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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Fast Today, Prosper Tomorrow

AI Generated Image Navratri is a time when devotion, self-control, and celebration come together. For nine days, people across the country observe fasting, prayers, and rituals with discipline and faith. But beyond the spiritual significance, Navratri also carries valuable lessons for our financial lives - especially in how fasting and sacrifice mirror the principles of investing. Fasting as discipline When we fast, we consciously give up indulgence. It is not just about avoiding food; it...

Fast Today, Prosper Tomorrow

AI Generated Image Navratri is a time when devotion, self-control, and celebration come together. For nine days, people across the country observe fasting, prayers, and rituals with discipline and faith. But beyond the spiritual significance, Navratri also carries valuable lessons for our financial lives - especially in how fasting and sacrifice mirror the principles of investing. Fasting as discipline When we fast, we consciously give up indulgence. It is not just about avoiding food; it is also about training the mind and body to resist temptation. The same applies to investing. In a world full of instant gratification, whether it is the latest gadget, a fancy car, an expensive lifestyle or a luxury holiday, real wealth creation requires the discipline to sometimes say, “not now.” Just as fasting strengthens willpower, disciplined investing strengthens our financial health. Sacrifice for a greater good Navratri fasting involves small sacrifices today for spiritual growth tomorrow. In investing too, we often have to sacrifice some short-term pleasures to secure long-term prosperity. Choosing to invest a bonus instead of spending it entirely, or increasing SIPs using a portion of every salary increment instead of allocating the entire increase towards expenses and new liabilities, may feel like a sacrifice initially. But these small decisions, repeated over many years, can accumulate into significant future wealth and financial security. This is the very essence of delayed gratification. Patience and consistency Navratri fasting is not observed for just one day. The discipline continues throughout the nine days. Similarly, investing is not about one lucky trade or one successful investment. Wealth creation requires staying the course month after month and year after year through regular investing, sensible asset allocation and the power of compounding. There will inevitably be periods when markets test our patience. But just as discipline during Navratri is maintained throughout the festival, financial discipline must continue through both good and difficult market conditions. Balance and moderation Fasting during Navratri is not about starving. It is about moderation, restraint and mindful eating. Investing too should not be about extremes, neither reckless risk-taking nor excessive conservatism. A well-planned portfolio spread appropriately across assets such as equity, debt and gold can provide both growth and stability. Just as moderation keeps the body healthy, balance helps keep our finances resilient. The bigger picture Ultimately, Navratri fasting is also about purification of the body, mind and soul. Investing, in its own way, requires purification of financial habits: moving away from impulsive spending, unnecessary liabilities and short-term thinking towards purposeful saving and wealth creation. This Navratri, as you observe your fast with devotion and discipline, also resolve to bring the same qualities into your financial life. After all, both fasting and investing ask us to give up a little today in pursuit of something greater tomorrow. (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

‘Six crore citizens anchored under social security net’

Correspondent
Aug 16
3 min read

It was a proud moment for Minister of State for Agriculture Ashish Jaiswal when he was asked by Chief Minister Devendra Fadnavis to make a presentation of the new scheme providing social security to agricultural labourers in the state cabinet meeting. Ministers of state are not allowed to attend cabinet meetings and do so only when they are specially invited by the head of the cabinet.


The special invitation was offered to explain the state government’s decision to expand the Gopinath Munde Farmers’ Accident Security Ex-Gratia Grant Scheme, extending its lifecycle up to March 31, 2031. In a historic overhauling of rural welfare, the scheme officially integrates landless agricultural labourers, certified women farmers and all members of a farmer’s family under a standard Rs 2 lakh accidental coverage umbrella.


In an exclusive talk with ‘The Perfect Voice’, Jaiswal, the brainchild of the new scheme, talks about how this policy intends to fundamentally shift the rural economic landscape. Excerpts…


The expansion of the Gopinath Munde Scheme has been described as a ‘historic milestone.’ Could you briefly outline the scale of this decision?

It is indeed a watershed moment. Previously, social security under this framework was constrained to just two registered land-holding members of a family. We realized that those who sweat the most in the fields – the landless agricultural labourers and women workers – were completely exposed to catastrophic financial shocks from field accidents. When we proposed this scheme, there were several negative objections raised by the bureaucracy. However, we countered them effectively as we were determined to provide social security to labourers, who are equally the backbone of agriculture along with farmers.


By extending this coverage until 2031 and broadening the definition of a beneficiary, we are pulling nearly six crore citizens into a secure, state-backed safety net. If a worker loses their life or suffers a severe disability from a road hazard, lightning strike, snakebite, heatstroke or wild animal attack, the family receives up to Rs 2 lakh in immediate financial aid.


Landless agricultural labourers do not possess formal land records or a 7/12 extract. How will the ministry identify and verify these workers?

This is a vital administrative step. We are bypassing the strict dependency on land ownership documents. Gram Panchayats, local agricultural officers and village-level revenue authorities will be empowered to issue standard occupancy or employment certificates certifying that the individual operates as an agricultural labourer.


The scheme explicitly encompasses spouses, sons and daughters. Are there any specific age limits or documentation constraints needed to validate family eligibility?

The age limit operates on a highly inclusive threshold of 18 to 75 years. To prove eligibility, standard documentation like the family’s Aadhaar card, ration cards or school-leaving certificates will suffice to establish the legal relationship to the primary registered labourer.


Financial sustainability is always a concern for long-term welfare schemes. What is the budgetary layout for this massive extension, and is it a shared fiscal burden?

This expansion is fully backed by the Government of Maharashtra under the ex-gratia grant system. The Cabinet has allocated an expansive financial layout of Rs 200 crore to sustain the scheme for the next five years until 2031. Because it is structured as an ex-gratia grant managed directly through the state’s MahaDBT Portal, we ensure that payouts are fully liquidized without facing central bureaucratic friction.


In the past, families of deceased labourers had to wait months for insurance relief. What measures are in place to accelerate processing timelines?

We have completely overhauled the processing hierarchy. Previously, third-party commercial insurance companies delayed disbursements via endless audits. Now, the state relies on a direct benefit transfer (DBT) model. Once local committees verify an incident, the capital is disbursed directly from the state treasury into the bank account of the nominee, aiming to resolve claims within 30 days of filing.

What happens if an insurance claim is delayed or wrongfully rejected? Is there a redressal platform?

We have formed a strict Grievance Redressal Committee at both the District Magistrate (Collector) level and the state level. If an application is rejected or hits an administrative block, the affected family can appeal directly via the MahaDBT Helpdesk or the local block development office.


Illiteracy and lack of connectivity plague deep rural pockets. How will your ministry drive awareness to the remotest workers?

We are initialising grassroots information drives with all Gram Panchayats hosting mandatory awareness boards outlining the scheme. In addition to this, we have instituted offline helpdesks across at the village level, where workers can walk in with their identity proofs and the desk operators will handle the digital upload completely free of charge. Our primary metric of success is simple: no family of a deceased farm worker should be driven into poverty due to an unforeseen workplace tragedy.

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