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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Modak and the Art of Investing

As the aroma of freshly steamed Modaks fills homes during Ganesh Utsav, the festive spirit comes alive instantly. My mouth is already watering at the thought! The humble Modak, prepared with love to honour Lord Ganesha, may look simple from the outside. But anyone who has tried making one knows that a good Modak depends on several things coming together - the right ingredients, the right recipe, patience with the process, and finally, enjoying the result. Investing is surprisingly similar....

Modak and the Art of Investing

As the aroma of freshly steamed Modaks fills homes during Ganesh Utsav, the festive spirit comes alive instantly. My mouth is already watering at the thought! The humble Modak, prepared with love to honour Lord Ganesha, may look simple from the outside. But anyone who has tried making one knows that a good Modak depends on several things coming together - the right ingredients, the right recipe, patience with the process, and finally, enjoying the result. Investing is surprisingly similar. Choose the Right Ingredients A Modak is only as good as the ingredients that go into it. Fresh coconut, good-quality jaggery, properly prepared rice flour and the right flavours all contribute to the final result. Our investments and financial products are the ingredients of our financial plan. Equities, mutual funds, fixed income, gold and other investments each have a specific role to play. The objective is not to pick whatever appears most exciting at the moment, but to select suitable, good-quality investments that match our financial goals, time horizon and ability to take risks. Health and life insurance are equally important ingredients. Adequate coverage helps protect savings, the family, and their financial goals and dreams. Good ingredients provide the foundation. But ingredients alone are not enough. Get the Recipe Right You may have the finest ingredients in the kitchen, but if the proportions are wrong, the Modak may still not turn out well. The same applies to investing. Asset allocation is the recipe of a financial plan. Too much of one ingredient can spoil a Modak. Similarly, excessive concentration in one asset or too much money in low-return products can spoil a portfolio. Balance is key. A thoughtfully constructed portfolio brings different investments together in the right proportions. To keep asset allocation very simple - short-term goals can be planned through bank fixed deposits, recurring deposits and debt mutual funds. For long-term goals, one can consider hybrid mutual funds, equity mutual funds or direct stocks. Trust the Process Once the Modak is shaped and placed for steaming, constantly checking whether it is ready will not make it cook faster. Investors often make the same mistake. We keep checking markets, reacting to every correction, chasing recent performers or changing strategies because of short-term noise. Good investing requires patience and discipline. Invest regularly, review periodically and allow your financial plan enough time to work. Compounding is powerful precisely because it rewards those who remain invested for long periods. Sometimes, the best thing an investor can do is simply avoid unnecessary interference. Enjoy What You Have Created Finally comes the most important part - eating the Modak! The purpose of investing is not merely to accumulate the largest possible number on a statement. Wealth should eventually help us fulfil our goals, support our families, create financial security and enjoy life with greater peace of mind. A good Modak needs the right ingredients, the right recipe and trust in the process. A good investment journey needs exactly the same. This Ganesh Utsav, may Bappa bless us with the wisdom to make good financial choices, the patience to stay disciplined, and the prosperity to enjoy the fruits of our efforts. Ganpati Bappa Morya! (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Nalanda’s New Sage

May 24, 2025
3 min read

As India revives its most storied ancient university, a seasoned development economist takes the reins with grand visions for global dialogue and post-Western pedagogy.

The venerable town Rajgir in Bihar, nestled between sacred hills and Buddhist relics, is about to hum with new academic purpose. Nalanda University, once the jewel of ancient Indian learning, home to 10,000 students and 2,000 monks, has been undergoing a renaissance. At the helm of this ambitious revival stands Professor Sachin Chaturvedi, a scholar of development economics and global policy, who recently took charge as Vice-Chancellor.


His swearing-in ceremony marked the beginning of what he calls the university’s “take-off mode” in a nod to both the newly completed campus and a renewed intellectual mission.


Professor Chaturvedi is a heavyweight in India’s policy and academic circles. As Director General of the Delhi-based think tank RIS (Research and Information System for Developing Countries), he has been a voice for South-South cooperation long before it became a buzzword. He has advised governments, authored several books and currently sits on the board of India’s central bank. His brand of diplomacy is economic laced with the philosophical. “With the collapse of the Washington Consensus,” he says, “we need a new development philosophy for the Global South.” Nalanda, believes Chaturvedi, is the perfect launchpad.


That is no small ambition. Founded by Gupta emperor Kumargupta I in the 5th century AD, the original Nalanda Mahavihara drew scholars from China, Japan, Korea, and beyond, before being destroyed in the 12th century. Its contemporary avatar, declared an “institution of national importance” by Parliament in 2010, is now backed by 18 member countries of the East Asia Summit. The Ministry of External Affairs oversees its functioning, emphasising its role as a soft power project as much as a scholarly one.


Chaturvedi’s vision for Nalanda blends this soft diplomacy with serious academic heft.


That tradition, however, requires infrastructure. Thankfully, the heavy lifting is nearly done. Designed by the late BV Doshi, a Pritzker-winning architect, the university’s new eco-conscious campus sprawls across 455 acres. It includes 100 acres of water bodies and 300 acres of forest, in line with Doshi’s vision of Vaastu-aligned, carbon-neutral construction.


Already, the student count stands at 540 and is expected to cross 900 this year. More importantly, Chaturvedi wants the university to become a hub for cross-border discourse, drawing students, scholars, diplomats, and policymakers alike. Unlike the South Asian University run by SAARC, Nalanda is entirely Indian-led, which gives Chaturvedi the autonomy to think big.


And big he does. His plans include bringing Indian philosophy into direct conversation with modern policy-making by linking ideas from the Upanishads and Buddhist ethics to global governance, climate justice, and inclusive growth. It is a bold attempt to decolonise curriculum without lapsing into nostalgia.


Indeed, Nalanda’s revival under Chaturvedi might ultimately hinge on his ability to strike a balance between global relevance and civilisational pride. In this, he follows in the footsteps of Nobel laureate Amartya Sen, the university’s first chancellor, and works alongside Arvind Panagariya, its current one. With Bihar’s Chief Minister Nitish Kumar and Prime Minister Narendra Modi both taking active interest, the political winds seem favourable.


But academia is rarely smooth sailing. Funding and establishing credibility on the global stage will be uphill tasks. Yet, if Chaturvedi succeeds in his mission, Nalanda may once again become what it once was: a lighthouse of learning in a world adrift in ideological darkness.

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