Jharkhand took a decisive step towards joining the elite league of developed states by joining hands with industries, who pledged to invest over Rs 300,000 crore in the state in the next few years.
At the maiden Global Investors Summit branded as “Momentum Jharkhand” organised here this week, the state government inked 210 MoUs with different companies, mostly medium and small scale, which would generate employment for over 2.10 lakh people. Chief Minister Raghubar Das promised to monitor the progress of the MoUs every month so that these are implemented within a time frame.
The event, held at the Mega Sports Complex, was termed by many as the beginning of a “new innings” for Jharkhand, which came into existence about 16 years ago. There were efforts to bring in investments in the state by successive governments in the past which somehow could not fructify, primarily because of political instability. The state saw nine governments and three spells of President’s Rule, till 2014. However, now with a stable government in place and a friendly government at the Centre, Jharkhand, as Chief Secretary Rajbala Verma put it, is the “most investment ready” state. “Jharkhand is eastern India’s fastest growing economy, poised to become the most sought after investment destination,” she said.
The inaugural day (16 February) coincided with Tata Steel’s entry into Jamshedpur 105 years ago. “They (Tata Steel) chose this place for investment. They must have seen some good things here at that time. And now, they can say that they made the right choice,” said an official.
Chairman of Tata Sons, Ratan Tata, recalled his association with Jharkhand when he got his first job in Tata Steel in Jamshedpur, where he lived for six years. “Prime Minister Narendra Modi is on the threshold of projecting a new India in India. Jharkhand is one such place which offers great opportunities. Industries should embrace these opportunities for which the time has come. The state government is keen to progress,” he said.
Former Team India skipper M.S. Dhoni, the brand ambassador of the event, noted that Jharkhand is not only about mineral wealth and reminded the gathering that the state was also number two in peas and potato production. “I speak here as a boy born and brought up here and not as a celebrity or cricketer. The state has immense potential which could not be harnessed. Political instability (in the past) hurt us a lot. But it is now ready for investments. People talk about security. But I can say that it’s at par with any other state,” he said, and invited industries to invest in Jharkhand, saying “in your success, we shall measure ours”.
Some of the major investment proposals for which MoUs were signed included Jindal Steel and Power Limited (JSPL) (Rs 20,000 crore), Adani Group (Rs 23,700 crore), National Highway Authority of India (NHAI) Limited (Rs 1,000 crore) and Adhunik Power and Natural Resources (Rs 850 crore).
In order to keep up the momentum generated through the exercise, Chief Minister Raghubar Das announced holding of Jharkhand NRI Summit from 28-30 November in 2018 and another Global Investors’ Summit on 19-20 February 2019.
The event witnessed participation of over 11,000 delegates, including 600 from 26 foreign countries. It was attended by top captains like Ratan Tata (Tata Sons), Kumar Mangalam Birla (Aditya Birla Group), Shashi Ruia (Essar Group), Naveen Jindal (Jindal Steel and Power), Anil Agarwal (Vedanta Group), Rajesh Adani (Adani Group) and Naushad Forbes (Forbes Marshall).
The event also marked the presence of envoys of Japan, Australia, Tunisia, Mongolia and Czeck Republic. Union Ministers who attended the conclave included Arun Jaitley, Ravi Shankar Prasad, Nitin Gadkari, Piyush Goyal, Smriti Irani, Venkaiah Naidu, Rajiv Pratap Rudy, Nirmala Sitharaman, Ram Kripal Yadav, Jayant Sinha and Sudarshan Bhagat. Telecom Regulatory Authority of India (TRAI) chairman R.S. Sharma also addressed the conclave.
WHAT INDUSTRY CAPTAINS SAID:
RATAN TATA (Tata Sons)
Jharkhand has enormous potential for development. It will grow into another industrial centre of India. I appeal to my contemporaries to embrace the opportunities in Jharkhand. The time has come for a new Jharkhand and a new India.
KUMAR MANGALAM BIRLA (Aditya Birla Group)
Jharkhand has one of the top investment destinations since 1980s. It is the most welcoming state. It ranks sixth in ease of doing business. I am very bullish on the prospects in Jharkhand.
NAVEEN JINDAL (JSPL)
In most places, we face resistance. But it was a surprise for us when we started our project at Patratu where we were welcomed by the people. The bureaucracy is extremely helpful. They want Jharkhand to develop. Now with political stability, Jharkhand will go places.
SHASHI RUIA (Essar Group)
We appreciate the Jharkhand government’s resolve to attract investors. Chief Minister Raghubar Das has exhibited exemplary leadership by hosting the summit.
ANIL AGARWAL (Vedanta Group)
Setting up a plant in Jharkhand will be like home coming for me. I have spent many years in Ramgarh, Hazaribagh. Poverty and unemployment can be eradicated only by setting up industries.
