My company has a provision for design of our own compensation so I allocated 70% to basic salary? Is my action correct?

There is actually no rule on the basic vs. allowance ratio.  Yet you have to consider the calculation that may affect the End of Service of the employee, the total value of all inclusive allowances and the companies capability to pa.  Not that a salary scale shall have a low, mid and high range to have room for negotiation during hiring,  salary increment or long service.