New Delhi, December 18– “Financial stability for individual development in India calls for the wise use of debit and credit cards with Gita-based needonomics as common sense approach, ”opined former Vice-Chancellor Professor M.M. Goel, known as  Founder of Needonomics School of Thought and superannuated from Kurukshetra University. He was speaking at the 30th annual function and national conference of Alhikmah Foundation at Constitution Club of India here today on the topic “Financial Stability for Individual Development”. Dr Ziauddin Ahmed chairman Alhikmah Foundation delivered a welcome address and presented a citation on the achievements of Prof. M.M. Goel.

Financial stability is paramount for individual development to play a role as a stakeholder in the economic growth of India even if the term financial stability refers to the state of an entire financial system, explained Prof. Goel.

To build the narrative for Swarnim Bharat as an independent, non-violent democracy with integrity and amity (INDIA), we require street-smart Indians (simple, moral, action-oriented, responsive and transparent) with practical qualities of head and heart, told  Prof. Goel.

Being financially stable, one feels confident with the financial situation and is not worried about the cobra effect of debts, mentioned Prof. Goel.

For buying a home to live in, we have to learn from Islamic Banking of zero rates of interest and buy a life insurance policy when young and design a residual income stream through skills, told Prof. Goel.

 One is debt free for the future goals to cover emergencies with financial stability in the household budget by proper use of funds, managing risks, and arranging payments, told Prof. Goel.

 We have to develop healthy habits of needo-consumption, needo-saving, needo-investment, needo-health and needo-education for enjoying a more prosperous financial future, said Prof. Goel

To be alert, aware and awake for emergencies of all kinds, we have to adopt needo-saving as the mantra for financial struggles by creating an emergency fund which is also required for altruism, said Needonomist Goel.

To be safe, we must maximize retirement savings, pay back loans quickly, open multiple savings vehicles and overcome the fear of investing in the stock market through mutual funds, explained Prof. Goel.