New Delhi: ICICI Prudential Mutual Fund has launched a new fund offer (NFO), ICICI Prudential Bharat Consumption Fund, an open-ended equity scheme following the consumption theme. The NFO period is from March 26 to April 9.
The scheme aims to provide capital appreciation by investing in stocks that could benefit from growth in consumption and related activities and is benchmarked on the Nifty India Consumption Index.
The minimum application amount for the NFO is Rs 5,000.
Commenting on the new fund, Nimesh Shah, MD and CEO of ICICI Prudential Mutual Fund, said, “Globally, it has been observed that the moment a country’s per capita GDP crosses $2,000, there is a disproportionate rise in discretionary spending and India is poised to cross this milestone in 2019-20.”
Going forward, the primary drivers for consumption are likely to be a rising income and expansion of the middle-income segment, the diverse population within India-increasing urbanisation, and improved connectivity owing to technology advancement.
