Jharkhand is located in the eastern part of India. The state shares its borders with West Bengal in the east, Uttar Pradesh and Chhattisgarh in the west, Bihar in the north and Odisha in the south. In India, Jharkhand is one of the leading states in terms of economic growth. At current prices, Jharkhand’s gross state domestic product (GSDP) stood at Rs. 3.63 trillion (US$ 48.63 billion) in 2021-22E.
Jharkhand is one of the richest mineral zones in the world and boasts of 40% and 29% of India's mineral and coal reserves, respectively. Due to its large mineral reserves, mining and mineral extraction are the major industries in the state. Mineral production (excluding fuel minerals, atomic minerals and minor minerals) in the state stood at Rs. 10,172.47 crore (US$ 1.38 billion) in FY21 (until January 2021).
Jharkhand is rich in mineral resources such as coal (27.3% of India’s reserves), iron ore (26% of India’s reserves), copper ore (18.5% of India’s reserves), uranium, mica, bauxite, granite, limestone, silver, graphite, magnetite and dolomite. Jharkhand is the only state in India to produce coking coal, uranium, and pyrite. With 25.7% of the total iron ore (hematite) reserves, Jharkhand ranks second among the states.
The state’s industries enjoy a unique location-specific advantage as it is close to the vast market of eastern India. It is closer to the ports of Kolkata, Haldia and Paradip which helps in transportation of minerals.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), cumulative foreign direct investment (FDI) inflows in Jharkhand stood at US$ 792 million in FY21 and were US$ 2.64 billion between October 2019-December 2021. In March 2022, the number of IEMs filed was 2 and the value of proposed investments stood at Rs. 3,385 crore (US$ 436.43 million).
Total exports from the state stood at US$ 1,622.31 million in 2020-21. Exports from the state stood at US$ 2,201.55 million in 2021-22 (until Feb 2022).
Jharkhand offers a wide range of fiscal and policy incentives to industries, under the Industrial Policy, 2012. The state also has policies for IT and special economic zones (SEZs) offering sector-specific incentives, as well as the Jharkhand Energy Policy 2012 which aims to supply reliable and quality power in an efficient manner at a reasonable price.
About 80% of the rural population of the state depends on agriculture. Rice is the major food crop of the state, covering 80% of the cropped area.
Note: ^ - As per 3rd Advance Estimates, P - Provisional
Jharkhand's Jal Jeevan Mission has authorised 315 water supply schemes worth Rs. 9,544 crores (US$ 1.28 billion). About 0.8 million rural residents in 4,424 villages across the state will benefit from these projects, which will provide tap water.
The larger objective of ranking states based on their performance in the implementation of Business Reform Action Plan is for attracting investments and increasing Ease of Doing Business in each State.
Memorandum of Agreements (MoAs) for Light House Projects under GHTC-India were exchanged between Ministry of Housing and Urban Affairs (MoHUA) and six state governments viz; Gujarat, Jharkhand, Madhya Pradesh, Tamil Nadu, Tripura and Uttar Pradesh.