top of page

By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

Mahila Raj' in Maharashtra

Women to helm 15 of 29 municipal corporations Mumbai: In a historic shift for urban governance, Maharashtra is set for an unprecedented era of female leadership. Following the high-stakes mayoral reservation lottery conducted today at Mantralaya, it has been confirmed that 15 out of the 29 Municipal Corporations in the state—including the financial powerhouse of Mumbai—will be headed by women Mayors. The lottery, presided over by Minister of State for Urban Development Madhuri Misal, ensures...

Mahila Raj' in Maharashtra

Women to helm 15 of 29 municipal corporations Mumbai: In a historic shift for urban governance, Maharashtra is set for an unprecedented era of female leadership. Following the high-stakes mayoral reservation lottery conducted today at Mantralaya, it has been confirmed that 15 out of the 29 Municipal Corporations in the state—including the financial powerhouse of Mumbai—will be headed by women Mayors. The lottery, presided over by Minister of State for Urban Development Madhuri Misal, ensures that over half of Maharashtra’s largest urban bodies will be governed by women for the next 2.5 years term. The highlight of the draw was the reservation of the Brihanmumbai Municipal Corporation (BMC) for a General Category Woman. This marks a significant moment for the BJP, which emerged as the largest party in Mumbai with 89 seats. With 49 women corporators currently in its ranks, the party is already narrowing down a list of veterans to lead the "ace city." Similar "General Woman" reservations were drawn for other Tier-1 cities, creating a powerful block of female leadership across the state's economic engines – Mumbai, Pune, Nagpur, Nashik, Navi Mumbai and Thane (SC General, but high likelihood of female candidates). The 50% reservation policy, combined with the luck of the draw, has distributed female leadership across various categories. Among the total 17 mayoral posts that went to general (open) category 9 went to women, while in case of OBCs 4 went out of total 8 to women. In the SC category, 2 out of 3 posts have gone to women. BJP Prepares City BJP Chief Ameet Satam confirmed that the internal democratic process to select Mumbai’s Mayor is moving swiftly. "The corporators will elect the leader of the house in a couple of days, after which the registration process will be completed. The city Mayor is likely to be elected next week," Satam told reporters. With as many as 49 women corporators and many of them have already completed multiple terms, an intense lobbying for the top post is being seen within the BJP. Though more than half of the BJP woman corporators are first timers and a significant lot among senior corporators are non-Marathi, the real tough contest for the top post is among a handful of senior corporators. While a couple of senior turncoat corporators who switched sides just ahead of the corporation elections, are eyeing the top post, general mood within the party is in favour of choosing a party loyalist for the top post. Opposition Uproar The lottery was not without its share of political drama. Shiv Sena (UBT) leader and former Mayor Kishori Pednekar staged a walkout, alleging the lottery was "rigged" to favor the ruling Mahayuti alliance. The opposition argued that the BMC post should have rotated to an OBC or ST category, claiming that a new rule requiring at least three ST corporators to qualify for an ST reservation was a tactical manoeuvre to sideline opposition strength. MoS Misal, however, pointed out particular sections of the concerned rules and regulations that control the administration of Mumbai Municipal Corporation to justify the decision to not considering the ST category for lottery. The rule states that any category should be considered if there are more than 3 elected members from the category in the house, officials said. The outcome is, by next week, the "First Citizens" of Maharashtra’s most vital cities will represent a new, women-led chapter in the state's political history.

Nine Financial Tips for a Prosperous Navratri

Updated: Oct 22, 2024

Nine Financial Tips

As we approach Navratri, I wish you all a joyous and prosperous festive season ahead. To help you stay on track with your financial goals during this time, here are nine essential financial tips to ensure your journey towards financial freedom is smooth and secure.


Build an Emergency Fund

Ensure you have at least six months’ worth of living expenses saved in a bank fixed deposit or a debt mutual fund. This serves as your emergency fund for unforeseen situations and ensures you are financially prepared for any rainy days ahead.


Review Your Asset Allocation

Revisit your financial plan to make sure your investments align with your financial goals. For goals within three years, consider bank fixed deposits/recurring deposits/debt mutual funds. For longer-term goals (beyond three years), a combination of hybrid mutual funds, equity mutual funds, direct equities and gold should be preferred.


Do Sufficient SIPs

Ensure you are investing enough through systematic investment plans (SIPs). Ideally, at least 25-30 per cent of your in-hand monthly income should be allocated towards SIPs in mutual funds/stocks/gold to help you build wealth consistently over time.


Make Lumpsum Investments

In addition to SIPs, consider making voluntary lump sum investments in the above longer term assets, whenever possible. Periodic lump sum contributions can significantly boost your overall wealth.


Increase Your SIPs Annually

As your income grows, so should your investments. Make it a point to increase your SIP amounts every year to keep up with your rising income. Again, aim for at least 30% of your monthly income towards investments.


Stay Invested

One of the most important rules of investing is to stay invested until your financial goals are met. Avoid treating your investments like an ATM. Pausing or redeeming your investments frequently disrupts their growth potential. Instead, try to raise an overdraft loan against your investments, to help whenever needed.


Health Insurance

Ensure that you and your family are adequately covered with comprehensive health insurance that includes necessary product features. A minimum cover of 25 lakhs per family member is recommended to safeguard against any major health-related expenses. Never solely rely on your employer’s health insurance.


Term Life Insurance

A term life insurance plan is essential for the financial security of your loved ones. Ensure you have a cover amounting to 10 times your annual income, plus any outstanding loans. Avoid combining insurance with investment plans—stick to a pure term insurance policy for adequate coverage.


Consult a Financial Advisor

Seek the help of a well-qualified, full-time financial advisor for making a financial plan and executing it. They will make your job easy. Never do-it-yourself in the case of wealth creation, financial goals, and investing.

Wishing you a financially secure and prosperous Navratri!

(The writer is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal.)

Comments

bottom of page