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Jharkhand gets Rs 62,000 crore in investment for Make in India projects

Mumbai/Ranchi, Feb 17: In what holds major promise in unlocking the growth potential of the state, Jharkhand Government today announced that it is expecting a total investment of over Rs 62,000 crores under various “Make in India” projects.

The biggest investment to the state has been committed by the Adani group which will pump in Rs 50,000 crores for power and fertilizer manufacturing plants.

Adani Group today signed an MOU with Jharkhand Government for an investment of INR 15,000 crore in the state to set up a thermal power plant with total capacity of producing 1600 mega watt energy that will be supplied to Bangladesh Grid. The rest Rs 35,000 crore will be invested for setting up a unit that will produce coal based methane fertilizer.

The state is also getting an investment of Rs 2, 000 crores from Vedanta group to set up a steel plant. Jharkhand industry department has also received 11 letters of intent from different companies committing an investment of Rs 10,000 crores, in Chemical, IT , Textile, Construction sectors.

MoU sign between Adani group and Energy Department in presence of CM. Managing Director, Adani Group during the Jharkhand Investors Summit at Make In India Week.

The Adani Group has entered into an agreement with Bangladesh Power Corporation to provide it energy and the proposed plants in Jharkhand will help the company to supply energy to Bangladesh. The proposed plants will be set up in Goda and Sahibganj districts of the state.

Jharkhand Government today showcased its extensive potentials and a series of initiatives to smoothen business set up process in the state during the Jharkhand Investors Summit at Make In India week which was attended by who’s who of India’s business captains.

“Jharkhand has huge locational and logistical advantages. It has been truly blessed by nature and it alone accounts for nearly 40 per cent of the country’s mineral resources.

It is the largest producer of Iron ore, copper, mica and uranium. 30% country’s proven coal reserves are in Jharkhand and it is the only state to have coking coal. No other state has such fabulous mineral wealth, in magnitude in scope, in range,” the Chief Minister said underlining the potentials of the state during the summit.

The Chief Minister also unveiled the new Jharkhand Industrial and Investment Promotion Policy 2016 as part of its initiatives to ensure smoother business set up process in the state. The Investor Summit was attended by corporate leaders such as Mr Naveen Jindal, Chairman Jindal Steel & Power Limited, Rajesh Adani, Managing Director Adani Group, Prashant Ruia, Promoter Director Essar Group and Tulsi Tanti, Chiarman And Managing Director Suzlon Energy Limited, among several others.

The chief minister also held one-on-one meetings with over 25 industry captains from various industries ranging from Power, Entertainment, Skill and Information Technology. The companies that participated in these meetings included Oracle, HCL and Future Group.

“Today in Jharkhand, factories and other establishments have to file just one return before the labour department annually. This number was 36 earlier. Frequency of inspections has been reduced to once in 5 years. We have really put an end to inspector raj. 58 categories of industries have been exempted from the requirements of obtaining consent to operate and establish,” the Chief Minister further added.

In the wake of Investors Summit, the Chief Minister also met Tata Group Chairman Mr. Cyrus Mistry in Mumbai during which Tata Steel has agreed to augment steel production in the state by one million ton.

The company currently produces 10 million ton steel which would be increased to 11 million ton. The CM requested Mr. Mistry to augment the capacity of existing Tata Group companies in the state and also to establish an investment and research center in Jharkhand.

“A single window system has been established to clear investment proposals and the government has also formed a land bank and is ready to offer 200 acres land,” he told investors. Das told the investors that Jharkhand offers great opportunities in multiple sectors including information technology, mines, power and agriculture.

The investors would be given breaks in VAT, he promised. “All the formalities related to investment would be completed within a month.

The state is progressive on development path and within four years it would carve a space in the league of developed states like Gujarat and Maharashtra,” he said.

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