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By:

Kaustubh Kale

10 September 2024 at 6:07:15 pm

Akshay Tritiya and Gold

As Akshay Tritiya arrives, gold once again takes centre stage in Indian households. For generations, buying gold on this auspicious day has been considered a symbol of prosperity, purity, and good fortune. It is not just a purchase. It is an emotion, a blessing, and a tradition passed from one generation to another. But beyond tradition, gold also carries an important financial lesson. Gold is not just jewellery. It is an asset. Gold During Uncertain Times Over the years, gold has proved its...

Akshay Tritiya and Gold

As Akshay Tritiya arrives, gold once again takes centre stage in Indian households. For generations, buying gold on this auspicious day has been considered a symbol of prosperity, purity, and good fortune. It is not just a purchase. It is an emotion, a blessing, and a tradition passed from one generation to another. But beyond tradition, gold also carries an important financial lesson. Gold is not just jewellery. It is an asset. Gold During Uncertain Times Over the years, gold has proved its worth not only during festivals, but also during uncertain times. Whenever the world faces wars, inflation, currency weakness, economic slowdown, or financial panic, investors across the globe look at gold as a safe haven. This is because gold has a unique quality. It is trusted across countries, cultures, and generations. It does not depend on the promise of one government, one company, or one currency. Why Gold Holds Value Unlike paper currency, gold cannot be printed endlessly. Unlike businesses, it does not depend on profits or management quality. Unlike real estate, it is globally accepted and easily valued. This is why gold continues to remain one of the oldest and most respected stores of value. It has survived centuries of change, economic cycles, wars, and financial crises. The Right Role in Your Portfolio That said, gold should not be treated as a shortcut to wealth creation. Equities and equity mutual funds still remain essential for long-term growth. Gold plays a different role. It brings balance, stability, and protection to your portfolio. When equity markets are volatile or global uncertainty rises, gold often provides comfort. A sensible allocation of around 10-20% to gold can help reduce overall portfolio risk.  So basically, while stocks and equity mutual funds play the lead role in your long-term financial goals, gold plays the supporting but essential role. Physical Gold Has Limitations However, the way you invest in gold matters. Buying physical gold during festivals may feel emotionally satisfying, but it comes with practical challenges. There are making charges, purity concerns, storage issues, risk of theft, and liquidity problems. A necklace may be beautiful, but you cannot easily sell only a small portion of it when you need money. Also, when gold is bought as jewellery, the investor often forgets to calculate the actual return after making charges and deductions. Smarter Ways to Invest This is where Gold Mutual Funds and Gold ETFs become useful. They allow you to invest in gold without worrying about lockers, purity, theft, or storage. You can invest flexible amounts, start SIPs, track value easily, and redeem conveniently when required. For investors who want gold as part of their financial plan, these options are far more practical than buying jewellery purely as an investment. Tradition with Financial Clarity Akshay Tritiya is a beautiful reminder that wealth should be built with faith, patience, and clarity. Buying gold is auspicious, but buying it in the right form is financially wise. This Akshay Tritiya, celebrate tradition - but also upgrade your financial thinking. Because true prosperity is not just about owning gold. It is about owning it smartly. (The writer is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

The Battle That Shaped the Maratha Empire

Updated: Mar 4, 2025

Battle of Palkhed

This week marks the anniversary of a battle fought nearly three centuries ago that marked the high tide of an emerging Empire. The Battle of Palkhed (in present-day Sambhajinagar district) fought between February 25 and March 6, 1728, is a masterclass in the art of war when a young general outmanoeuvred his seasoned adversary to establish the supremacy of his people.


Much like Napoleon’s early campaigns or Rommel’s desert warfare, Peshwa Bajirao I’s triumph at Palkhed over the crafty Nizam-ul-Mulk, Asaf Jah, was a defining moment in Indian history and one of the most brilliant feats of strategic mobility in military history. The Nizam was among the last great commanders of the rapidly collapsing Mughal Empire, whose decline set in after Aurangzeb’s death in 1707.


If Chhatrapati Shivaji was the founder of Maratha power, Bajirao, the audacious Peshwa of Chhatrapati Shahu, was its architect. When he became Peshwa in 1720 aged twenty, the Marathas were a divided people, held together more by memory than by strength. The Mughal Empire, a sprawling giant in decline, still cast a long shadow over the subcontinent and its satraps like the formidable Nizam-ul-Mulk sought to carve their own fiefdoms from its crumbling edifice. In the Deccan, the Nizam saw himself as the rightful heir to Mughal authority, and the Marathas as upstart challengers to be tamed. It was Palkhed that shattered that illusion.


The historian Sir Jadunath Sarkar described Bajirao a “Carlylean Hero as King.” And yet, until 1930, when the Peshwa State Papers were finally made available to scholars, no comprehensive study of this great captain’s achievements had been possible. It was V.G. Dighe in his 1944 work ‘Peshwa Bajirao and Maratha Expansion’ who first mapped Bajirao’s genius in full.


Palkhed even drew the attention of Field Marshal Bernard Montgomery, the victor of El Alamein during World War II. In his 1968 book ‘A History of Warfare,’ Montgomery dissected Bajirao’s campaign with admiration. “The lightly equipped Marathas moved with great rapidity, avoiding the main towns and fortresses, living off the country, burning and plundering,” he observed. It was a war of movement that left the Nizam’s larger, heavier force stumbling in confusion.


Bajirao understood terrain and momentum in a way few Indian commanders before him had. His cavalry was unburdened by artillery or supply trains, allowing it to move at astonishing speeds. The Marathas struck deep into enemy territory, raiding and pillaging, then vanishing before a counterattack could be mustered. The Nizam, exasperated, chased shadows.


Desperate for a decisive engagement, he turned to a time-honoured strategy - rather than pursue Bajirao, he would strike at the heart of his power. His forces marched west to Poona, the Peshwa’s stronghold, and razed it in retaliation. This made Shahu nervous, and he urged Bajirao to return home and confront the invaders. But the young Peshwa, with the instincts of a master strategist, ignored the summons and instead launched a counterattack on the Nizam’s capital, Aurangabad, inflicting the same devastation on the enemy’s lands.


Forced onto the defensive, the Nizam now found himself in a trap of Bajirao’s making. As he attempted to turn back and engage the Marathas, Bajirao’s forces executed a textbook envelopment manoeuvre. The Marathas cut off the Nizam’s supply lines, surrounded his army, and harried them from all sides. By March 6, 1728, the Nizam had no choice but to sue for peace. Palkhed, much more than a military triumph, was a defining moment for Maratha supremacy in the Deccan. The Nizam, later humbled again at Bhopal in 1738, was forced to seek a modus vivendi with the Marathas.


Palkhed reshaped power dynamics across the subcontinent. Such was the Peshwa’s awe that even in 1735, when the Marathas were locked in fierce campaigns against Mughal officials, his mere name commanded respect across northern India. That year, his pious mother, Radhabai, undertook a pilgrimage without fear in northern India, receiving invitations from Rajput princes like Sawai Jaisingh and Mughal nobles eager to host her. Muhammad Shah, the Mughal emperor, ordered a personal escort of a thousand troops for her journey while Muhammad Khan Bangash, whom Bajirao had decisively routed just years before, accorded Radhabai every respect when she passed through his jurisdiction.


Palkhed made the Maratha cavalry a terror across the subcontinent, from Malwa to Delhi. Within a generation, the Mughal emperor himself would be reduced to a puppet in Maratha hands.

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