Ranchi: Free from ‘stigma of corruption’ and political instability, BJP-led Jharkhand can now exceed the national economic growth average by 4-5 per cent, said Finance Minister Arun Jaitley on Thursday. “Jharkhand has a potential today with its natural resources, and potential for investment to grow at least 4-5 per cent ahead of the national average. Today, it is marginally 1 per cent above national average,” he said at the Jharkhand’s first global investors’ summit here, reports PTI.
India’s GDP expanded by 7.6 per cent in 2015-16. After a spate of coalition government, the mineral-rich state has now a stable government and huge investment opportunities for investors, Jaitley said. He said when Jharkhand was a part of Bihar, “a political model was developing which envisaged that you don’t need” economic development to win elections. “But you merely have to indulge in some kind of social engineering and by that process of social engineering you could win the elections. And for a fairly long period, social engineering in preference to developmental policies dominated the centre stage of this region. “Initially, there was political instability, and if I can be more candid, there was a stigma of corruption and therefore in today’s world where investor is the chooser, and investor has several multiple options, he does not like to invest or fish in troubled territories,” the senior BJP leader said. He also said that the state, which was carved out of Bihar in November 2000, has suffered due to flawed economic policies and there was inherent reluctance in allowing big industries to come and participate in economic progress.
Commenting his view on Jharkhand, Chief Minister Raghubar Das said the state is rich in natural resources like coal and minerals and striving to become a developed state in the country. “Jharkhand as a young state of India is striving to become one of the developed and prosperous states of India. It is a land of immense potential,” Das said while addressing the inaugural session of the first Jharkhand Global Investors’ Summit. He said that Jharkhand was one of the richest mineralised regions in the world possessing 40 per cent of mineral resources of the country.
Government to auction 30 mines in Jharkhand
Government plans to auction 30 mines in Jharkhand and the process is likely to start this fiscal, said Coal and Mines Minister Piyush Goyal. “This year itself, we are hoping to auction at least 30 new mines in Jharkhand. It will be in bauxite, gold, diamond, emeralds and iron ore,” he said at the first Jharkhand global investors’ summit. Asserting that the state has huge potential, Goyal said Jharkhand can promote low-cost manufacturing because of availability of cheap power. He said the state can promote manufacturing of products related to renewal of energy sectors and production of silicon wafers requires a lot of cheap power.
Investment of Rs 55k cr in highways: Gadkari
Harnessing of its natural resources through industrial development will make Jharkhand a rich state with rich population, Union Minister Nitin Gadkari said. He also said that over the next couple of years the state will see investments of Rs 55,000 crore in the highways sector. “In the next two-and-a-half years Jharkhand will see investment of Rs 55,000 crore in the highways sector that includes work worth Rs 5,000 crore being undertaken to construct 600 km of highways,” he said. Given the problems faced on Ranchi-Jamshedpur road, NHAI will ensure its completion by way of works worth Rs 1,000 crore, he added.
Vedanta to invest $1 bn in the state
Keen to get a strong foothold in Jharkhand, mining baron Anil Agarwal said he has “big plans” for the state but initial foray will be with USD 1 billion investment that includes setting up a 1 million tonne steel plant. Dubbing Jharkhand as “a diamond in the crown of the world”, Vedanta Resources Group Chairman Anil Agarwal said the state is “full of potential” and Vedanta has big plans for it.
“There is a lot of potential…This (Jharkhand) is a real Australia in India with its huge natural resources. We have a big plan but we will start with the medium size or small size project…We intend to set up a one million tonne of steel plant,” Agarwal told PTI in an interview.
JSPL to invest Rs 20K cr in Jharkhand
JSPL will invest Rs 20,000 crore in Jharkhand within a few years in addition to Rs 3,000 crore it has already invested in the state, company’s Chairman Naveen Jindal said today. “We will take the capacity of our steel plant at Patratu here to 6 million tonnes from the present 1.6 million tonnes per annum,” Jindal said addressing the Momentum Jharkhand Global Investors’ Summit 2017. Jindal Steel and Power Ltd (JSPL) has invested Rs 3,000 crore so far in the state and is set to invest another “Rs 20,000 crore in a few years”, he said. Jharkhand is endowed with rich mineral resources but had suffered political instability, Jindal said, adding that it is now on the path to development. JSPL’s Patratu manufacturing facility has a total finished steel capacity of 1.6 MTPA. The company operates a Bar Rod Mill (1MTPA) and a Wire Rod Mill (0.6 MTPA) along with a rebar service centre.
Ratan Tata calls industrialists to invest in Jharkhand
Recalling his initial days in Jamshedpur, Tata Group patriarch Ratan Tata said Jharkhand has great potential and called upon domestic and global corporates to seize the immense investment opportunity. “Under the Prime Minister and his government, India is on the threshold of projecting itself as a new India,” said Tata, who started his career at Tata Steel in Jamshedpur. Highlighting benefits of investing in Jharkhand, the senior industrialist said the state government is “keen to progress” and see itself standing among states that are enjoying the excitement of the new India. “I urge my contemporaries, both in India and beyond India, to embrace the opportunity at this time,” he said.
Adani group to invest Rs 20K cr
Asserting that Jharkhand is of strategic importance to Adani Group, Adani Enterprises Managing Director Rajesh Adani said it will invest Rs 20,000 crore in the various sectors including investment of ultra mega power plant. Adani Power Jharkhand Ltd has signed MoU for setting up ultra mega power project in Godda district and construction will start later this year, he said. In the renewal energy sector, Adani said, the group will set up 500 mw solar power project of Rs 3,000 crore. The group will invest Rs 700 crore in coal block mining, he said, adding that the company intends to set up integrated fertiliser complex.
Aditya Birla group commits Rs 5k cr investment
Aditya Birla Group Chairman Kumar Mangalam Birla committed Rs 5,000 crore investment in Jharkhand in various sectors including mining. “Till now we have made investment of Rs 5,000 crore in Jharkhand… Looking forward, we plan to invest another Rs 5,000 crore in the next few years. Out of this, Rs 1,500 crore has been earmarked,” he said. Birla also revealed that the group firm Idea Cellular will invest Rs 1,000 crore for 1,500 3G/4G mobile sites.
Essar group to invest Rs 10k cr
The Essar group said it was committed for about Rs 10,000 crore in Jharkhand for setting up a 1200MW power plant at Tori in Latehar district and development of Toskiud North Coal Mine with an estimated investment of about Rs 1100 crore. “The power project is at an advanced stage of completion, with over Rs 4,700 crore already invested on the ground,” Group Chairman Shashi Ruia said.
