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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.)

Maharashtra Is Losing PG Seats and Medical Standards

Mar 25
3 min read

As the Centre expands PG medical seats, Maharashtra is losing both seats and standards—amid faculty shortages and allegations of corruption in contractual appointments.

Even as the Union government expands PG medical seats nationwide, Maharashtra is losing ground due to a chronic faculty shortage in government medical colleges.


At Rajarshi Shahu Government Medical College, vacancies across seven departments have already cost 23 PG seats, with the total likely to rise to 40 as more seats remain unsanctioned.


Kolhapur is no exception: a review of nearly 30 government medical colleges suggests Maharashtra may have lost over 600 PG seats to faculty shortages.


A recent Maharashtra University of Health Sciences report underscores the crisis: of 25 colleges assessed, 10 had over 50 per cent teaching vacancies. The starkest case is Ratnagiri’s government medical college, where only 12 per cent of sanctioned faculty posts are filled and no department has a full professor.


Newly established colleges in Parbhani and Satara fare little better, with faculty strength at 34 per cent and 40 per cent, respectively. PG courses have yet to start, raising concerns over expansion and the quality of undergraduate training.


Even among 17 colleges already offering PG education, faculty shortages remain acute. Infrastructure and students are in place, but PG approvals hinge on faculty strength. Under NMC norms, a professor can guide three PG students and an associate professor two, making the faculty a hard cap on capacity.


Short System

For decades, the State’s Directorate of Medical Education has relied on temporary faculty deputations to meet inspection norms—first under the Medical Council of India and now the National Medical Commission. Faculty were shifted across colleges before inspections and sent back later, a stopgap that masked structural gaps.


The report flags the practice, but there is little sign of corrective action. Critics say the state continues to announce new medical colleges—often for political reasons—without adequate staffing. The result is a double blow: lost PG seats and a gradual decline in undergraduate medical education in a state once seen as a leader in the field.


Built Before Staffed

Would any school open before hiring teachers? The question is basic in primary education; in medical colleges, it is critical. Yet in Maharashtra, the sequence appears reversed.


The National Medical Commission sets stringent norms for approving medical colleges, including faculty and infrastructure. Institutions must meet at least 95 per cent of these norms for approval. Yet Maharashtra seems to follow a different model—where political announcements come before preparedness.


Medical colleges are declared, infrastructure is built, and approvals are secured—often by stretching compliance on paper. Only after admissions begin does the hunt for faculty start. The flaw is obvious: training a medical teacher takes nearly 27 years, making quick fixes impossible and leaving students to pay the price.


The same report underscores the scale of the problem: not a single government medical college in the state meets prescribed faculty strength. Even Grant Medical College—one of the country’s oldest institutions—has a 10 per cent faculty shortfall, suggesting far deeper gaps elsewhere.


In several colleges, contractual appointments are being used to patch vacancies. But the economics are untenable: the cost of medical education and the pay offered to contractual teachers do not align. Faculty hired on 11-month contracts often do not return, undermining continuity and quality.


Unless permanent recruitment is prioritised and pay is aligned with market realities, the faculty deficit is unlikely to ease.


One immediate remedy is ad hoc promotions, allowing departmental selection committees to move existing faculty up the hierarchy and open entry-level posts for young postgraduates as lecturers. The system was used earlier but has since fallen out of practice, while recruitment through the State Public Service Commission has also slowed.


The fallout is already visible. AIIMS Nagpur has drawn faculty away from government colleges, offering nearly 1.5 times higher pay and greater job stability. State-run institutions, by contrast, continue to struggle with transfers, lower pay, and weak incentives—especially in rural areas.


Teachers posted in cities are reluctant to move to rural Maharashtra, where lower housing allowances can cut salaries by up to Rs 40,000 and schooling options are limited. Without targeted incentives, attracting faculty to these regions will remain difficult.


Cost of Opacity

Even as the shortage deepens, allegations of malpractice persist. Transfers and temporary appointments are reportedly being used for rent-seeking, with some candidates allegedly paying a month’s salary for an 11-month contract.


Such claims have surfaced in Kolhapur, where medical circles say payments are being sought for reappointments despite acute shortages. In one case, a teacher reportedly refused to pay and lost the post, only to later be selected through the Public Service Commission—raising troubling questions about merit being sidelined.


Whether the state's medical education authorities investigate these allegations may show how deeply entrenched the practice is.


(The writer is a senior journalist based in Kolhapur. Views personal.)

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