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Correspondent

23 August 2024 at 9:59:04 pm

Safety First

The death of two people and injuries to five others after a 22-foot Ganesh idol collapsed during its arrival ceremony in Mumbai is a deeply disturbing accident. It is particularly unfortunate that such an incident should occur barely three weeks before Ganeshotsav begins on September 14. A festival that is synonymous with devotion, community and celebration must not begin under such a gloomy shadow. The incident took place in Bhuleshwar, as the idol of Bhuleshwaracha Raja was being...

Safety First

The death of two people and injuries to five others after a 22-foot Ganesh idol collapsed during its arrival ceremony in Mumbai is a deeply disturbing accident. It is particularly unfortunate that such an incident should occur barely three weeks before Ganeshotsav begins on September 14. A festival that is synonymous with devotion, community and celebration must not begin under such a gloomy shadow. The incident took place in Bhuleshwar, as the idol of Bhuleshwaracha Raja was being transported from Byculla to its pandal. Preliminary information points to the unravelling of loose nuts and bolts in the idol’s supporting frame. Whatever the final findings of the investigation, the fact remains that a structure weighing many tonnes and being moved through a crowded urban neighbourhood cannot be allowed to become a lethal hazard. The prompt mobilisation of the Mumbai Fire Brigade, Mumbai Police, traffic police, 108 ambulance service and civic ward staff deserves recognition. But emergency response, however efficient, is no substitute for prevention. By the time emergency services arrive, lives may already have been lost. That is the lesson Mumbai and Maharashtra must absorb before the festival begins. Ganeshotsav is among the biggest public celebrations in the state. Its arrival processions draw enormous crowds, with towering idols, decorated vehicles, music, electrical installations and devotees converging on narrow streets. The scale of the celebrations has grown dramatically, but safety practices must grow with it. Every Ganesh pandal preparing for this year’s festival should treat structural safety as seriously as religious and logistical arrangements. Frames, fasteners, lifting equipment, transport vehicles and securing mechanisms must be inspected by competent personnel before an idol is moved. Organisers should not assume that a structure is safe simply because it has been used before. A single loose bolt can have catastrophic consequences. The authorities, too, cannot leave safety entirely to organisers. Civic agencies should conduct systematic inspections of large idols and their transportation arrangements, particularly where processions pass through densely populated areas. Traffic management, crowd control, overhead electrical infrastructure and emergency access routes need to be planned in advance. Safety checks should be mandatory, documented and meaningful, not just a box-ticking exercise. There is still time to act. The accident should be treated not merely as an isolated mishap but as a warning. Maharashtra has barely three weeks to ensure that every major pandal and procession has robust safety protocols in place. Ganeshotsav should begin with faith, excitement and the unmistakable sense of a city coming together and not with the memory of preventable deaths. The best tribute to those who lost their lives in Bhuleshwar would be to ensure that no family has to suffer such grief during the celebrations ahead.

Yoga and Investing

Every year, 21 June is celebrated as International Yoga Day. Yoga is associated with flexibility, fitness and physical well-being, while meditation helps us remain calm, focused and emotionally balanced.


Interestingly, the same qualities are equally important when it comes to managing money and building wealth.


Simple, But Not Always Easy

Investing, much like yoga and meditation, is simple to understand but not always easy to practise.


Most people already know the basics: spend less than you earn, save regularly, invest towards your goals and avoid unnecessary debt. Yet, many struggle to follow these principles consistently.


The difficulty is usually not a lack of knowledge. It is the inability to remain disciplined and ignore distractions.


Consistency Creates Results

In yoga, progress does not come from performing one difficult session and then stopping for several months. It comes from regular practice.


Similarly, wealth is rarely created through one exceptional investment. It is generally built by investing sufficiently, investing consistently and staying invested for a long period.


Asset Allocation - Short Term

Financial planning should be kept simple.


Money required for emergencies or financial goals arising within the next three years should ideally be kept in relatively stable options such as fixed deposits, recurring deposits and suitable debt mutual funds.


The purpose of this money is not to chase the highest possible return. Its purpose is safety, stability and timely availability.


Asset Allocation - Long Term

For long-term goals such as buying a home or car, taking vacations, funding children’s education and weddings, and planning for retirement, investors should consider stocks, equity mutual funds, hybrid mutual funds and gold.


Since these investments are linked to market movements, short-term fluctuations are unavoidable. Stock markets and gold prices will rise and fall along the way. However, when your financial goals are many years away, such short-term volatility becomes less relevant.


Over the long term, these assets have the potential to beat inflation and create wealth. Therefore, it is important to remain patient and avoid reacting to every temporary movement.


Ignore the Noise

This is where the lessons of yoga and meditation become valuable.


News channels, social media, friends and relatives will continuously offer opinions. These opinions may be about your chosen investment instruments, the direction of stock markets, gold prices or the economy.


Reacting to every piece of news and every opinion can disturb your financial plan and lead to emotional decisions.


Instead, remain calm, ignore the noise and focus on the process.


Invest Sufficiently

A useful objective is to invest at least 30% of your monthly income towards long-term financial goals.


Regular and sufficient SIPs provide discipline, but SIPs alone may not always be enough. Investors should also make lumpsum investments regularly, besides and beyond their SIPs, whenever surplus money becomes available.


Increase Investments Every Year

As income grows, investments must grow too.


Review and increase your SIPs at least once every 12 months. Otherwise, your lifestyle may rise with your income while your investments remain unchanged.


Yoga and Investing

Yoga strengthens the body through consistent practice. Meditation strengthens the mind through calmness and focus. Investing strengthens your financial future through discipline, patience and consistency.


The principle is simple: invest sufficiently, invest consistently and stay invested.


(The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

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