Mumbai/ Ranchi, July 8: The Government of Jharkhand held the inaugural meeting of the Jharkhand Investment Promotion Board (JIPB) in the country’s financial capital, Mumbai.
With the Chief Minister as the chairman of the board, the JIPB is expected to comprise at least ten industry representatives nominated by the government, with due focus on priority sectors such as food processing, energy, automobile, IT-ITeS, tourism, infrastructure development, healthcare and education.
The state government has received 27 investment proposals of Rs 1 lakh crore in mining, power, agriculture, food processing, health, education and tourism. The investors include Tata Steel, JSW, Adani, Essar, NTPC, NDMC and SAIL. The government has stepped up its efforts to project Jharkhand as a leading investment hub of eastern India.
Jharkhand Chief Minister Raghubar Das, who is in charge of the Industries department, said in his opening remarks, “While we are very happy and enthusiastic about our accomplishment in instituting DIPP’s Business Reforms desirables, we call upon industry representatives to reflect on these systems in a frank and forthright manner, so that we can completely iron out discrepancies and make them more responsive, robust and long term.”
According to Das, the Adani Group has initiated the process for development of a power project of 1600 MW. He informed that the Adani Group has expressed its desire to invest Rs 50,000 crore in Jharkhand.
The CM added, “We aim to ace the systems compliance agenda and will also strive to bring the most promising investment proposals to Jharkhand. Investors are our partners in progress and this partnership, I believe, will be meaningful when it shapes up appropriately at the conception stage.”
Several captains of the industry attended the inaugural meeting JIPB. Those present at the meet included Sajjan Jindal, chairman and managing director, JSW Steel; Rajeev Jhawar, managing director, Usha Martin Ltd; P K Singh, chairman, Steel Authority of India Ltd (SAIL); T V Narendran, managing director, Tata Steel Ltd; Tom Albanese, chief executive officer, Vedanta Resources; Derek Shah, executive vice-president, Larsen and Toubro Ltd; Om Parkash Mittal, president, Laghu Udyog Bharti India; Father E Abraham S J, director, XLRI, Jamshedpur; and Anindya Sen, director, Indian Institute of Management, Ranchi.
They commended the state government for being in near-perfect coordination with the Union Government – be it in terms of reviving the health of the power sector through schemes such as UDAY or the ‘Make in India’ Mission.
During the meeting with key industrialists, the state chief secretary, Raj Bala Verma and additional chief secretary, Finance, Amit Khare took the participants through the recent measures as well as the agenda for the coming six months. One by one, the concerns articulated by participants were either responded to or noted down for action.
The maiden ‘Handbook for Shelf on Projects in the State of Jharkhand’ – a comprehensive document containing details of the key investible projects in the state – was also released during the meeting.
The handbook is meant to serve as a guiding document for prospective investors to comprehend the scope of opportunities in Jharkhand. It will assist investors in pursuing expansion plans by identifying various options for investments in Jharkhand and choosing appropriate ones based upon their areas of interest, expertise, scale, budget and vision.
“The handbook will work as a foundation for the long-term development of Jharkhand and offers an important tool to support the State in its effort to attract investments,” said the CS.
The JIPB will hereafter meet twice a year. The JIPB augurs well for the campaign since it promises to greatly enhance the state’s brand value by distinguishing the consultation process as absolutely direct compared to the survey-based convention.