Rs50cr cleared for Nagpur weavers' dues, years after closure
Tired of too many ads? go ad free now
The cooperative, which employed more than 1,100 workers before it shut down, left many in financial distress. The 20-acre land owned by the cooperative, located off Umred Road, was sold to the Maharashtra Housing and Area Development Authority (MHADA) for Rs177 crore. The sale was executed after securing consent from 685 of the 1,100-odd workers, with the primary aim of settling pending dues.
Of the total Rs62 crore owed to the workers, only Rs10 crore was disbursed in March 2019, according to Central Nagpur MLA Pravin Datke, who raised the issue in the state assembly.
A decision to clear the remaining dues was taken in July 2024, during the tenure of
as deputy chief minister. However, the move was stalled due to the enforcement of the election code of conduct. The cabinet finally cleared the Rs50 crore proposal on Tuesday.
Datke, who has long advocated for the workers' cause, said the demand was to clear all dues pending till March 2008. Despite meetings by the textile department in March 2008 and again in 2016, necessary approvals could not be obtained from the finance department at the time.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
a day ago
- NDTV
What Is the 15x15x15 Rule In Mutual Funds And How It Can Help You Build Rs 1 Crore
A growing number of mutual fund investors are turning to the so-called "15-15-15 rule", a simplified strategy offering a pathway to potentially build a corpus exceeding Rs1 crore in 15 years through disciplined Systematic Investment Plans (SIPs). What is the 15-15-15 rule? Invest Rs 15,000 each month, Over a period of 15 years, At an assumed annual return of 15% in equity mutual funds. Under these assumptions, a total contribution of Rs27 lakh can hypothetically grow to approximately Rs1.0-1.02 crore by year 15. If you continue the same SIP for another 15 years (a total of 30 years), reinvesting and earning around 15% annually, the corpus can potentially swell to over Rs10 crore, meaning a total investment of Rs54 lakh yielding around Rs9-9.4 crore in returns. Behind the numbers: The power of compounding The rule demonstrates the exponential benefit of compounding, where returns generate further returns. Most credible analyses and financial platforms emphasise that this exponential phase accelerates over time, especially beyond the 15-year mark. Risks & caveats Returns are not guaranteed: Achieving 15% annual returns consistently requires taking equity market risk. Not all mutual funds deliver that over 15 years. Market volatility: Short-term corrections can disrupt the SIP journey. Many investors exit prematurely, undermining compounding benefits. Inflation erosion: Even if you reach Rs1 crore, with 5-6% inflation, it might feel like Rs45-50 lakh in today's purchasing power after 15 years. Additional insights to strengthen your strategy 1. Set realistic expectations A long-term historical average for Indian equity indices like Sensex/Nifty ranges between 12% and 15% per annum over 15-20 years. Some advisors recommend aiming more conservatively for 10-12% CAGR, combined with step-up SIPs (gradually increasing monthly investments) to boost corpus while managing risk. 2. Diversification is key Investing only in equity funds exposes you to volatility. A balanced portfolio including debt or hybrid funds may help dampen drawdowns while preserving capital. Choose funds carefully: evaluate expense ratios, Sharpe ratios, turnover, fund manager track record, and portfolio composition before committing. 3. Stay invested and avoid panic exits A major investor pitfall is stopping SIPs during downturns and exiting early. Consistency-even through volatile periods-is crucial to realise compounding gains. 4. Consider inflation and goal-adjusted targets Instead of focusing only on the nominal corpus, translate your future money into today's value terms. For instance, Rs1 crore in 15 years at 5% inflation diminishes to just around Rs48 lakh in today's purchasing power. What you should know Element Detail 15-15-15 rule: Rs 15,000/month SIP X 15 years X 15% expected return = Rs 1 crore corpus Advantage: Disciplined investing, rupee cost averaging, powerful compounding Warning: High return assumption isn't guaranteed; equity risk, inflation, premature exits Better approach: Aim for a realistic 10-12% CAGR, use step-up SIP, diversify, and stick around long term. Takeaway for investors The 15-15-15 rule works best as a motivational illustration of SIP power and compounding. Yet it should not be mistaken for a guaranteed investment formula. Use it as a starting framework: Begin early and stay disciplined. Set realistic return expectations. Diversify your asset allocation. Focus on long-term staying power. Ultimately, your long-term success will depend on thoughtful fund selection, consistency, and managing risk-not just a formula.
