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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.)

Pilgrimage Garners Votes

Suyash Padate
Nov 22, 2024
2 min read
Eknath Shinde

A publicity stunt has become a powerful tool in marketing and brand promotion. They can captivate audiences, generate buzz, and leave a lasting impression. This is what has been happening in Maharashtra for some time now. Schemes are being announced with a large amount of publicity. Atmosphere is created and later the file of the scheme gathers a lot of dust on the racks of Mantralaya.


Recently, the chief minister Eknath Shinde announced ‘Mukhyamantri Teerth Darshan Yojana’, a pilgrimage scheme for senior citizens from all religions. The scheme is aimed at helping the elderly people who are unable to visit the religious sites on their own. For this new pilgrimage scheme, the state government has laid down the rules and regulations and eligibility to ‘Mukhyamantri Tirth Darshan Yojana’. As per these guidelines of this scheme, the senior citizens of poor families will be allowed to go on pilgrimage free of cost for once. GR pertaining to this has been issued.


The government has announced a scheme in the current budget. Chief Minister Shinde announced the full proof plan for the implementation of this Yojana. This will allow senior citizens to visit important pilgrimage sites in the country for free. GR has been issued by the Department of Social Justice. The government has selected 73 Pilgrimage sites over all India and 66 pilgrimage sites of Maharashtra. Almost all-important pilgrimage sites of the country and state have been included. Under this scheme an eligible person will get a one-time benefit of this scheme for one of the designated pilgrimage sites , also the maximum limit for travel expenses will be 30 thousand rupees per person including Accommodation. Annual income of the beneficiary should be 2 lakh 50 thousand. Beneficiary should be a resident of Maharashtra state and a senior citizen.


Online applications have to be submitted to avail the benefits of the scheme. Under the scheme, authorized tourist companies to organize bus travel and Indian Railway for train travel. For other services including hoteling IRCTC equivalent official companies will be selected. The selection of the passengers will be done by the district committee constituted at the district level. Similarly, the quota will be fixed for each district based on the population and the passengers will be selected through lottery based on the availability of applications received.


The government has made it clear that the free pilgrimage scheme is a part of the comprehensive pilgrimage policy for senior citizens from all religions who cannot afford it. The Mukhyamantri Teertha Darshan Yojana aims to enable senior citizens to undertake spiritual journeys with ease and comfort. States like Madhya Pradesh, Jharkhandand, Karnataka, and Union Territories (UTs), such as Delhi, also provide the free pilgrimage facility to holy sites for senior citizens aged 60 and above. Women get a two-year age relaxation. The government offers one-time assistance for this purpose. The scheme is part of a broader effort to support senior citizens socially, spiritually and financially in their respective home states.

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