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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.)

Grounded Ambition

Jan 28
2 min read

Ajit Pawar’s life in politics was a study in restless energy and permanent incompleteness. His tragic death in a private plane crash has stupefied Maharashtra, bringing an abrupt end to a career defined by constant movement and unfinished ambition.


A record six-time Deputy Chief Minister, Ajit Pawar died as he lived: in motion, rushing to Baramati to address a local rally and tethered to the routines of grassroots politics even after four decades in public life. That the 66-year-old never realised his long-cherished ambition of becoming Chief Minister lends his death a particularly cruel symmetry. In Indian politics, few figures have come so close to the summit only to remain forever just below it.


Known affectionately as ‘Dada,’ Pawar was no ornamental satrap. Punctual to a fault, brusque in manner and famously tireless, he embodied the administrator-politician hybrid that Maharashtra once specialised in producing. From sugar cooperatives to the state’s finances, Pawar was intimately cognizant with the machinery of power. Files moved quickly when they reached his desk while decisions once taken were enforced with minimal fuss by him. In an era of performative governance, Ajit retained an old-fashioned belief in execution.


Yet his strengths were inseparable from his controversies. As someone who matured under the shadow and emulated his stalwart uncle, Sharad Pawar, Ajit rose through the cooperative movement that has long blurred the boundary between public service and patronage in western Maharashtra. Allegations of financial scandals regarding irrigation projects had forced his resignation in 2012 and scarred his reputation. While he built an intensely loyal faction within the Nationalist Congress Party (NCP), his mercurial persona deepened family and organisational fault lines.


Those fissures ultimately defined his career. Long seen as the natural heir to his uncle Sharad Pawar, Ajit chafed under dynastic ambiguity. The entry of Supriya Sule and later Rohit Pawar into electoral politics sharpened his sense of political confinement. His repeated rebellions - most dramatically the 80-hour government with the BJP in 2019, and the definitive split with the NCP in 2023 - were desperate bids for autonomy. By securing the party name and symbol and delivering a robust tally in the 2024 Assembly elections, Pawar finally emerged from his uncle’s shadow.


His death now leaves the NCP faction he led politically orphaned. Built around his authority, the party faces an uncertain future within the BJP-led Mahayuti. Without Pawar’s negotiating skills and electoral heft, rivals will test its cohesion and allies its utility.


His demise also places him in a grimly familiar list of Indian public figures undone by private aviation failures like Y.S. Rajasekhara Reddy, Madhavrao Scindia and General Bipin Rawat.


India’s political class relies heavily on chartered aircraft and helicopters, often operating under looser scrutiny than commercial aviation. Maintenance regimes, pilot fatigue and weather assessment at smaller airstrips remain unevenly regulated. Either way, Ajit Pawar’s death leaves behind a vacuum that Maharashtra’s and Indian politics will feel for some time.

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