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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.)

Quiet Triumph

Apr 24
2 min read

For a state as fractious and combustible as West Bengal, the first phase of the 2026 assembly election delivered a record 92.89 percent turnout, which was roughly ten percentage points higher than in 2021. The credit for this disciplined exercise, in no small measure, belongs to the Election Commission which managed to conduct a largely peaceful poll in a state where elections have historically been anything but tranquil.


Following a controversial Special Intensive Revision (SIR) of electoral rolls, nearly 90.8 lakh names were struck off, about 12 percent of the electorate. The revised base shrank to roughly 6.75 crore voters; for Phase 1, the rolls listed 3.61 crore, of whom 3.35 crore cast ballots.


The SIR itself became the campaign’s fault line. Chief Minister Mamata Banerjee’s ruling All India Trinamool Congress (TMC) had cried foul, alleging that the exercise led to targeted deletions of its minority votebank that could affect the poll outcome. The ruling Bharatiya Janata Party, by contrast, embraced the clean-up as a long overdue exercise and a much-needed purge of duplicates and illegal entries.


In Malda, officials tasked with verification faced severe intimidation, being held hostage without basic amenities while the bureaucracy and police, in thrall of the ruling TMC government, refused to act until nudged into action by the iron hand of the Supreme Court. In such cases, the SIR became a trial-by-fire of the Commission’s writ on the ground.


The high turnout is being read as a harbinger of change with both principal contenders – the TMC and the BJP - rushing to claim the numbers as vindication of their poll campaign. But regardless of the outcome, the turnout reflects public confidence in the act of voting. Reports suggest fewer instances of violence given West Bengal’s volatile reputation. Here, comparisons with India’s wealthier urban centres are instructive. One has seen that even in cities like Mumbai and Pune, with their superior infrastructure and access, such a high voter turnout is rare.


The EC’s role in this deserves plaudits. Conducting elections in India is a logistical feat at the best of times. By pushing through the SIR despite all the controversies and run-ins with the TMC government, the EC showed steel. It wagered that a cleaner roll, even if contested, would enhance the legitimacy of the outcome. Phase 1 suggests that wager may yet pay off.


Democracies are judged not by the absence of controversy, but by their capacity to manage it without descending into chaos. On that count, Bengal’s first phase offers cautious optimism. A fiercely contested election has proceeded with relative calm while the SIR, far from derailing participation, saw millions queuing to cast their votes. It proves that even in an overheated political climate, institutions can still hold. For the Election Commission of India, often subject to vicious opposition criticism, this is no small achievement.

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