MFs plan schemes to cash in on 'Make in India' campaign

NEW DELHI: Mutual fund houses plan to come up with special schemes focused on the manufacturing sector that is expecting a big boost from the Centre's 'Make in India' initiative.

ICICI Prudential Mutual Fund (MF), which has filed offer documents with market regulator Sebi, plans to launch an open ended equity scheme 'ICICI Prudential Manufacture in India Fund'.

Besides, Pramerica MF has filed draft papers to launch 'Pramerica Build in India Fund', while Birla Sun Life manufacturing equity fund' is already being launched.

These schemes are aimed at investment in equity and equity-related securities that are likely to benefit from the government's 'make in India' initiative.

Apart from these, a number of fund houses are expected to come up with new schemes that will invest in manufacturing companies, industry experts said.

Moreover, economic recovery, resurgence of the business cycle and e-commerce are other themes that are attracting mutual fund houses.

Pramerica MF, earlier this month, sought Sebi's approval to launch an e-commerce focused fund. ICICI Prudential MF, last month, filed an application for ICICI Prudential India Recovery Fund that will invest in stocks of companies likely to benefit from recovery in Indian economy.

Recently, JP Morgan Mutual Fund launched JP Morgan India Economic Resurgence Fund that will invest in businesses that stand to benefit from growth acceleration and reform initiatives.

Prime Minister Narendra Modi in September launched the 'Make In India' campaign, in a move to revive the job-creating manufacturing sector.