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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.)

MNS red-flags BMC proposal to engage private player

Quaid Najmi
Apr 1
3 min read

Mumbai: A storm is brewing over the Brihanmumbai Municipal Corporation (BMC)’s plan to set up its first-ever 4-year nursing degree college - now mired in a row with a proposal to engage a private player for the prestigious project.

 

The civic body recently floated an e-tender to develop the proposed nursing degree college on a Design-Build-Operate-Transfer (DBOT) basis in five years, on a prime 2327 sq.mt plot on R. K. Patkar Marg, near BMC’s K.B. Bhabha Hospital, in Bandra west.

 

However, with only a single bidder in the fray, the deadline has now been extended till April 6. The lone bid has reportedly come from the JSW Foundation, which has quoted a one-time premium of Rs 5.29 crore, along with a nominal lease rent of Rs 3,000 pa for a 30-year period. Under the proposed model, the selected private partner will be responsible for designing, constructing, financing, operating, and maintaining the multi-storey campus. The contract will have an initial term of 10 years, extendable twice by 10 years each based on performance.

 

A pre-bid meeting was reportedly held on March 10, 2026, and the deadline for bid submissions is March 23, 2026. The project must comply with regulations set by the Indian Nursing Council (INC) and the Maharashtra Nursing Council (MNC).

 

The proposed institution - set to come up in a sprawling 1.23 lakh sq.ft facility - will have an intake capacity of 100 seats. The tender conditions that 40 pc of the seats will remain with the BMC, and the remaining shall be controlled by the private operator.

 

 

Slamming the proposal, Maharashtra Navnirman Sena (MNS) Bandra West Vibhag Pramukh Tushar M. Aphale questioned why the country’s biggest and richest civic body with a vast healthcare infrastructure is opting to ‘privatise’ a flagship educational-cum-health project.

 

In a stern letter to the BMC, Aphale argued that the BMC is fully equipped - financially and administratively - to build and run a nursing degree college independently.

 

Justifying his contentions, Aphale pointed out that the civic body already operates an extensive public health network, including 292 health posts, 192 dispensaries, 30 maternity homes, 16 hospitals including the mammoth KEM Hospital, five specialty hospitals, four medical colleges and a dental college. It also runs a nursing school offering a two-year diploma course.

 

“With such a massive infrastructure catering to the health of lakhs of Mumbaikars, what is stopping the BMC from launching its own degree college?” he told 'The Perfect Voice''.

 

Despite efforts, officials of JSW Foundation were not available for their comments.

The MNS leader warned that handing over the project to a private entity could restrict opportunities for local students and healthcare workers besides diluting public control over a critical training institution.

 

“We strongly demand that the tender must be scrapped immediately, failing which we shall launch an agitation. A MNS delegation will also meet new Municipal Commissioner Ashwini S. Bhide soon in the matter,” he said.

 

Status of nursing education

As per the DMER, currently in Mumbai, there is one college offering MSc Nursing 2-year course, one teaching Basic Nursing BSc 4-year course, one offering Post-Basic BSc 2-year course, and one teaching a year-long Post-Basic Diploma in Pediatric Speciality Nursing course. The SNDT Women’s University also offers a BSC Nursing degree course at its Churchgate campus.
 
Besides there are several other private entities offering different courses in nursing of varying durations in the city, indicating a dire need for a full-fledged nursing degree college for Mumbai.

 

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