Where should I invest for my retirement and child’s education?

I am 31 years old. I work with a private organization. I am married and have a three-year-old child. I am looking forward for long-term wealth creation. My financial goals are:
1. Child's higher education after 17 years (Target corpus: Rs 75 lakh)
2. Retirement corpus after 29 years (Target corpus: Rs 2 crore)
I am currently investing Rs 30,000 every year in PPF and ELSS via SIPs:
Axis Long Term Equity Fund: Rs 5,000
Reliance Tax Saver (ELSS) Fund: Rs 1,000
Franklin India Taxshield Fund: Rs 1,000
Please suggest suitable funds and the amount that I should invest.
--Arunkumar Ram

Apoorva Vora, Founder and CEO, Finolutions WealthCare LLP, responds:

By investing Rs 30,000 per year, you might face a shortage to reach your target. Also, your PPF allocation is much higher than the ELSS which will lead to lower returns on your investment. The compounding effect of this low portfolio yield shall further dampen your prospects to achieve your financial goals.

You also need to factor your potential growth in income levels and your potential to save for long term. Plan this with the help of a financial planner who can draw a scenario analysis and suggest a detailed and structural plan. Selection of funds come in the picture thereafter.