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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.)

From Jail to Top Seat

Dec 1, 2024
3 min read

Updated: Dec 2, 2024

harkhand Mukti Morcha

In the hinterlands of Jharkhand, where dense forests meet rich coal seams, Hemant Soren has forged a political career defined by adversity and resilience - a testament to which was his remarkable comeback in leading the Jharkhand Mukti Morcha (JMM)-led Mahagathbandhan coalition to victory in the recent state assembly elections.


The poll results were testament also to the steadfast loyalty 49-year-old Soren commands of the tribal communities of his state. Soren’s most recent political resurrection reads almost like a myth. Arrested earlier this year in a money-laundering case tied to an alleged land scam, he spent weeks in judicial custody at Ranchi’s Birsa Munda Central Jail. His detractors, led by the Bharatiya Janata Party (BJP), seized the moment, framing him as emblematic of a corrupt political elite. Yet, as the dust settled from a bruising electoral battle, it was Soren who emerged victorious, leading the Mahagathbandhan to a commanding win, vanquishing a BJP campaign bolstered by national heavyweights like Himanta Biswa Sarma and Shivraj Singh Chouhan.


In the days following his release on bail, Soren had hit the campaign trail with a singular focus. His wife, Kalpana, had already taken up the reins during his absence, rallying voters with a narrative of victimhood and resistance. Together, they turned Soren’s incarceration into a rallying cry against what they framed as the BJP’s ‘divide and rule’ strategy.


The BJP’s campaign, focused heavily on the issue of Bangladeshi infiltration, failed to resonate with the state’s tribal heartland. Rhetoric about “mini-Bangladeshs” in regions like Santhal Pargana only deepened suspicions of a communal agenda, one that Soren skilfully countered with appeals to Jharkhand’s indigenous identity.


Soren’s political trajectory has never been straightforward. Born in Nemra, a village near Hazaribagh, in 1975, he was raised in the shadow of his father, Shibu Soren, a towering figure in Jharkhand’s political history and the face of the movement for statehood.


Hemant, initially an unlikely heir, was thrust into leadership after the untimely death of his elder brother Durga in 2009. His ascent to the top of the JMM, and eventually to the Chief Minister’s office in 2013, was marked by both opportunity and tumult—a fractured coalition with the BJP, a brief stint in opposition, and a pivotal return to power in 2019.


Over the years, Soren has cultivated an image as a protector of Jharkhand’s tribal rights. His opposition to the BJP’s attempts to amend laws protecting tribal land in 2016 cemented his status as a champion for his community. It is a narrative he has leaned on heavily, portraying himself as a defender of Jharkhand’s Adivasis against external exploitation.


Soren’s tenure as Chief Minister has been a mix of welfare-oriented policies and battles with the central government. His administration has expanded pensions, waived loans for over 1.75 lakh farmers, and launched schemes to bring government services directly to remote villages. At the same time, he has not hesitated to criticize the BJP-led central government, accusing it of extracting Jharkhand’s resources without fair compensation.


But Soren’s path has been fraught with challenges. Internal dissent within the JMM surfaced when his sister-in-law, Sita Soren, defected to the BJP earlier this year, reportedly after being sidelined in favour of Kalpana. Allegations of impropriety—most notably a mining lease controversy in 2022—have repeatedly tested his political survival skills.


Still, for all the controversies, Soren remains a figure of enduring appeal among Jharkhand’s tribal population. His earthy demeanour and focus on social welfare have cultivated a deep connection with his constituents. Over the past months, he and Kalpana addressed hundreds of rallies, casting the election as a referendum not just on his governance but on the soul of Jharkhand itself.


As he takes office for another term, Soren’s political legacy is far from settled and his battles with the BJP and federal agencies are likely far from over. Yet, in a state where the ground is both rich with coal and riven with fault lines, his ability to endure against odds both legal and political has cemented his place as one of Jharkhand’s most consequential leaders.

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