You are here: Home » PTI Stories » National » News
Business Standard

J'khand hopes to actualise 80% of 3 lakh cr investment by 2019

Press Trust of India  |  New Delhi 

is confident that it will actualise by 2019 more than 80 per cent of the total investment commitments worth over Rs 3 lakh crore which was signed during the state investment summit last month, a top state official said today.

The state is also hoping to generate around 3 lakh jobs during the period on account of these

During its maiden global investment summit 'Momentum Jharkhand' last month, the state had seen signing of 210 initial pacts worth Rs 3.10 lakh crore with global and domestic investors.

"State of has reached an inflection point...We are arching for a greater achievement and we would look forward to 100 per cent achievement in actualising MoUs...We will work very hard towards that," Chief Secretary Raj Bala Verma told PTI.

She said post global investor summit, "We have become even more aggressive in getting these grounded."

Investors' felicitation meets are conducted in different cities to fast-track projects.

"We have sliced the MoUs as per cities like Bengaluru, Kolkata, Delhi and Mumbai, and we are going and meeting the investors who have signed the MoUs in each city and we are trying to profile their needs so that it can happen faster," Verma said.

She added that Jharkhand is keen to fast-track its development with huge mineral resources and has welcomed investors and is prepared to offer land and other facilities to businesses on a platter.

"During investors meet, we got encouraging results in the form of 210 MoUs worth Rs 3.10 lakh crore. Out of 210, 172 MoUs are such which can start within a year and in two years they will get completed," the Chief Secretary said.

She said rest 38 pacts are big MoUs with mineral based companies and pertaining to infrastructure development and could take more than two years.

"We will be generating huge employment of 3 lakh from 172 MoUs which we have signed," she said.

Enumerating advantages for setting up ventures in Jharkhand, the Chief Secretary said the state is investment ready in view of "being the fastest growing economy in the eastern region besides being number one in labour reforms and ranking number five when it comes to attracting FDI".

She said the environment has become so conducing in the state that no mandays are lost there due to labour strike.

"We have excellent policies. A total of 19 policies have come up in the new and each is sector specific. We are now focusing across sectors...It is going to attract huge There are policies for textile, apparel, footwear, food processing, energy, solar, film and BPO to name a few," she said.

Verma said the policies were "flexible" and the state has invited feedback from stakeholders, based on which it is always ready to address their concerns.

To boost investment, the Jharkhand Investment Promotion Board, headed by the Chief Minister Raghubar Das, is in place with industrialists as members, Verma said.

Besides, there is Jharkhand Investment Board to monitor the grounding of projects and it is also being chaired by the Chief Minister, she said.

Jharkhand had received investment commitments of a whopping Rs 3 lakh crore during the two-day maiden global investment summit in Ranchi last month.

Adani Group led by Gautam Adani is examining possibility to invest Rs 50,000 crore in coal to polymer complex and exploring 5 locations for this.

Some of the other large investment commitments include Rs 5,000 crore each from Aditya Birla Group and Vedanta Resources, while Jindal Steel and Power and Adani Group proposed investment of Rs 20,000 crore each.

First Published: Sun, March 19 2017. 14:32 IST