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Jharkhand pledged `3 lakh cr at global investors summit

At least `3 lakh crore worth of investment were pledged on the opening day of Jharkhand’s maiden Global Investment Summit

ranchi Updated: Feb 17, 2017 15:27 IST
B Vijay Murthy/ Bedanti Saran
Union Ministers- Arun Jaitely, Venkaiah Naidu, Nitin Gagkari, Smriti Irani, Jharkhand CM - Raghubar Das and industrialist Ratan Tata , Kumar Mangalam Birla attends the global investors summit
Union Ministers- Arun Jaitely, Venkaiah Naidu, Nitin Gagkari, Smriti Irani, Jharkhand CM - Raghubar Das and industrialist Ratan Tata , Kumar Mangalam Birla attends the global investors summit "Momentum Jharkhand" at Mega sports complex in Ranchi(Diwakar Prasad/ Hindustan Times)

At least `3 lakh crore worth of investment were pledged on the opening day of Jharkhand’s maiden Global Investment Summit with seven industry tycoons, an equal number of Union ministers and ambassadors of four countries collectively declaring the state an ideal destination for investment.

Laden with over 40% of India’s mineral wealth and having a 12.1% Gross State Domestic Product (GSDP), one percent higher than the national average,Jharkhand has in the recent past fared very well on various national indexes that define an investment friendly state.

It ranks first in national coal reserves, labour reforms and inspection compliances, Tasar Silk and Lac production, second in iron ore reserves, production in peas and potatoes, third in mineral production, copper ore reserves, fifth in foreign direct investment (FDI) destination in India, and seventh in ease of doing business.

The above are the facts, loaded with which the Raghubar Das government organized ‘Momentum Jharkhand’-the state’s maiden global investors’ summit –that kicked off in capital Ranchi on Thursday.

In attendance at the two-day summit were Union finance minister, Arun Jaitley, urban development minister Venkaiah Naidu, textile minister Smriti Irani, road transport and highways minister Nitin Gadkari, power, coal, new and renewable energy minister Piyush Goel, minister of state for civil aviation Jayant Sinha, and minister of social justice and empowerment Sudarshan Bhagat.

Addressing the gathering, chief guest Jaitely said, Jharkhand should take pride in itself as a manufacturing state. “It’s rare as other states are growing due to dominance of service sector. Jharkhand has the potential to grow by at least 4-5 % above the national average,” he said.

“With Centre’s support capitalized by the investors’ interest, it will grow rapidly, the best is yet to come,” he added.

Representing the industry were Tata Group ex-chairman, Ratan Tata, Aditya Birla Group chairman, Kumar Mangalam Birla, Jindal Steel and Power Limited chairman (JSPL), Navin Jindal, Essar Group chairman, Shashi Ruia, Vedanta Resources chairman, Anil Agarwal, Forbes Marshal co-chairman, Naushad Forbes, and Adani Group of Companies managing director, Rajesh Adani among others. These and other industry heads have collectively pledged to invest nearly Rs. 3 lakh crores in the state.

“India will not grow until it extends its industrial development to newer places. In Jharkhand, you find immense opportunities to start industrial ventures. The government here is too keen to grow. Seize these opportunities for the time has come and the moment is now to make Jharkhand your investment destination,” Tata, who started his first job as a management trainee in Tata Steel, Jamshedpur said.

Kumar Mangalam Birla said Jharkhand has remained his company’s top investment destination and the company already had a significant footprint in the state. “We have 17 bauxite mines and two captive coal mines here. We pay around Rs.550 crore as royalty to the state. We have plans to invest around Rs. 5000 crores soon,” he said.

The Essar Group is into power, mining and business process outsourcing (BPO) in Jharkhand. The company has a commitment to invest another Rs.10, 000 crores in Jharkhand. “There is immense scope for industrialization here”,company chairman, Shashi Ruia said.

Though Vedanta Resources doesn’t have any investment in Jharkhand as yet, chairman, Anil Agarwal said his company would soon invest Rs.5000 crore in sponge iron.

JSPL has 1.6 million ton steel plant in Patratu. Chairman Navin Jindal said there were plans to expand the capacity to 6 million tons with an investment of approximately Rs. 20,000 crore. “Jharkhand will go places,” he said, speaking high of the people, bureaucracy and governance.

The Adani Group is into mining and power projects in Jharkhand. It is investing Rs.15, 000 crore in ultra- super power project in Godda. The managing director said, it would invest another Rs. 3000 crore to set up a solar power projects of 500 MW.