DoP's UTI Lifestyle fund gets huge response in Andaman

Port Blair, July 12 (UNI) The initiative of India Post for selling mutual funds in a bid to make high return investments easy for the islanders is getting huge response.

Turning the popular concept of marketing through English speaking, the Department had entrusted the work of business generation to its Postmen, Gramin Dak Sevaks and Postmasters across the island.

''The response is very encouraging,'' Madhumita Das, the Director of Postal Services told UNI today.

In the past, fuelled by the rise in employment opportunities, higher disposable incomes of double earning families and easy availability of finance, the gross domestic consumption especially of consumer goods and lifestyle enhancing products and services have gone up phenomenally.

The stock markets have seen an unprecedented bull run registering a growth of 500 per cent in the last five years with no signs of slowing down.

The Indian consumer had become indoctrinated in the credit card culture and his spending spree is driving the spurt in production.

Taking advantage of the socio-economic sentiments, the UTIMF had launched the India Lifestyle fund, with a mandate to invest in the sunrise sectors such as organised retail (shopping malls), consumer goods, automobiles, telecom, consumer finance, housing, travel, health, fitness, entertainment, fashion, tourism and hospitality Ms Das added.

She said the ongoing new fund offer (NFO) of the UTI-India lifestyle fund was available from all 101 post offices in the remote Andaman and Nicobar Islands.

The demand in these sectors was projected to increase sharply in the next few years.

India Post had joined hands in bringing the opportunity of benefitting from the buoyant markets to the common man, who is not conversant with the nuances of the stock market.

The NFO of the Lifestyle fund is open till July 25.

The units are priced at Rs 10 and the minimum investment is for Rs 5000, she added.

''Along with the islanders the postmen have also shown keen interest in marketing, Ms Das said.

UNI