Tuesday, May 24, 2022

Jharkhand Targets Rs 1 Lakh Cr Worth Investment Over Five Years: CM

The State has so far received a commitment of Rs.10,000 crore from some “in-house” companies including Tata Steel, Dalmia Bharat Group and the Steel Authority of India Ltd (SAIL).

Jharkhand Targets Rs 1 Lakh Cr  Worth Investment Over Five Years: CM
Jharkhand CM Hemant Soren File Photo

Unveiling a new Industrial and Investment Promotion Policy 2021, Jharkhand Chief Minister Hemant Soren told potential investors at a meet organized in Delhi on Saturday that his state is targeting Rs. 1 lakh crore worth investment in various sectors over next five years and has so far received a commitment of Rs. 10,000 crore from some “in-house” companies including Tata Steel, Dalmia Bharat Group and the Steel Authority of India Ltd (SAIL).

The investment commitments received so far will see Tata Steel invest Rs, 3000 crore to expand its mining and manufacturing activities in the state over three years, while Dalmia Group will invest over Rs. 750 crore to expand its Bokaro cement unit capacity while also setting up a solar plant and expanding its solid waste management activity. The public sector Navratna SAIL too has committed to raise its pellet making and steel production capacity from four million tonnes to 10 million tonnes in Gua with an investment of Rs. 5000 crore. The other investment commitments include Rs. 1900 crore by Adhunik Power and Natural Resources and Rs. 50 crore by Prem Footwear.

Soren stressed that the new industrial and investment policy, which was framed during the  Covid lockdown period, is a vision for development of the state over next 25-30 years given that the state has ample natural resources. “The industrial and investment policy presented is not any document but a commitment of our government for time bound implementation with accountability,” the chief minister stated. He emphasized that while the government will do its best to help investors move ahead with their plans it would also expect potential investors to fulfil their promise.

The companies who have signed the memorandum of understanding have been given three years to complete their investment plans, state officials stated.

Under the new policy, the state is offering subsidy up to Rs. 25 crore, besides up to 100 per cent subsidy on state GST for up to 9 years. In the case of ultra-mega projects, the state GST subsidy will be 75 per cent for up to 12 years on a case to case basis. Additional subsidy has been assured for companies that have 35 percent of their staff from schedule caste and schedule tribe communities.

Reiterating the commitment to fulfil the industrial development vision shared with investors, Chief Secretary Sukhdev Singh said just as there has been a major shift in government attitude from “shooing to wooing investors” over the ages, Jharkhand government will strive to be an ally of investors. Though the state has been grappling with many challenges, Singh pointed out that labour unrest is not among those.

Presenting details of the new policy, Secretary Industries Pooja Singhal highlighted some of the new facilities now available including land banks for new projects, and ready to move in infrastructure at Adityapur Electronic Manufacturing Cluster, created with an investment of Rs. 186 crore. The hub, spread over 82.49 acres of land, has 92 flatted factory units ready to occupy and 49 acres of open infrastructure for 51 units. 

Singhal stressed that while mines and minerals remain the key core areas of the new industrial policy, the state also plans to focus on development of renewable energy, emerging as an automobile and components manufacturing, particularly electric vehicles, besides food processing, textiles, tourism and education and skill development.

Over the next two months, Jharkhand plans to come up with its vision statements on some of these core sectors.