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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.

Six Financial Tips For A Strong 2025

Updated: Jan 6

Six Financial Tips

As 2025 begins, it’s the perfect time to reassess your financial goals and make smart decisions to set a strong foundation for the year. The following six key strategies will help you take control of your financial future.

Whenever I talk about investments below, I always mean a combination of mutual funds, direct stocks, and gold. These are essential for achieving your long-term goals (beyond three years). For short-term goals, you can stick to bank fixed deposits and recurring deposits.


1. Increase your SIPs

Systematic Investment Plans (SIPs) are a disciplined way to invest. If you haven’t increased your SIP contributions in the last 12 months, now is a great time to review and increase. This adjustment ensures your SIPs are sufficient in comparison to your monthly income.


2. Ensure SIPs constitute atleast 30% of your income

Your SIPs should account for at least 30% of your in-hand monthly income. This consistent investment approach helps you manage current expenses while building wealth for the future. It's crucial that your investments not only beat inflation but also help maintain and elevate your standard of living over time.


3. Make lumpsum investments

If you have excess funds that you won’t need for the next three years, consider making lumpsum investments. Idle money tends to lose value due to inflation, so investing it wisely is essential.


4. Health insurance

Health insurance is a critical component of any sound financial plan. To protect your savings and long-term financial goals, it’s essential to buy personal, comprehensive health insurance that offers sufficient coverage and necessary features. Don’t rely on your employer's health insurance plan.


5. Term life insurance

Term life insurance is an essential product to provide financial security for your loved ones. If you don’t already have a term plan, make it a priority to get one. If you do have it, assess whether your coverage is sufficient in relation to your income and financial goals, and increase it if needed. Term insurance is a cost-effective way to protect your family in case of an untimely death, ensuring their financial stability.


6. Engage a financial advisor for comprehensive planning

If you haven’t worked with a financial advisor, 2025 is the perfect time to start. A professional advisor can help you create a personalized plan that includes investments in direct stocks, mutual funds, gold, fixed-income products, and insurance strategies tailored to your income and financial goals. With expert advice, you can ensure your investments and plans are optimized for both growth and protection.

By implementing these strategies early in the year, you’ll position yourself for financial success and a secure 2025.


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

Views personal. He could be reached on 9833133605. )

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