The Essar Foundation organized a half-day workshop on financial literacy for migrant workers residing adjacent to the Essar Mahan Power plant, Singrauli on January 22, 2012. The workshop was attended by more than 100 workers.
The Essar Foundation is committed to improving the quality of social and economic life of neighboring communities and making a positive contribution to the life of all those who are directly or indirectly impacted by Essar’s business at Mahan in Singrauli. Since its inception 40 years ago Essar has actively contributed to the communities through its CSR activities around its operations mostly in rural India.
The Financial Literacy Programme workshop was presided by Raman Choudhary, Deputy General Manager – HR, Essar Power. Essar Foundation’s Manager CSR Vinod Pande was also present.
Resource person Dr RK Jha, Senior Assistant Professor – Economics, Government College Deosar, had an interactive session with the gathering of workers and highlighted the merits of parking surplus money in financial institutions rather than keeping it in their own chest which as he said, remains idle. Parking money in financial institutions keeps workers' hard-earned money safe as well as productive. Dr Jha also highlighted various aspects of the programme such as the importance of institutionalized parking of money, introducing locally available financial institutions, schemes available beforehand and return from them, formalities regarding schemes, grievance redressal mechanisms of certain institutions and precautions while dealing with these institutions.
Dr Jha further emphasized that financial literacy is about empowering the workers through knowledge about finance in a way that is relevant to their lives. Today financial information is not only a matter of convenience but is an essential survival tool. Lack of financial knowledge could be harmful to both individuals and communities.
During the interactive session various questions and doubts were raised by the audience which were addresses by the resource person.
Mr Choudhary further highlighted the importance of such types of programmes in benefiting not only individual laborers but also towards nation building.
Amod Choudhary, DGM CSR highlighted the CSR activities undertaken by Essar in Singrauli such as schools, hospitals, computer training and skill development of the community for their livelihood. Amod Choudhary also thanked the Essar Foundation and suggested that similar financial literacy programmes be organized in all the project affected villages in the near future to complete the series.