TORONTO, June 30, 2017 /CNW/ - Excel Funds Management Inc.: In a groundbreaking move, India rolled out its Goods and Services Tax (GST) on July 1, 12:00 AM, IST.
The tax has replaced over 16 individual state and federal taxes with a single federal tax, enhancing the efficiency of production and movement of goods and services across Indian states. It has also facilitated greater transparency among taxpayers, businesses and the government and has turned India into a unified market for global trade.
"Most importantly, the GST will provide a big boost to India's economic growth," says Bhim D. Asdhir, President and CEO of Excel Funds Management Inc. "According to the IMF, the implementation of the GST will help raise India's medium-term growth to above 8%," he adds.
The GST is another major achievement of the Narendra Modi government which is committed to improving the business environment, simplifying business processes and increasing transparency in India. Its implementation comes on the back of the demonetization of large value currency notes last December, with the aim of curbing the underground economy.
"Game changing reforms under the Modi government have not only improved the business environment but also contributed to stronger economic growth and an increase in foreign investment in India," says Asdhir. "Together, these factors have benefitted the stock markets and consequently Excel's India-focused funds."
Excel currently offers three India-focused funds: the Excel India Fund, the largest and longest-running India-focused mutual fund in Canada, the Excel New India Leaders Fund, and the Excel India Balanced Fund.
About Excel Funds Management Inc.
Established in 1998, Excel Funds Management Inc. is a multiple award-winning investment manager. The company offers actively-managed core and specialty investment solutions to retail and institutional investors, including access to the largest suite of emerging markets investments in Canada. Excel's primary focus is on generating diversified sources of return to help clients achieve their discerning short- and long-term objectives. The company's strategic alignment with active, on-the ground sub-advisors who work in collaboration with its in-house managers, enhances the depth and breadth of its portfolio management team. Through its sub-advisor network, Excel benefits from the expertise and knowledge base of over 600 portfolio advisors who collectively manage over UD$1.5 trillion in assets.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Excel Funds Management Inc. undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.
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SOURCE Excel Funds Management Inc.