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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make...

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make sure you have at least six months of living expenses saved in a bank fixed deposit or a debt mutual fund. This reserve will serve as your emergency fund for unforeseen situations and ensures you are prepared for any rainy days. Review Your Asset Allocation Revisit your investments to ensure they align with your goals. For short-term goals within three years, bank fixed deposits, recurring deposits, or debt mutual funds are appropriate. For long-term goals beyond three years, a diversified combination of hybrid/equity mutual funds, direct equities, and gold should be preferred. Do Sufficient SIPs Systematic Investment Plans (SIPs) are the backbone of disciplined investing. At least 25-30 percent of your in-hand monthly income should ideally be invested through SIPs in mutual funds, equities, and gold. This consistent approach will steadily build wealth over time. Make Lumpsum Investments Along with SIPs, voluntary lumpsum contributions into long-term assets whenever you have surplus funds can accelerate wealth creation. Even occasional lumpsum additions make a significant difference to the overall corpus. Increase Your SIPs Annually As your income increases, make sure your investments grow as well. Increasing your SIP amounts every year helps your wealth stay in line with inflation and your rising lifestyle needs. Increase your SIPs yearly and anchor them to at least 30 percent of your monthly income. Stay Invested Remain invested until your financial goals are achieved. Avoid redeeming investments unnecessarily. Frequent withdrawals disrupt compounding. If liquidity is required, consider taking an overdraft loan against your investments rather than breaking them prematurely. Health Insurance Safeguard your family with adequate health insurance. Opt for a minimum cover of 25 lakhs per family member with comprehensive features. Remember that relying only on employer-provided insurance is risky. Independent health insurance is essential. Term Life Insurance Protect your loved ones with a pure term life insurance policy. Ensure a cover of at least ten times your annual income, along with provisions for any outstanding loans. Stay away from mixing insurance with investments. A simple term plan is the most effective solution. Consult a Financial Advisor A full-time, well-qualified financial advisor can simplify your financial journey. Professional guidance ensures disciplined planning, correct product selection, and proper execution of your financial strategy. May this festive season bring abundance and lasting financial peace. (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Airbus, Mahindra Aerostructures sign contract for H130 helicopter fuselage manufacturing

Agency
Apr 9, 2025
2 min read


Airbus and Mahindra Aerostructures on Wednesday signed a contract for manufacturing H130 helicopter fuselage, according to a statement from the Civil Aviation Ministry.


Minister for Civil Aviation, Ram Mohan Naidu, chaired the signing ceremony, the ministry said.


This manufacturing contract marks a pivotal moment in India's aviation journey, further strengthening the global confidence in the country's industrial potential, the ministry said.


The ministry added that the partnership between Mahindra Aerostructures and Airbus underscores India's progress in the aviation sector and the government's steadfast commitment to the 'Make in India' and 'Atmanirbhar Bharat' initiatives spearheaded by Prime Minister Narendra Modi.


Highlighting India's rapid aviation growth, the Minister shared that India is set to become one of the world's largest civil aviation markets, with over 2,200 aircraft expected to join the fleet in the next 20 years.


By 2030, India will handle 630 million passengers annually, growing at a CAGR of 6-8 per cent.Over the next 10-15 years, the domestic aerospace manufacturing market can grow to a USD 10 billion industry, encompassing structural components, avionics systems, and more, he said.


The Minister also acknowledged the exemplary contribution of Indian MSMEs and startups, which supply over USD 2 billion worth of aircraft components annually to global OEMs like Airbus and Boeing.


The event builds on the momentum from a February 2025 meeting chaired by the minister, focusing on accelerating aircraft component manufacturing in India. Attended by senior officials, industry leaders, and experts, the meeting aimed to chart a unified roadmap for bolstering domestic production and enhancing global competitiveness.


Secretary, MoCA, Vumlunmang Vualnam in his address emphasized how the H130 fuselage contract will not only bring cutting-edge technologies and jobs to India but also catalyze the development of domestic MRO capabilities and a robust manufacturing base.


The two Final Assembly Lines in India; one for the C295 military aircraft, inaugurated by Prime Minister Narendra Modi and Spanish PM Pedro Sanchez, and the upcoming H125 helicopter assembly line stand as beacons of India's thriving aerospace ecosystem and its strategic partnership with global players like Airbus, the ministry added.

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