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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Seventy-six mayors ruled BMC since 1931

After four years, Mumbai to salute its first citizen Kishori Pednekar Vishwanath Mahadeshwar Snehal Ambekar Sunil Prabhu Mumbai: As the date for appointing Mumbai’s First Citizen looms closer, various political parties have adopted tough posturing to foist their own person for the coveted post of Mayor – the ‘face’ of the country’s commercial capital. Ruling Mahayuti allies Bharatiya Janata Party (BJP) and Shiv Sena have vowed that the city...

Seventy-six mayors ruled BMC since 1931

After four years, Mumbai to salute its first citizen Kishori Pednekar Vishwanath Mahadeshwar Snehal Ambekar Sunil Prabhu Mumbai: As the date for appointing Mumbai’s First Citizen looms closer, various political parties have adopted tough posturing to foist their own person for the coveted post of Mayor – the ‘face’ of the country’s commercial capital. Ruling Mahayuti allies Bharatiya Janata Party (BJP) and Shiv Sena have vowed that the city will get a ‘Hindu Marathi’ person to head India’s richest civic body, while the Opposition Shiv Sena (UBT)-Maharashtra Navnirman Sena also harbour fond hopes of a miracle that could ensure their own person for the post. The Maharashtra Vikas Aghadi (MVA) optimism stems from expectations of possible political permutations-combinations that could develop with a realignment of forces as the Supreme Court is hearing the cases involving the Shiv Sena-Nationalist Congress Party this week. Catapulted as the largest single party, the BJP hopes to install a first ever party-man as Mayor, but that may not create history. Way back in 1982-1983, a BJP leader Dr. Prabhakar Pai had served in the top post in Mumbai (then Bombay). Incidentally, Dr. Pai hailed from Udupi district of Karnataka, and his appointment came barely a couple of years after the BJP was formed (1980), capping a distinguished career as a city father, said experts. Originally a Congressman, Dr. Pai later shifted to the Bharatiya Janata Party, then back to Congress briefly, founded the Janata Seva Sangh before immersing himself in social activities. Second Administrator The 2026 Mayoral elections have evoked huge interest not only among Mumbaikars but across the country as it comes after nearly four years since the BMC was governed by an Administrator. This was only the second time in the BMC history that an Administrator was named after April 1984-May 1985. On both occasions, there were election-related issues, the first time the elections got delayed for certain reasons and the second time the polling was put off owing to Ward delimitations and OBC quotas as the matter was pending in the courts. From 1931 till 2022, Mumbai has been lorded over by 76 Mayors, men and women, hailing from various regions, backgrounds, castes and communities. They included Hindus, Muslims, Christians, Parsis, Sikhs, even a Jew, etc., truly reflecting the cosmopolitan personality of the coastal city and India’s financial powerhouse. In 1931-1932, the Mayor was a Parsi, J. B. Boman Behram, and others from his community followed like Khurshed Framji Nariman (after whom Nariman Point is named), E. A. Bandukwala, Minoo Masani, B. N. Karanjia and other bigwigs. There were Muslims like Hoosenally Rahimtoola, Sultan M. Chinoy, the legendary Yusuf Meherally, Dr. A. U. Memon and others. The Christian community got a fair share of Mayors with Joseph A. D’Souza – who was Member of Constituent Assembly representing Bombay Province for writing-approving the Constitution of India, M. U. Mascarenhas, P. A. Dias, Simon C. Fernandes, J. Leon D’Souza, et al. A Jew Elijah Moses (1937-1938) and a Sikh M. H. Bedi (1983-1984), served as Mayors, but post-1985, for the past 40 years, nobody from any minority community occupied the august post. During the silver jubilee year of the post, Sulochana M. Modi became the first woman Mayor of Mumbai (1956), and later with tweaks in the rules, many women ruled in this post – Nirmala Samant-Prabhavalkar (1994-1995), Vishakha Raut (997-1998), Dr. Shubha Raul (March 2007-Nov. 2009), Shraddha Jadhav (Dec. 2009-March 2012), Snehal Ambedkar (Sep. 2014-March 2017). The last incumbent (before the Administrator) was a government nurse, Kishori Pednekar (Nov. 2019-March 2022) - who earned the sobriquet of ‘Florence Nightingale’ of Mumbai - as she flitted around in her full white uniform at the height of the Covid-19 Pandemic, earning the admiration of the citizens. Mumbai Mayor – high-profile post The Mumbai Mayor’s post is considered a crucial step in the political ladder and many went on to become MLAs, MPs, state-central ministers, a Lok Sabha Speaker, Chief Ministers and union ministers. The formidable S. K. Patil was Mayor (1949-1952) and later served in the union cabinets of PMs Jawaharlal Nehru, Lah Bahadur Shastri and Indira Gandhi; Dahyabhai V. Patel (1954-1955) was the son of India’s first Home Minister Sardar Vallabhbhai Patel; Manohar Joshi (1976-1977) became the CM of Maharashtra, later union minister and Speaker of Lok Sabha; Chhagan Bhujbal (1985-1986 – 1990-1991) became a Deputy CM.

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.)

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