Do I need to make changes to my mutual fund portfolio?

I am investing through SIPs in Invesco India Mid Cap Fund (Rs 1,000), Mirae Asset Tax Saver Fund (Rs 2,000), Parag Parikh Long Term Equity Fund (Rs 2,000) on monthly cycle. Is my fund selection okay? Do I need to make any changes? Please advise. I am 24 years old and I am planning to stay invested in these funds for seven to eight years. Please advise whether any changes are needed in these funds?
-Rolson D Sa

Raghvendra Nath, Managing Director, Ladderup Wealth Management, responds:
It is wonderful to see you start investing at such an early age as it would definitely have a compounding effect in the future. These three funds have proven track record and have been performing well. Given your investment horizon, I would recommend you to invest more in the mid cap funds. You can add Kotak Emerging Equities Fund as another mid cap fund. You may also reduce your investments in large cap mutual funds. This would ensure greater wealth creation. Another suggestion I would like to give you is to try and increase your SIP allocation by 10% every year. It would have a compounding effect in your wealth creation.