
3,60,000
2010
5
6,00,000
Investment Value e
2008
7
8,40,000
2005
10
12,00,000
2003
12
14,40,000
SIP VALUE AS ON 28TH FEBRUARY 2015 NEWS UPDATE
have agreed, in the biggest change to
monetary policy since opening up India's
economy more than two decades ago, to
introduce inflation targeting to rein in a long
history of volatile price rises. In a document
dated Feb 20 but published on the ministry
website, the two sides set a consumer
inflation target of 4%, with a band of plus or
minus 2 percentage points, by the financial
year ending in March 2017. The Reserve
Bank of India (RBI) will first aim to have
consumer inflation fall below 6% by January
2016. The changes bring closer to reality a
goal pursued relentlessly by RBI Governor
Raghuram Rajan, who has said the inflation
targeting, more commonly seen in developed
economies, was also vital in India.
Manufacturing PMI dips to 5-month low in
February
Growth in the country's manufacturing
activities fell to a five-month low in February
because of subdued output and new orders,
showed widely-tracked HSBC purchasing
managers' index (PMI). Some manufacturing
companies, which are expected to be driver
of job creation, cut the work force, albeit
marginally. The slowdown is broad-based by
sector, with softer increases recorded in the
consumer, intermediate and investment
goods sub-sectors, a commentary
associated with PMI survey said.
GDP in 2015-16 to be 8-8.5%; double-digit
growth soon
Finance Minister Arun Jaitley has said
growth in the next financial year will rise to
8-8.5% and clock double-digit level in the
subsequent years. Growth in 2015-16 is
expected to be between 8-8.5%. Aiming for a
double digit rate seems feasible very soon, he
said while presenting the Budget for 2015-16
in the Lok Sabha. The Central Statistical
Organisation (CSO) has recently revised the
base year for calculation of GDP growth to
2011-12. As per this, the economic growth
rate in 2013-14 is estimated at 6.9% and for
2014-15 at 7.4%. The government headed by
Prime Minister Narendra Modi, which
assumed power in May last year, has initiated
a slew of economic reforms, including
de-regulation of diesel prices, raising FDI
caps in several sectors, and direct transfer of
LPG subsidy to beneficiaries.
Fiscal deficit pegged at 3.9%; to reach 3%
by FY18
Finance Minister Arun Jaitley has pegged
fiscal deficit for 2015-16 at 3.9% of GDP and
proposed to lower it to 3% by 2017-18, a year
later than planned earlier. Unveiling the
roadmap for fiscal consolidation while
presenting the Budget 2015-16, he said the
3% fiscal deficit target will now be achieved
in three years as against the FRBM target of
two years. As per the earlier roadmap fiscal
consolidation, the deficit was to come down
to 3% by 2016-17. The additional fiscal space
will be available for infrastructure funding. As
per the new roadmap, fiscal deficit will be
3.9% of GDP in 2015-16, 3.5% in 2016-17 and
3% by 2017-18. As regard the current fiscal,
Jaitley said the deficit will be 4.1% as
budgeted.
