The natural resources, policy incentives and location-specific advantages of Jharkhand support investments in sectors such as mining and metal extraction, engineering, iron and steel, and chemicals.
Since Jharkhand has around 40 per cent of the country's mineral wealth, its extensive mineral resources make mining, metals and related sectors especially lucrative for investments.
Almost 75 per cent of the population in Jharkhand depends on agriculture or agriculture-related occupations. The state produces various kinds of cereals, crops and vegetables.
The following are some of the major initiatives taken by the government to promote Jharkhand as an investment destination:
- Jharkhand Industrial Policy, 2012, has been formulated with the objective to convert Jharkhand into a favoured destination for investors and to promote sustainable industrial growth of the state.
- Over the past decade, 26 mega industries, 106 large and medium industries, and 18,109 micro and small industries have been set up in Jharkhand, with an estimated investment of US$ 6.3 billion. These have provided employment opportunities to 63,000 persons.
- The Government of Jharkhand has undertaken initiatives to attract investment in the state by simplifying procedures for granting mining leases, encouraging joint venture projects with Jharkhand State Mineral Development Corporation, and rapid clearance of mining lease applications.
- The state has established chemical clusters in the Sahibgunj, Bokaro, Dhanbad, Hazaribagh and Deoghar districts to promote investments from micro, small and medium enterprises (MSMEs).