In the next few weeks, we will announce a number of decisions to attract more people to invest in mutual funds, insurance policies and other well-designed instruments, says P Chidambaram
Finance Minister P Chidambaram yesterday said that the ministry will come out with a number of measures to attract more people to invest in mutual funds and insurance products. “Both the mutual fund industry and the insurance sector have turned sluggish. In the next few weeks, we will announce a number of decisions to attract more people to invest in mutual funds, insurance policies and other well-designed instruments. The key to restart the growth engine is to attract more investment, both from domestic investors and foreign investors,” said P Chidambaram.
Chidambaram assumed finance minister’s portfolio on August 1, 2012. He also said that the ministry intends to unveil, shortly, a path of fiscal consolidation.
Mutual Fund honchos, SEBI, AMFI and FIFA had a series of meeting with the finance ministry last month to give their recommendation to bolster the MF industry. Among the suggestions were to give pension benefits to mutual fund schemes, allowing AMCs to charge service tax from investors, additional tax benefits for investments in mutual funds and continuation of tax benefits in ELSS.