Budget raises tax deduction limit to R 4.44
lakh
With fresh incentives for individuals

7. Reliance Vision Fund Gr
Religare Invesco Contra Fund - Gr
Religare Invesco Equity Fund - Gr
Religare Invesco Growth Fund - Gr
Religare Invesco Mid N Small Cap Fund - Gr
Religare Invesco Midcap Fund - Gr
Sahara Growth Fund Gr
Sahara Midcap Fund - Gr
Sahara Wealth Plus Fund Variable - Gr
SBI Contra Fund - Regular Div
SBI Emerging Businesses Fund - Regular Plan - Gr
SBI Magnum Blue Chip Fund - Gr
SBI Magnum Equity Fund - Div
SBI Magnum Global Fund - Div
SBI Magnum MidCap Fund - Gr
SBI Magnum Multicap Fund - Gr
SBI Magnum Multiplier Plus 93 - Div
SBI Small & Midcap Fund - Gr
Sundaram Equity Multiplier Fund - Gr
Sundaram Growth Fund Gr
Sundaram Rural India Fund - Gr
Sundaram S.M.I.L.E. Fund - Gr
Sundaram Select Focus - Gr
Sundaram Select MidCap - Gr
Tata Dividend Yield Fund - Gr
Tata Equity Opportunities Fund - Gr
Tata Equity P/E Fund Gr
Tata Ethical Fund - Gr
Tata Mid Cap Growth Fund - Gr
Tata Pure Equity Fund - Gr
Taurus Bonanza Fund Gr
Taurus Starshare Growth
Templeton India Growth Fund Gr
Union KBC Equity Fund - Gr
UTI Dividend Yield Fund. - Gr
UTI Equity Fund - Div
UTI Leadership Equity Fund - Gr
UTI Master Share - Div
UTI Mid Cap Fund - Gr
UTI MNC Fund - Gr
UTI Opportunities Fund - Gr
UTI Top 100 Fund - Gr
Average Amount
Maximum Amount
Minimum Amount
151,455
154,163
139,819
149,392
159,118
160,008
131,365
139,169
145,036
147,197
148,376
148,276
144,935
156,967
154,386
149,859
150,426
171,832
146,064
138,013
144,825
168,612
138,595
157,497
145,765
150,126
153,627
147,989
163,404
143,863
145,450
144,117
141,269
141,057
140,378
144,420
141,610
146,037
157,539
165,442
142,541
146,357
148,358
174,499
131,365
597,890
635,739
529,899
580,811
695,035
691,821
495,035
580,336
580,649
547,567
571,198
582,225
545,746
656,747
693,117
590,124
600,157
764,833
552,596
502,501
546,865
738,748
513,702
666,926
548,785
582,817
628,407
580,998
702,223
536,082
532,895
545,402
537,563
534,864
516,807
561,744
537,443
548,383
723,562
665,719
540,707
551,867
593,193
764,833
492,950
1,031,339
1,128,648
961,980
1,046,063
1,320,762
1,294,843
871,143
1,019,254
1,055,730
940,733
1,116,537
1,067,381
984,256
1,229,881
1,291,237
1,044,578
1,078,118
1,407,114
956,507
868,566
971,356
1,283,753
887,013
1,214,232
994,737
1,055,356
1,111,712
1,071,308
1,281,960
967,254
916,325
968,322
939,369
-
910,025
1,037,915
959,970
973,157
1,330,894
1,285,298
1,004,592
991,129
1,072,018
1,407,114
867,120
1,654,394
1,917,102
1,583,156
1,715,267
-
2,343,678
1,375,231
1,750,089
1,752,550
1,458,024
2,100,110
1,726,636
1,636,319
2,153,174
2,133,780
1,629,800
1,762,936
-
1,500,499
1,363,364
1,571,545
2,125,023
1,370,327
2,149,817
1,760,232
1,725,378
1,874,457
1,841,537
2,140,834
1,598,778
1,418,840
1,588,257
1,560,279
-
1,551,657
1,744,880
1,514,112
1,571,403
2,345,598
2,348,968
1,749,935
1,600,558
1,797,255
2,623,161
1,363,364
2,804,835
-
-
-
-
-
2,458,770
2,960,702
-
2,491,260
3,398,096
-
2,896,697
3,546,234
-
-
3,088,120
-
-
2,242,429
-
3,681,837
2,375,445
3,865,040
3,095,813
2,869,373
3,367,742
3,063,205
3,458,204
2,810,684
2,181,990
2,656,896
2,780,811
-
-
2,977,463
-
2,655,641
-
-
-
-
2,973,160
4,578,727
2,177,132
5,018,691
-
-
-
-
-
4,232,607
-
-
5,244,225
-
-
4,969,206
7,423,845
-
-
6,141,858
-
-
3,764,352
-
-
4,087,860
7,952,508
-
5,216,408
-
5,473,891
-
5,140,635
3,316,665
4,972,546
4,755,470
