Jharkhand goes all out to woo investors

The Jharkhand government on Thursday made a conscious effort to project the State as a possible export hub that could connect Central India with South-East Asia.

Attempting to project the State as an “investor-friendly” destination, the government pitched it as a possible tourist destination, textile and apparel hub, and invited participation of the service sector ; apart from highlighting Jharkhand as a mineral-rich manufacturing hub of the country.

In the big-bang first-ever global investor summit — Momentum Jharkhand Global Investors Summit — at least six Union Ministers, including Finance Minister Arun Jaitley and Road, Transport and Shipping Minister Nitin Gadkari, spoke highly of the State emerging as the industrial and export hub of Eastern India.

Jharkhand was carved out of Bihar in 2000.

Gadkari, on his part, spoke of the upcoming multi-modal hub at Sahibganj as the pivot for the State emerging as the export hub. An exim (export-import) port, and allied road and rail network, with a multi-modal hub is expected to come up at Sahibganj at an expected cost of ₹2,000 crore.

“The multi-modal hub will help connect Central India and some of the Southern states such as Karnataka with the East. It will facilitate export to Bangladesh and Myanmar and allow easy access to South-East Asian markets,” he said on the first day of the investor summit.

North-East connectivity will also improve with the Sahibganj project fructifying.

An agreement to facilitate exports to Bangladesh using the port has already been entered into, the Union Minister said.

Gadkari claimed his department is investing ₹55,000 crore towards the development of road connectivity in the State.

Finance Minister Arun Jaitley pointed out to the growth prospects of Jharkhand being “at least 4-5 percentage points” higher than the national average.

He pitched Jharkhand as a “rare State” where the contribution of the manufacturing sector is higher than that of services. Across India, the trend is reverse.

“So this gives Jharkhand a huge opportunity. First, it emerges as a manufacturing hub with its rich mineral resources. And second, there is huge potential for the service sector, especially with increased urbanisation and demand for hospitality,” Jaitley added.

According to him, if investments flow through, Jharkhand can grow more than the country. Today, it’s growth is one percentage point higher than that of India.

The other Union Ministers present at the event included Textiles Minister Smriti Irani, Power Minister Piyush Goyal,Civil Aviation Minister Jayant Sinha and Urban Development Minister Venkaiah Naidu.

Goyal claimed the Centre will auction 30 mines in Jharkhand, and the process is likely to start this fiscal.

“It will be in bauxite, gold, diamond, emeralds and iron ore,” he said, adding that Jharkhand can leverage itself as a low-cost manufacturing hub because of availability of cheap power.

He said the State can promote manufacturing of products related to the renewal of the energy sector and production of silicon wafers as they require a lot of cheap power.

However, it was Ratan Tata and cricketer MS Dhoni who made a very clear pitch for Jharkhand as an investor-friendly destination.

Tata recalled his initial days in the State, when it was still a part of Bihar, and urged industry to invest in the State.

Jharkhand, Tata said, is one such place which is rich in mineral wealth and natural beauty, and hence the excitement of developing it are immense.

“I think all of us, both in India and outside India, need to seize this opportunity in places like Jharkhand,” he added.

Highlighting the 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.

Dhoni, on his part, maintained that he represented the youth of the region and that Jharkhand should not be looked at just as a mineral hub. It also has a strong agrarian sector and is the second-largest producer of peas and potatoes in India.

Meanwhile, a message from Prime Minister Narendra Modi was read out at the summit. Modi exuded confidence in the summit and Jharkhand’s capability to draw investments.

“Best wishes for @InvestJharkhand. May the deliberations in this Summit lead to fruitful outcomes that contribute to Jharkhand’s growth,” he tweeted.

In another tweet, Modi said the skills and determination of people of Jharkhand and the proactive efforts of the State government are bringing record development in the State.

“Investment generated from @InvestJharkhand will create several opportunities for people of the State and give wings to their aspirations,” the Prime Minister added.

Jharkhand Chief Minister Raghubar Das said the State is striving to become a developed State in the country.

“Jharkhand, as a young State, is striving to become one of the developed and prosperous States of India. It is a land of immense potential,” he said.

“Though we are known for our rich mineral deposits and steel and automobile industry, I feel our biggest assets are our people. Nearly 60 per cent of our population is between 15 and 59 years of age.”