For investments in coal gasification, steel, energy, and defence production in 2015-2016, Memoranda of Understanding (MoU) worth Rs 52,000 crore have been signed. MoUs worth Rs 1,137 crore had been inked in the food processing sector. An MoU had been signed between the Ministry of Steel, SAIL, NMDC and the state government a for three million tonne Ultra-Mega Steel plant worth Rs 18,000 crore. An MoU had been inked between the state government and NMDC to start a two million tonne pilot plant worth Rs 4,000 crore at Madhya Nagarnar. An Electronic Manufacturing Park is to be set-up at Naya Raipur. A Metal Park at Raipur, Engineering Park at Bhilai, Mega Food Park at Dhamtari and Plastic Park at Rajnandgaon are also in the pipeline.
The Adani Group has announced an investment of Rs 25,200 crore for two major projects in Chhattisgarh. The global integrated player will be investing in two projects, including a coal-to-poly generation project and a rice bran solvent extraction plant and refinery in Chhattisgarh. The group has signed an MoU with the Chhattisgarh government on the same, it was announced in August 2015.
The Chhattisgarh government’s budget in fiscal year 2003-04 was nearly Rs 7,328 crore, which has expanded to Rs 76,151 crore in the current fiscal year 2016-17.
According to a Reserve Bank of India (RBI) report, Chhattisgarh has once again stood first in financial management in 2015-16. The report stated that in this duration, Chhattisgarh’s total loan burden has been 15.5% of GSDP, which is the lowest in all Non-Special Category states. As per the RBI report, just like previous two years, Chhattisgarh has done the highest expenditure in the development sector in fiscal year 2015-16, which is 21.2% of GSDP, whereas the average of all other states of Non-Special Category in this regard is only 12.2%.
A wide range of fiscal and policy incentives for businesses have been announced under the state Industrial Policy 2014-19. Additionally, Chhattisgarh has well-drafted policies for the IT/ITeS, solar energy, agro and food processing, minerals and biotechnology sectors. The Chhattisgarh government’s Department of Commerce and Industries has launched a statewide drive to promote Micro Small and Medium enterprises (MSMEs) and facilitating investors’ meets at the district level. This initiative is unique as it represents a paradigm shift in approach wherein investors at the district level are engaged by apprising them about the opportunities to unleash the growth potential at the district level.
‘EASE OF DOING BUSINESS’
Chhattisgarh has been ranked fourth among the “top five states” in the country, as per the “Ease of Doing Business” ranking released on 14 September 2015 by the Department of Industrial Policy and Promotion, Government of India, and the World Bank. As part of the “first authentic and comprehensive assessment ever undertaken in India”, Chhattisgarh was ranked fourth among 32 states and UTs of the country. Gujarat topped with a score of 71.14% followed by Andhra Pradesh (70.12%), Jharkhand (63.09%), Chhattisgarh (62.45%) and Madhya Pradesh (62%).
The first Business Process Outsourcing (BPO) centre of Chhattisgarh has come up in Raipur, within a year of the IT and Electronics Policy (2014-2019) coming into force, officials said on 14 November 2015. The BPO centre, started by Patra India BPO Service Private Limited, is expected to provide employment to about 400 youths. It would work for American financial insurance firms and efforts are being made to boost investments and generate employment avenues in the state.
The investment process in mineral-rich Chhattisgarh has been digitalised as Chief Minister Raman Singh has decided to facilitate industrialists to execute formalities at the click of a mouse. In July 2015, Singh launched a website at a state-level “Digital India” week function held in Raipur, to facilitate ease of doing business for investors. The website would be under the control of the State Investment Promotion Board. Investors would now apply for land and other clearances online; they can access its status and get the order from the authorities concerned online. The land allotment process for industries would be online and the allotment letter would also be posted online.