Jharkhand
Jharkhand is one of the leading states in terms of economic growth. At current prices, Jharkhand’s gross state domestic product (GSDP) stood at Rs. 3.63 trillion (US$ 48.63 billion) in 2021-22. Jharkhand is one of the richest mineral zones in the world and boasts of 40% and 29% of India's mineral and coal reserves, respectively. Due to its large mineral reserves, mining and mineral extraction are the major industries in the state. Jharkhand is rich in mineral resources such as coal (27.3% of India’s reserves), iron ore (26% of India’s reserves), copper ore (18.5% of India’s reserves), uranium, mica, bauxite, granite, limestone, silver, graphite, magnetite and dolomite. Jharkhand is the only state in India to produce coking coal, uranium, and pyrite. With 25.7% of the total iron ore (hematite) reserves, Jharkhand ranks second among the states. The state’s industries enjoy a unique location-specific advantage as it is close to the vast market of eastern India. It is closer to the ports of Kolkata, Haldia and Paradip which helps in transportation of minerals.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), cumulative foreign direct investment (FDI) inflows in Jharkhand stood at US$ 5 million in FY22 and were US$ 2.65 billion between October 2019-June 2022. In August 2022, the number of IEMs filed was 5 and the value of proposed investments stood at US$ 497.94 million.
Jharkhand offers a wide range of fiscal and policy incentives to industries, under the Industrial Policy, 2012. The state also has policies for IT and special economic zones (SEZs) offering sector-specific incentives, as well as the Jharkhand Energy Policy 2012 which aims to supply reliable and quality power in an efficient manner at a reasonable price. About 80% of the rural population of the state depends on agriculture. Rice is the major food crop of the state, covering 80% of the cropped area.
Jharkhand is one of the leading states in terms of economic growth. At current prices, Jharkhand’s gross state domestic product (GSDP) stood at Rs. 3.63 trillion (US$ 48.63 billion) in 2021-22. Jharkhand is one of the richest mineral zones in the world and boasts of 40% and 29% of India's mineral and coal reserves, respectively. Due to its large mineral reserves, mining and mineral extraction are the major industries in the state. Jharkhand is rich in mineral resources such as coal (27.3% of India’s reserves), iron ore (26% of India’s reserves), copper ore (18.5% of India’s reserves), ...