Here is one diversified portfolio:

Equity portfolio:

1. Indian equities: 67%: equal amount of Nifty 50, nifty next 50, midcap, small cal fund

2. Other assets: 33%: equal amount of gold ETF, foreign feeder funds (Emerging Markets, Agriculture, Commodities, REIT, Global markets - EU, US, Asia) - all of this is possible sitting in India

Measured using standard deviation, the above portfolio has ~10% risk compared to 15% of the Nifty 50 and better expected returns with lower drawdowns. I also apply Faber's GTAA to the above

Non-equity portfolio:

1. Liquid funds for goals < 3y
2. UST funds for goals <5y
3. PPF / VPF for other debt investments