-
-
4,769,399
-
-
-
-
-
-
5,204,189
7,952,508
3,316,665
SIP VALUE AS ON 28TH FEBRUARY 2015
Starting - March Month of
Years
Invested Amount
Schemes (Diversified Equity)
2014
1
1,20,000
2012
3
3,60,000
2010
5
6,00,000
Investment Value e
2008
7
8,40,000
2005
10
12,00,000
2003
12
14,40,000
Axis Long Term Equity Fund - Gr
Baroda Pioneer Elss 96
Birla Sun Life Tax Plan - Div
Birla Sun Life Tax Relief 96 Fund - Div
Birla Sun Life Tax Savings Fund - Gr
BNP Paribas Long Term Equity Fund - Gr
BOI AXA Tax Advantage Fund - Regular - Growth
Canara Robeco Equity Tax Saver Fund - Div
DSP BlackRock Tax Saver Fund - Gr
DWS Tax Saving Fund - Gr
Franklin India Taxshield Gr
HDFC Long Term Advantage Fund - Gr
HDFC Taxsaver - Div
ICICI Prudential Tax Plan - Regular Gr
IDFC Tax Advantage (ELSS) Fund - Regular Gr
JP Morgan India Tax Advantage Fund - Gr
Kotak Tax Saver - Gr
L&T Tax Advantage Fund - Gr
LIC Nomura Tax Plan Gr
Principal Personal Tax Saver
Principal Tax Savings Fund
Quantum Tax Saving Fund - Gr Plan
Reliance Tax Saver Fund - Gr
Religare Invesco Tax Plan - Gr
Sahara Tax Gain Fund Gr
SBI Magnum Tax Gain Fund - Div
Sundaram Tax Saver - Div
Tata Tax Saving Fund Plan A - Div
Taurus Tax Shield - Gr
Union KBC Tax Saver Scheme - Gr
UTI Equity Tax Saving Plan - Div
Average Amount
Maximum Amount
Minimum Amount
S&P BSE SENSEX
CNX NIFTY
155,007
145,225
155,970
156,998
151,925
150,341
145,316
145,015
146,207
144,211
150,711
137,646
142,019
145,676
150,263
147,261
154,792
143,195
150,750
141,572
143,139
134,896
159,031
153,504
134,165
147,493
145,141
150,883
142,349
146,331
143,880
147,126
159,031
134,165
136,770
138,307
668,927
562,645
621,715
630,856
571,634
600,781
560,999
554,962
586,275
558,447
596,501
547,922
574,412
599,431
597,413
560,091
576,327
549,305
577,818
547,339
585,617
522,428
696,497
618,287
529,478
585,609
545,020
584,466
525,176
564,584
539,065
578,711
696,497
522,428
507,960
511,107
1,286,584
978,663
1,125,968
1,115,521
996,459
1,124,162
984,903
1,007,627
1,064,427
970,166
1,101,904
994,862
1,019,023
1,098,234
1,095,083
994,681
1,009,067
983,566
1,015,453
964,407
1,067,225
962,572
1,290,546
1,130,031
948,974
1,062,502
965,443
1,059,237
921,509
-
953,113
1,043,064
1,290,546
921,509
899,215
905,610
-
1,541,443
1,810,852
1,809,452
1,642,961
1,835,433
-
1,768,480
1,782,906
1,499,220
1,886,144
1,699,978
1,761,223
1,944,447
-
-
1,612,233
1,686,205
1,570,595
1,535,454
1,663,924
-
2,223,045
1,956,542
1,615,246
1,717,583
1,517,782
1,737,797
1,521,093
-
1,509,506
1,713,982
2,223,045
1,499,220
1,432,657
1,440,479
-
2,400,211
2,912,011
2,986,143
2,484,640
-
-
3,271,717
-
-
3,287,432
2,815,325
3,005,544
3,234,588
-
-
-
-
2,367,192
2,516,781
2,594,511
-
-
-
3,166,813
2,875,644
2,628,835
2,791,202
2,583,112
-
2,373,654
2,794,186
3,287,432
2,367,192
2,401,377
2,421,643
-
3,604,452
5,044,001
4,875,154
-
-
-
5,683,280
-
-
5,748,585
5,073,589
5,876,741
6,138,738
-
-
-
-
3,384,893
4,125,215
4,321,587
-
-
-
5,284,875
6,310,078
4,901,079
4,680,203
-
-
3,740,240
4,924,544
6,310,078
3,384,893
3,891,748
3,845,320
SIP VALUE AS ON 28TH FEBRUARY 2015
Starting - March Month of
Years
Invested Amount
Schemes (ELSS)
2014
1
1,20,000
2010
3
3,60,000
2008
5
6,00,000
Investment Value e
2006
7
8,40,000
2005
10
12,00,000
2003
12
14,40,000
NEWS UPDATE
DISCLAIMER: We have taken due care and caution in compilation of this booklet. The information has been obtained formvarious reliable sources. However it does not guarantee the accuracy, adequacy or completeness