Hans India
a day ago
- Hans India
BSE SME platform crosses 600 listings
Mumbai: India's small and medium enterprises (SME) listing platform, the BSE SME platform, has crossed the milestone of 600 listings, the Bombay Stock Exchange (BSE) said on Tuesday. Overall money raised by these companies since their inception stands at Rs10,652 crore, with an overall market capitalisation (mcap) of Rs1,84,574 crore, according to the exchange. 'Not only has the platform crossed the milestone, but it has grown in strength from strength in recent years, raising more money with higher issue sizes,' the BSE said. In the period since January 2023 to date, the average issue size for SME IPOs on the platform has gone up to Rs32 crore, versus Rs 11 crore in the period from March 13, 2012, to December 31, 2022. Further, the funds raised to date have gone up to Rs6,109 crore in the period since January 2023 to date, versus Rs 4,544 crore in the period March 13, 2012, to December 31, 2022, the BSE stated. These bigger and bolder moves by the SMEs on the platform are also getting reinforced by their movement to the mainboard, with nearly 1/3rd of the overall companies making that transition, the exchange said. The SMEs listed on the platform also represent the economic opportunity present across the country. SMEs listed on the BSE SME platform have a pan-India presence as well as representation of various industries and segments of the country, making it a holistic picture of the economic growth of the country. 'With over 7 crore SMEs, 30 per cent share in GDP, 44 per cent share in exports and nearly 60 per cent share in employment, MSMES presents an unparalleled economic opportunity to achieve Viksit Bharat by 2047,' BSE Ltd MD and CEO Sundararaman Ramamurthy said. According to the BSE, to aid the ecosystem, the BSE SME platform recently launched a generative artificial intelligence (AI) tool to vet SME IPO documents before they can be formally filed with the exchange. Not only does this system improve the validation process of the document filing, but it also improves the efficacy and timelines in the listing process. 'Our steady and consistent growth, along with the technological appendages that are being developed, demonstrates the overall resolve of the exchange and platform to accelerate the ambition of budding entrepreneurs,' BSE's Head of Listing and SME Platform, Radha Kirthivasan, said.
Time of India
2 days ago
- Time of India
Rs50cr cleared for Nagpur weavers' dues, years after closure
Nagpur: In a major relief for over a thousand workers of the defunct Nagpur Weavers' Cooperative, the state cabinet has approved a proposal to allocate Rs50 crore from the proceeds of the organisation's land sale towards payment of solatium to its employees. Tired of too many ads? go ad free now The cooperative, which employed more than 1,100 workers before it shut down, left many in financial distress. The 20-acre land owned by the cooperative, located off Umred Road, was sold to the Maharashtra Housing and Area Development Authority (MHADA) for Rs177 crore. The sale was executed after securing consent from 685 of the 1,100-odd workers, with the primary aim of settling pending dues. Of the total Rs62 crore owed to the workers, only Rs10 crore was disbursed in March 2019, according to Central Nagpur MLA Pravin Datke, who raised the issue in the state assembly. A decision to clear the remaining dues was taken in July 2024, during the tenure of as deputy chief minister. However, the move was stalled due to the enforcement of the election code of conduct. The cabinet finally cleared the Rs50 crore proposal on Tuesday. Datke, who has long advocated for the workers' cause, said the demand was to clear all dues pending till March 2008. Despite meetings by the textile department in March 2008 and again in 2016, necessary approvals could not be obtained from the finance department at the time.
