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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.)

OBCs, political parties hail SC order on Local Polls

Quaid Najmi
May 6, 2025
3 min read

Mumbai: Political parties and OBC groups in the state heartily welcomed the Supreme Court order on conducting the long-pending local bodies’ elections on the existing OBC quotas within four months in Maharashtra.


OBC leaders like Prof. Laxman S. Hake, Chhagan Bhujbal, Congress state President Harshwardhan Sapkal, Nationalist Congress Party (SP) state chief Jayant Patil, Dr. Amol Kolhe, Shiv Sena (UBT) leaders and others reacted to the SC interim verdict.


“We are very happy as the existing (27%) quotas between 1994-2022 have been sustained. The Jayant K. Banthia Commission had made its recommendations even without a proper survey, and we wonder how it arrived at its conclusions. Now it has been set aside and the elections have been ordered,” Prof. Hake told The Perfect Voice.


“This is a huge success in our endeavour for OBC political reservations. Through ex-MP Sameer Bhujbal, the Akhil Bharatiya Mahatma Phule Samata Parishad had filed the petition in SC to save the cause. We are pleased by the apex court decision. It is crucial for the political existence of the OBC nomadic communities,” said an elated Bhujbal.


Sapkal has said that the state government should now hold these elections without any delay and without finding any loopholes to bring back the former glory of the posts of corporator, mayor, and speaker.


He said that the 73rd Constitutional Amendment implemented the Panchayat Raj system, leading to decentralization of power, plus resulting in division of power among the Corporators, mayor and others.


“This continued well, but the local bodies elections were not held for the past few years as the Bharatiya Janata Party leaders in the state and Centre wanted all the power in their own hands. After the SC’s verdict, the state government should forthwith announce the elections to give back power to the people,” urged Sapkal.


Patil said that the local bodies polls were not held for the past 3 years, but now the SC’s interim order will pave the way for the elections which are essential for all political parties and their workers.


“The polls will be held subject to the final order of SC regarding OBC quotas. It has also allowed the State Election Commission liberty to seek extension of time if needed. We hope that the state government will not push back the elections through the SEC,” averred Patil.


Hake added that the Centre’s announcement to conduct a Caste Census would not affect the OBCs quotas in elections.


SC: Ensure grassroots democracy

In a much-anticipated order, the SC division bench comprising Justice Surya Kant and Justice N. K. Singh directed the Maharashtra government to conduct the local bodies elections which are pending since 2022 following litigation pertaining to implementing the OBCs quotas. The SC’s interim order directed the polls to be held as per the OBC reservations which existed prior to the Banthia Commission report (July 2022), to notify the polls process within four weeks and complete it within four months, to ensure and respect democracy at the grassroots level as enshrine in the Constitution.


Justice Kant and Justice Singh granted liberty to the SEC to seek an extension of time if necessary, and said that polls will be subject to the outcome of the bunch of petitions challenging the Banthia Commission though the order would not prejudice the contentions of the political parties.

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