of any information and are not responsible for any errors or omissions of the results obtained from the use of such information. Investors shold seek proper financial advise regarding the appropriateness of investing in
any of the schemes stated, discussed or recommended in this newsletter and should realise that thestatements regarding future prospects may or may not realise. Mutual fund investments are subject to market risks.
Please read the offer document carefully before investing. Past performance is for indicative purpose only and is not necessarily a guide to the future performance.
announced in the Union Budget, the overall
deduction limit under personal income tax
has gone up to R 4,44,200 a year. In the
Budget for 2015-16, Finance Minister Arun
Jaitley has proposed raising the tax
deduction limit by R 10,000 for payment
towards health insurance premium. At the
same time, exemption of transport
allowance has been doubled to R 19,200 per
year. To provide social safety net and the
facility of pension to individuals, an
additional deduction of R 50,000 is proposed
to be provided for contribution to the New
Pension Scheme under Section 80CCD.
Other deductions namely - deduction under
section 80C of R 1.5 lakh while deduction
under section 80CCD R 50,000 - have been
maintained. Tax deduction on account of
interest on house property loan (for self
occupied property) has also been kept
unchanged at R 2 lakh.
Corporate tax to be brought down to 25%
over 4 years
After a gap of 10 years, the government
announced a cut in corporate tax by 5% to
25% over four years starting April 2016, but
tax exemptions and incentives to the
industry will be withdrawn. Jaitley, in his
first full-year Budget, said the basic rate of
corporate tax in India at 30% is higher than
the rates prevalent in the other major Asian
economies, making domestic industry
uncompetitive. Moreover, the effective
collection of corporate tax is about 23%.
Jaitley said the move will lead to higher
level of investment, higher growth and more
jobs. In 2005, the then Finance Minister P
Chidambaram had reduced the corporate
tax to 30% from 35%.
GAAR deferred by two years
In an move to further improve investment
sentiment in the country, Finance Minister
Arun Jaitley proposed deferring General
Anti-Avoidance Act (GAAR) by two years.
Further, it has also been decided that when
implemented, GAAR would apply
prospectively to investments made on or
after April 1, 2017. The government had
earlier proposed imposing the GAAR from
April 1, 2015, for those claiming tax benefit
of over R 3 crore. The rules are aimed at
minimising tax avoidance for investments
made by entities based in tax havens.
FinMin wants PSU banks to consolidate,
merge
In a step towards consolidation, the
Government wants banks to consider
merger. It has also proposed more
transparency in the appointment of
independent director on the bank board. The
Government wants to encourage Bank
Boards to restructure their business
strategy and also suggest a way forward for
their consolidation and merger with other
banks if it is a win-win for both, the Finance
Ministry said in a statement discussing
reform measures for public sector banks. At
present, there are 27 public sector banks
including State Bank of India and its
associate banks.