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By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

The Iron Ore Revolution

Gadchiroli transforms from ‘Red Corridor’ to steel hub Gadchiroli: Once synonymous with the shadow of the Naxal insurgency, Gadchiroli is undergoing an unprecedented and rapid transformation, poised to emerge as a powerhouse of the Indian steel industry and a model for socio-economic development. With security issues largely contained, the district is now witnessing a massive Rs 3 lakh crore investment pipeline, signaling a monumental shift from conflict to commerce. District Collector...

The Iron Ore Revolution

Gadchiroli transforms from ‘Red Corridor’ to steel hub Gadchiroli: Once synonymous with the shadow of the Naxal insurgency, Gadchiroli is undergoing an unprecedented and rapid transformation, poised to emerge as a powerhouse of the Indian steel industry and a model for socio-economic development. With security issues largely contained, the district is now witnessing a massive Rs 3 lakh crore investment pipeline, signaling a monumental shift from conflict to commerce. District Collector Avishyant Panda detailed the comprehensive development agenda, underscoring that the focus has squarely moved to building world-class industry and infrastructure, matched by crucial human resource development. The heart of this transformation is the colossal investment in steel production, leveraging the district’s rich iron ore deposits. The combined efforts of major industrial players are set to make Gadchiroli a steel manufacturing giant. JSW Steel is setting up what is projected to be the world’s biggest single-location steel plant, with a massive capacity of 25 MT (Million Tonnes). Lloyds Metals and Energy Ltd. has already commenced operations, establishing a 10 MT steel plant at Konsari, while Surjagadh Ispat is adding to the capacity with a committed 5 MT plant. The total planned production capacity of 40 MT in the coming years will not only generate significant wealth from the district’s natural resources but also anchor a vast auxiliary industrial ecosystem. “The district that was once being ruled with the barrels of a gun is now rapidly transforming into an advanced hub that thrives on the riches gained from the iron ore,” Collector Panda asserted. Infrastructure Leap Crucial to sustaining this industrial boom is a massive upgrade in connectivity, which has long been a major bottleneck. The long-awaited Railway link is soon expected to bring Gadchiroli onto the national rail map, drastically reducing logistics costs and time for the heavy steel industry. The district administration has already identified three locations for the construction of an airport. A final clearance and nod from the Ministry of Aviation is anticipated soon for one of these sites, which will facilitate rapid movement of VVIPs, critical goods, and eventually, commercial traffic. Digital Integration To ensure no corner of this vast district (which is comparable in size to the state of Nagaland) is left behind, a massive digital push has been executed. Mobile towers have been erected across all 1,550 hamlets in over 450 gram panchayats, with an additional 550 towers set up along key roads, ensuring robust communication and online service delivery. Skilled Manpower While security and infrastructure challenges are being systematically resolved, the single biggest issue that remains is the availability of skilled manpower to service the highly technical steel and allied industries. Recognizing that human capital is the critical factor for sustaining the district’s monumental industrial investment, Gondwana University, Gadchiroli, has embarked on an ambitious global partnership to cultivate a highly skilled local workforce. The university, in collaboration with the private sector and a leading international institution, is transforming its academic focus to directly align with the demands of the emerging Steel Hub of India. The linchpin of this strategy is the formation of a University Institute of Technology (UIT) in Gadchiroli. This institute, established with the full financial backing and corporate social responsibility commitment from Lloyds Metals and Energy Ltd, is primarily dedicated to providing free diploma-level technical education to tribal and economically disadvantaged students from the district’s most remote areas. A landmark agreement has been signed with Curtin University, Australia, a globally renowned institution particularly strong in mining studies. This tripartite Memorandum of Understanding (MoU) with Gondwana University and Lloyds Metals & Energy Ltd aims to combine global academic rigour with local employment opportunity. The new UIT is currently offering three specialized, industry-relevant diploma courses: Mining Technology, Steel Technology, and Computer Science with Mining Applications. Each stream is designed to enroll 30 students in its initial phase, with the curriculum being jointly developed by the academic and industry partners to ensure the training is both theoretically sound and commercially applicable. Formation of District Transformation Committee (DTC) provides a crucial institutional framework for coordinating the implementation of key central and state schemes, specifically focusing on skill development, education, and health to fast-track the district’s comprehensive development. New Horizons The developmental model is deliberately holistic, encompassing agriculture and social infrastructure. Progressive farmers, with active support from the district administration, are experimenting with high-value crops like Water Chestnut and Strawberry, moving beyond traditional paddy farming to explore profitable agricultural diversification. The Ekal Training Centres are undertaking a unique program aimed at empowering Gram Sabhas (Village Councils) to enhance and sustainably manage forest produce, ensuring that the tribal populace receives the maximum benefit from their natural wealth. Social Infrastructure Upgrade The education and health infrastructure is seeing a significant overhaul. New hospitals are being established in the remotest areas, with much of the funding and support coming directly from the industries setting up base in the region, creating a true public-private partnership for social good. Gadchiroli’s story is no longer one of adversity, but a vibrant narrative of economic resurgence, connectivity, and development. The collective focus on capitalizing on its mineral wealth while simultaneously nurturing its people’s skills and social well-being marks the dawn of a new, industrial era for this once-neglected frontier.

Creating Generational Wealth

Updated: Jan 27

Generational Wealth

In a world where financial security often feels elusive for many families, one important truth stands out: it only takes one person to change the financial narrative of a family for generations. By thinking about money in new ways, taking well-calculated risks, and implementing a sound financial plan, anyone can become the catalyst for building generational wealth, breaking cycles of financial struggle and insecurity.


What is Generational Wealth?

Generational wealth refers to assets—such as property, investments, and businesses—passed down from one generation to the next. These assets help families maintain and grow financial stability over time. Historically, many families, especially those with limited financial resources, have struggled to build and sustain wealth. But within these families, one person who dares to adopt a new financial mindset can change the course for future generations.


How to Create Generational Wealth?

The first step to building generational wealth is thinking about money differently. This involves moving beyond the traditional earn-spend-save mentality and instead focusing on how money can create opportunities. It means understanding the importance of investing in stocks, mutual funds, real estate, businesses, and developing multiple income streams. Simply saving money is no longer enough. The key lies in making strategic investments and allowing money to grow over time through smart financial decisions.


Take Risks

But thinking differently is only the beginning. Taking risks is where real wealth-building potential lies. Many people hesitate to take risks with their money, afraid of losing what they've worked hard to earn. However, it’s crucial to recognize that all great financial success stories involve calculated risk-taking. Whether investing in stocks, mutual funds, real estate, or businesses, smart risks based on research and strategy can yield substantial rewards. Risk-taking is the engine of financial growth.


Take Help from Financial Advisors

Success depends not only on taking risks but also on having a solid financial plan. Essentially, three factors matter: the right mindset, the right planning, and the right execution. Working with financial advisors, educating future generations about money, and setting up mechanisms like trusts or long-term investments ensure that the wealth created is sustained. A key difference between the wealthy and others is that the wealthy don’t hesitate to seek help from experts. Consulting an educated, full-time advisor who uses their experience, expertise, and wisdom to guide you is invaluable.


The message is simple: it only takes one person to break the cycle and take proactive steps toward creating generational wealth. If previous generations haven’t bestowed this privilege upon you, it’s time to take it upon yourself. It’s up to you to become that person in your family who thinks differently, takes risks, and puts a plan in place to create generational wealth for the future.


(The author is a Chartered Accountant and CFA (USA). Financial Advisor.

Views personal. He could be reached on 9833133605. )

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