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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Modak and the Art of Investing

As the aroma of freshly steamed Modaks fills homes during Ganesh Utsav, the festive spirit comes alive instantly. My mouth is already watering at the thought! The humble Modak, prepared with love to honour Lord Ganesha, may look simple from the outside. But anyone who has tried making one knows that a good Modak depends on several things coming together - the right ingredients, the right recipe, patience with the process, and finally, enjoying the result. Investing is surprisingly similar....

Modak and the Art of Investing

As the aroma of freshly steamed Modaks fills homes during Ganesh Utsav, the festive spirit comes alive instantly. My mouth is already watering at the thought! The humble Modak, prepared with love to honour Lord Ganesha, may look simple from the outside. But anyone who has tried making one knows that a good Modak depends on several things coming together - the right ingredients, the right recipe, patience with the process, and finally, enjoying the result. Investing is surprisingly similar. Choose the Right Ingredients A Modak is only as good as the ingredients that go into it. Fresh coconut, good-quality jaggery, properly prepared rice flour and the right flavours all contribute to the final result. Our investments and financial products are the ingredients of our financial plan. Equities, mutual funds, fixed income, gold and other investments each have a specific role to play. The objective is not to pick whatever appears most exciting at the moment, but to select suitable, good-quality investments that match our financial goals, time horizon and ability to take risks. Health and life insurance are equally important ingredients. Adequate coverage helps protect savings, the family, and their financial goals and dreams. Good ingredients provide the foundation. But ingredients alone are not enough. Get the Recipe Right You may have the finest ingredients in the kitchen, but if the proportions are wrong, the Modak may still not turn out well. The same applies to investing. Asset allocation is the recipe of a financial plan. Too much of one ingredient can spoil a Modak. Similarly, excessive concentration in one asset or too much money in low-return products can spoil a portfolio. Balance is key. A thoughtfully constructed portfolio brings different investments together in the right proportions. To keep asset allocation very simple - short-term goals can be planned through bank fixed deposits, recurring deposits and debt mutual funds. For long-term goals, one can consider hybrid mutual funds, equity mutual funds or direct stocks. Trust the Process Once the Modak is shaped and placed for steaming, constantly checking whether it is ready will not make it cook faster. Investors often make the same mistake. We keep checking markets, reacting to every correction, chasing recent performers or changing strategies because of short-term noise. Good investing requires patience and discipline. Invest regularly, review periodically and allow your financial plan enough time to work. Compounding is powerful precisely because it rewards those who remain invested for long periods. Sometimes, the best thing an investor can do is simply avoid unnecessary interference. Enjoy What You Have Created Finally comes the most important part - eating the Modak! The purpose of investing is not merely to accumulate the largest possible number on a statement. Wealth should eventually help us fulfil our goals, support our families, create financial security and enjoy life with greater peace of mind. A good Modak needs the right ingredients, the right recipe and trust in the process. A good investment journey needs exactly the same. This Ganesh Utsav, may Bappa bless us with the wisdom to make good financial choices, the patience to stay disciplined, and the prosperity to enjoy the fruits of our efforts. Ganpati Bappa Morya! (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Tourism Key to Growth

Suyash Padate
Nov 17, 2024
2 min read

Updated: Nov 18, 2024

Tourism

The Maharashtra government recently came out with a much anticipated comprehensive tourism policy. During the inception of this policy the government virtually gave a huge flip to the concept of ‘workcation’ alongside the promotion of rural life, films, caravans, and medical tourism. The policy, which aims to attract RS 100,000 crore in investment and generate 1.8 million jobs over the next decade. Drawing inspiration from the COVID-19 pandemic, when many embraced remote work in non-urban settings, the policy promoted the concept of ‘workcation’ — a blend of work and vacation. The concept emerged during the COVID-19 lockdown when people, especially from the IT sector, set up camp at vacation destinations while continuing to work for their respective organisations.


This new policy identifies key areas to boost tourism’s contribution to Maharashtra’s goal of becoming a Rs 1 trillion economy by 2028. It focuses on developing robust infrastructure and partnering with various stakeholders, including tour operators and MICE (meetings, incentives, conference, exhibition) organisers, to double revenue generation in their respective sectors. The policy categorises tourism projects into A, B, and C tiers based on size, offering incentives such as GST waivers, electricity rate concessions, and stamp duty reductions. It also proposes cash prizes for innovative products and revival of cultural and artistic customs.


This time around the thrust of the policy is on agriculture, caravan, and adventure tourism. Some of the projects will receive incentives including up to Rs 10 lakh for commendable research work. Rural development is a key focus, with plans to promote local culture, art, cuisine, and festivals. Rural tourism and homestays will be part of the promotion. Following the Mumbai Festival model, other key cities like Nagpur will organise their own festivals, in addition to plans for monsoon and Ganesh festivals to boost tourism.


Prior to this during the tenure of Maharashtra Vikas Aghadi (MVA) government then tourism Minister Aditya Thackeray mooted a new tourism policy. This particular policy came into existence in the post-pandemic era which concentrated on adventure sports. That policy included encouraging adventurous activities like hiking, trekking, cycling and others with emphasis on safety and security, and hence unscrupulous operators would not be permitted. However, these guidelines were not applicable to competitive expeditions or other jungle activities. This particular policy had a plan to showcase the rich natural offerings in the state for adventurous exploits of the brave and daring. The state had offered dense forests, mountain ranges of the Western Ghats, rivers, lakes, beaches on the coastal Konkan, etc, with immense potential for air, land and water adventure tourism activities which is not only a growing segment but much in demand globally.


The policy envisages providing special assistance to different organisations, associations and individuals engaged in or organising adventures sports and related activities, registration, regulation, strict monitoring, training, providing necessary infrastructure, and promotions.

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