Underground And On The Edge
Business Today|December 15, 2019
THE DOMESTIC MINING LANDSCAPE IS STARING AT A MAJOR DISRUPTION WHEN AN ESTIMATED 329 MINING LEASES EXPIRE AND NEED TO BE AUCTIONED AT THE END OF THIS FISCAL. THE TARDY PROGRESS OF AUCTIONS SO FAR INDICATES THE CHANGEOVER COULD BE VERY MESSY.
Sumant Banerji
Underground And On The Edge

In his own way, Maruti Chari, 61, is more popular in Usgao, a little village in North Goa, than the local corporator. While the place derives its name from the local word for sugarcane, its major industry and source of employment is iron ore mining. Chari is renowned in the area as the doc-tor of trucks – he can diagnose any problem in a truck merely by sitting in it and driving for 100 metres. His 41-year-old truck repairing centre on National Highway (NH) 748, which connects Belgaum in North Karnataka to Panjim, is one of the landmarks in the area.

But his business took a major hit when the transport business in the area dwindled in the aftermath of a complete ban on mining in Goa in March 2018. Having somehow endured for the last 18 months, Chari says he would have no option but to shut shop and lease out the land if mining isn’t restored by December. “I used to get 50-60 trucks for repair every day. Now I hardly get any,” he says. “Till 2015, I employed 50 people. Now, it’s down to just four. My earning has dropped from ₹ 5 lakh per month to just ₹10,000-12,000. At this rate, I won’t be able to survive much longer. I am just about holding on till December.”

Chari is an example of how the slowdown in the domestic iron ore mining industry is impacting those who are not directly involved in the business. Those who are, are even worse off. Santosh M. Thambi, 39, is staring at bankruptcy after he lost his job as a machine operator with Chowgule and Co. After losing his ₹30,000 a month job with a local miner, Yeshwant R. Satgaonkar often gets suicidal thoughts. Similarly, Sandeep M. Nirlekar, the sole bread earner in a family of five, has already defaulted on a personal loan after losing his employment.

هذه القصة مأخوذة من طبعة December 15, 2019 من Business Today.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة December 15, 2019 من Business Today.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من BUSINESS TODAY مشاهدة الكل
Pension Scheme - Safety Net
Business Today India

Pension Scheme - Safety Net

The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math

time-read
4 mins  |
September 29, 2024
The Reit Choice?
Business Today India

The Reit Choice?

Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility

time-read
7 mins  |
September 29, 2024
CORPORATE - Calling to Account
Business Today India

CORPORATE - Calling to Account

The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm

time-read
1 min  |
September 29, 2024
EMPLOYMENT: Skills Push
Business Today India

EMPLOYMENT: Skills Push

The skill development ministry plans to partner with the UGC to improve the employability of undergraduates

time-read
1 min  |
September 29, 2024
Building on a Vision
Business Today India

Building on a Vision

L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE

time-read
2 mins  |
September 29, 2024
"KYS more important than KYC"
Business Today India

"KYS more important than KYC"

Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore

time-read
1 min  |
September 29, 2024
ROXX STAR
Business Today India

ROXX STAR

THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT

time-read
2 mins  |
September 29, 2024
HIT THE GROUND RUNNING
Business Today India

HIT THE GROUND RUNNING

Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider

time-read
2 mins  |
September 29, 2024
TURNING THE TABLES
Business Today India

TURNING THE TABLES

INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND

time-read
7 mins  |
September 29, 2024
THE EVOLUTION OF ATHERA
Business Today India

THE EVOLUTION OF ATHERA

IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS

time-read
7 mins  |
September 29, 2024