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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.)

Govt announces caste enumeration in next census exercise, slams Oppn for using it as 'political tool'

Apr 30, 2025
3 min read


New Delhi: In a major decision, the government on Wednesday announced that caste enumeration will be included in the forthcoming census exercise in a "transparent" manner and slammed the opposition parties for using caste survey as a "political tool".


Opposition parties, including the Congress, have been demanding a nationwide caste census, making it a major election issue, and some states like Bihar, Telangana and Karnataka have conducted such surveys.


Announcing the decision taken by the Cabinet Committee on Political Affairs, Union Minister Ashwini Vaishnaw said the census comes under the purview of the Centre, but some states have done caste enumeration in the name of surveys "non-transparently" which has created doubts in the society.


Noting that caste was not included in all census operations conducted since Independence, Vaishnaw alleged that the Congress governments have always opposed caste census and the party had used the issue as a political tool.


"Considering all these facts and to ensure that the social fabric is not disturbed by politics, caste enumeration should be transparently included in the Census instead of surveys," he said, adding that this will strengthen the social and economic structure of our society while the nation continues to progress.


The minister alleged that the states ruled by opposition parties have done caste surveys for political reasons and emphasised that the Modi government has resolved to transparently include caste enumeration in the forthcoming pan-India census exercise.


The Congress and the opposition INDIA bloc had made caste census a major poll plank in the previous elections, with Rahul Gandhi promising representation to people based on their population.


The census exercise was to commence in April 2020 but got delayed due to the Covid pandemic.


Vaishnaw said in 2010, the then prime minister Manmohan Singh had assured the Lok Sabha that the matter of caste census should be considered in the Cabinet. A group of ministers was formed to consider this after most of the political parties had recommended a caste census.


"Despite this, the Congress government decided to conduct only a survey instead of a caste census. That survey is known as SECC.


"It is well understood that the Congress and its INDI alliance partners have used Caste Census only as a political tool," the minister alleged.


He said that under Article 246 of the Constitution, the subject 'census' is listed in the Union list under entry 69 and according to the Constitution, the Census is a Union subject.


Vaishnaw said some states have conducted surveys to enumerate castes.


Some states have done this well, while some others have conducted such surveys purely from a political angle in a non-transparent way. Such surveys have created doubts in the society, he said.


"Considering all these facts and to ensure that the social fabric is not disturbed by politics, caste enumeration should be transparently included in the Census instead of surveys," he said, adding that this will strengthen the social and economic structure of our society while the nation continues to progress.


"Under the leadership of Prime Minister Narendra Modiji, the Cabinet Committee on Political Affairs has decided today (30th April 2025) that caste enumeration should be included in the forthcoming Census," the minister said.


"This demonstrates that our government is committed to the values and interests of our society and country, like in the past when our government had introduced 10 per cent reservation for the economically weaker sections of the society without causing stress in any section of the society," Vaishnaw said at the briefing.

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