top of page

By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

Fire missing in Maharashtra legislature’s business

Mumbai: Outside the imposing gates of the state legislature, Mumbai is literally burning. The India Meteorological Department has issued heatwave alerts, with temperatures in parts of the state touching a blistering 42.5° Celsius. Mumbaikars are sweltering under a relentless sun, scrambling for shade, and grappling with the earliest, most aggressive summer heatwave in over a decade. Yet, step inside the Legislative Assembly, and the contrast is as chilling as it is baffling. While the city...

Fire missing in Maharashtra legislature’s business

Mumbai: Outside the imposing gates of the state legislature, Mumbai is literally burning. The India Meteorological Department has issued heatwave alerts, with temperatures in parts of the state touching a blistering 42.5° Celsius. Mumbaikars are sweltering under a relentless sun, scrambling for shade, and grappling with the earliest, most aggressive summer heatwave in over a decade. Yet, step inside the Legislative Assembly, and the contrast is as chilling as it is baffling. While the city sweats, the House remains lifeless, deserted, and devoid of any political fire. The budget session, traditionally the most critical forum for holding the government accountable, has unfolded as a subdued, almost ghost-like affair. For the majority of the day, the benches wear a desolate look, reflecting a legislative paralysis that is starkly disconnected from the heated reality of the state outside. There are no spirited debates, no frantic floor management, and no major announcements addressing the public’s mounting crises. Instead, the political discourse has been reduced to a lukewarm blame game. Lack Of Momentum Senior minister Radhakrishna Vikhe-Patil, clearly unimpressed by the state of affairs, pointed a finger at the opposition for the lack of momentum. “Actually, it is the Opposition that drives the debates and discussions in the house during the session. But it appears as if they have lost the drive to do so,” Vikhe-Patil remarked. The opposition, however, claims the fire has been extinguished by the government’s own indifference. NCP (SP) leader Jayant Patil countered by highlighting the absence of leadership at the very top. “The CM is hardly there in the house,” Patil said, further accusing the ruling coalition of actively dodging debates on issues that matter to the common people—people who are currently bearing the brunt of both inflation and an unforgiving summer. Cold Opposition The irony of the situation is most evident in how “cold” the opposition has remained regarding “hot” scandals. The investigating agency has submitted its inquiry report into the controversial Rs 295-crore Pune land deal involving Amadea Enterprises, a firm linked to newly elected Rajya Sabha MP Parth Pawar. In any functional, high-intensity session, this would have triggered a political earthquake. Instead, the opposition has maintained a deafening silence. Neither have they demanded that the report be tabled, nor have they pressed for action. It is a political ice age in the middle of a literal heatwave. Political observers note that the treasury benches are content with the silence, as no government wants to voluntarily fan the flames of a controversy involving their own. But, the opposition’s refusal to act exposes a deeper, structural rot. Senior NCP minister Chhagan Bhujbal offered a blunt diagnosis for this apathy - the opposition is “completely demoralized,” he said adding that consecutive electoral defeats in assembly and local body polls have shattered their morale, and their miniscule numbers in the House, compounded by toxic internal differences, have rendered them impotent. As the mercury climbs outside, the legislature remains trapped in a deep freeze of inertia. The state’s politicians are seemingly oblivious to the irony: while Maharashtra burns under an intense heatwave, the very institution designed to generate the “heat” of democracy has completely lost its spark.

Retirement - Your Biggest Festival

Updated: Nov 7, 2024

Retirement

During the recent festive season—Navratri, Dussehra, and Diwali—you’ve likely noticed how expenses tend to surge during these times. Expenses do rise significantly during festivals and vacations. Similarly, retirement, often viewed as the grandest festival and vacation of your life, can bring higher financial demands due to increased free time and completing your wishlist. This is why proper retirement planning is crucial. If not planned properly, you would have to significantly tone down your standard of living, post-retirement.


When Should You Start Planning for Retirement?

The simple answer is: as early as possible. Ideally, retirement planning should start the moment you begin earning. Your first salary isn’t just for your present self; it’s also for securing your future.


Let us say that you start working at the age of 25. Your employer is giving you a salary. You plan to work till the age of 55 (for 30 years). Is your salary only for these 30 years? That is not the case. When you are working for 30 years, your employer is paying salary not only for your 30 working years but also for the years that you will stay alive after retirement. It is not only for the expenses from age of 25 to 55 but also for the expenses from age 55 to 85 years (assuming life expectancy).


The Power of Compounding

Many youngsters delay retirement planning, assuming they have time, but starting early allows you to build substantial wealth over the years. You can take advantage of the power of compounding—where the money you invest grows exponentially over time. For example, if you consider a Systematic Investment Plan (SIP) in equity mutual funds, the longer your money stays invested, the more it grows. The earlier you start, the smaller the monthly investment required to achieve a large corpus at retirement. The more you delay, the harder it gets.


Planning with a Financial Expert

Firstly, take help of an expert - a financial advisor. Wealth creation and achieving financial goals is not a do-it-yourself activity. It is sensitive and complicated - the cost of doing nothing and going wrong is massive!


Parameters for Retirement Planning Calculation

Here are key parameters to consider when calculating your retirement needs:

• Current Age

• Target Retirement Age

• Current Monthly Expenses

• Inflation Rate

• Life Expectancy


For example, if you're 30 today, planning to retire at 55 with an assumed life expectancy of 85, and your current monthly expense is 50,000, inflation (around 6%) would push your retirement fund requirement to 7 crores. A monthly SIP of 45,000 in equity mutual funds can help you reach this goal over 25 years.The later you start, higher your monthly expenses and sooner you wish to retire - all 3 parameters would increase your retirement corpus requirement.


Don't Forget Lifestyle Inflation

Retirement is not just about covering basic needs. Like how expenses rise during vacations and festivals due to improved standards of living, retirement may bring luxury inflation as you pursue hobbies, travel, and new experiences. Planning for these lifestyle upgrades is essential to ensure financial freedom.


Start Now

Achieving financial freedom isn’t difficult, but it requires discipline. If you haven’t started yet, the next best time to begin is now.


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

Comments

bottom of page