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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.)

Strategies for Prevention of Violence in Healthcare

Sep 8, 2024
3 min read

Updated: Oct 21, 2024

Strategies for Prevention of Violence in Healthcare

Reports of physical and verbal violence at healthcare institutes are regularly reported across India. In some instances, mobs have resorted to arson, destroying costly equipment. An Indian Medical Association (IMA) study found that over 75% of doctors have faced workplace violence. The ghastly rape and murder of a resident doctor at Kolkatta’s R.G. Kar hospital stands out as one of the most gruesome of these.

Despite the Union Health Minister’s promise of a central act to prevent such violence, no legislation has been enacted.

Violence against doctors is not exclusive to India. In the US, Dr. Michael Davidson, director of endovascular cardiac surgery at Brigham and Women’s Hospital, was killed by Stephen Pasceri, who blamed Dr. Davidson for his mother’s death. Similarly, violence against nurses in the US is commonplace. According to a study, nearly a million attacks, some extremely violent, against healthcare institutes are reported in China annually.

To prevent such violence, almost 29 states in India, including Maharashtra, Andhra Pradesh, Kerala, Punjab, and Delhi, have enacted legal provisions in the last few years. As per this Act, violence means activities causing any harm, injury, or endangering the life or intimidation, obstruction, or hindrance to any healthcare service person in the discharge of duty in the healthcare service institution or damage or loss to property in the healthcare service institution. The healthcare service persons include registered medical practitioners working in healthcare institutions (including those having provisional registration), registered nurses, medical students, nursing students, and para-medical workers employed and working in medical service institutions. The Act provides stringent punishment, including imprisonment and a fine, as well as double the amount of damage as compensation to the institute. These stringent legal provisions do not permit bail for the accused. The Act also allows patients to lodge criminal complaints against doctors if they feel aggrieved. The Acts have not effectively deterred attackers, with few convictions reported.

Dr. Neeraj Nagpal, Medico-Legal Action Group, argues that a central act alone will not suffice. He suggests changes in the Indian Penal Code. In his opinion, the arrest of doctors under Section 304A of The IPC is a part of the problem of violence against doctors because invariably cross-FIRs are registered by the patient party and the doctor, which results in an inevitable compromise.

In public general hospitals, violence is usually targeted against young resident doctors. Analysis shows that incidents often happen during emergencies when senior doctors are absent and medical equipment is unavailable or not working. In a few incidents, resident doctors were reported to be under the influence of alcohol and allegedly misbehaved with their relatives.

Given these repeated violent incidents, I was tasked with devising a scheme for medical colleges-cum-hospitals run by the State Government of Maharashtra and Mumbai Corporation. With the medical superintendents, we noticed that trouble ignites in the emergency departments, or if a patient dies. Our resolution involved deploying armed contingents from the Maharashtra Security Force (MSF), equipping them with training and communication tools, and installing CCTV cameras, and restricting access. These measures have improved safety and a better focus on treatment for resident doctors.

These measures are just the beginning of a comprehensive approach. In part 2, we will explore additional solutions, including advanced security protocols, the role of training, and innovative practices to protect healthcare professionals and institutions further.


(The writer is a former DGP of Maharashtra. Views personal)

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