Jharkhand Chief Minister, unveils State Industrial Policy, 2021

The Government of Jharkhand recently organized a two days Investor Summit in New Delhi on 27th August 2021. The investor summit witnessed a proposed investment of over Rs 9,000 crore in the state, with the launch of the Jharkhand Industrial and Investment Promotion Policy (JIIPP) 2021.JIPP promises investors of 100 percent relief from SGST for 9 years and 75 percent relief to large-scale industries for 12 years.

Companies that are already operating the state as, Tata Steel, Dalmia Group, Steel Authority of India Limited, Prem Rubber Works, Adhunik Group among others have shared their investment plans in the state for the coming three or four years, in writing. According to documents from the Chief Minister’s Office, Dalmia Group pacted together with the state government for an MoU amount of Rs 500 crore in a bid to expand their cement plant where production is to commence from March 2023.

The documents further asserted that Tata Steel has “expressed their intent” to invest Rs 3,000 crore over the next three years with “expansion of capacities”’ of coal and iron ore mines and “downstream” value-added steel portfolio.

SAIL, too, has expressed intent to invest Rs 4,000 crore in Gua Mines in West Singhbhum district for over a period of three years, as per the document. IT will upgrade Gua mines from 4 MT capacity to 10 MT capacity and install a pellet

Chief Minister Hemant Soren remarked at the JIPP launch: “The state government wants to move forward with the cooperation of the investors. We are trying to leverage the infinite resources that nature has gifted Jharkhand and walk the path of development. The government has stepped up and we will not stop here. From the very beginning, the state government has been deliberating upon how to generate employment in Jharkhand. Our focus largely revolved around industries based on mines and minerals, but we are simultaneously working in the field of tourism, education, renewable energy, food processing, automobile, pharma, and textile.”

He further added that the state is soon to introduce a “big project” in the sector of renewable energy and is planning to launch the nation’s “largest floating solar plant”,in the coming days.  He further mphasized that Jharkhand also has potential in tourism, pharma, educational institutes among others which his government is exploring further.