Jharkhand ready for giant leap with 1.27L crore investment: Hemant

Ranchi: Jharkhand has secured Rs 1.27 Lakh crore in investment proposals, a result of chief minister Hemant Soren’s Davos and UK Visit, the govt announced on Tuesday.

Days after a high-level delegation led by chief minister Hemant Soren returned from the World Economic Forum in Davos and the United Kingdom, the CM said Jharkhand was poised to take a ‘giant leap’ as an ideal business destination at the global stage.


The govt in a statement said the new investments will create 46,500 jobs across steel, energy, manufacturing, and infrastructure sectors.

“The experience of taking part in Davos, which hosted one of the biggest global economic meets, was truly enriching. I am sure and optimistic that the outcomes of the visit will be visible in the coming days,” Soren told reporters in Dumka.

Soren in his marathon meetings pitched the mineral-rich state as the country’s new energy and industrial hub.

He had numerous engagements with different industrial giants in Davos, with many showing interest in Jharkhand. Sources in the state industries department on Tuesday said that efforts are underway to now formalise and give shape to the talks which transpired during the foreign meetings.

“The situation of this state could have been different if those who governed here before had thought of pitching the state at such a global forum. But I don’t like to look back and engage in blame games. Our focus now is forward looking, so that Jharkhand takes a giant leap, becomes self-dependent by using our available resources and more empowered,” Soren said on Tuesday.

"The recent foreign engagements have resulted in proposed investments totalling Rs 1,27,055 crore, with the potential to generate over 46,555 direct and indirect employment opportunities across Jharkhand," the govt statement read.

Some more positive forward movement began with the Jindal group already pledging phase-wise investments exceeding Rs 70,000 crore in Jharkhand across the steel, nuclear energy, and solar energy sectors.

“The proposed investments, to come in phases over the coming years, is testimony to growing confidence among domestic and global investors in Jharkhand," said an official.

A statement from the CMO said that a key component of the investment proposal from Jindal group is for establishment of a six million tonne per annum (MTPA) integrated steel plant at Patratu in Ramgarh district. “It is proposed to be developed by using advanced, low-emission technologies for producing high-quality steel for strategic sectors, which will strengthen Jharkhand’s role in India’s manufacturing value chain," it said.

Jharkhand is also eyeing a nuclear power project to boost clean energy. “It is in a broader policy context of the SHANTI (Small Modular Reactors & Advanced Nuclear Technology for India) Act, which the Govt of India is also advancing to promote clean, safe, and industry-supportive baseload power. In that context, an investment proposal has also been made for a 1,400 MW nuclear power project in Jharkhand, subject to all statutory, safety, and regulatory approvals," said the statement. In addition, the group has also proposed investment in a 140 MW solar power project. “The proposed projects are expected to generate approximately 11,000 direct and over 50,000 indirect employment opportunities," said a govt source.