Jharkhand ranks second among all Indian states with 26% of the total iron ore (hematite) reserves. The total iron ore production in the state stood at 17,032 thousand tonnes in FY22.
Jharkhand is in the eastern part of India. 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. 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 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. Since Jharkhand has around 40% of the country's mineral wealth, its extensive mineral resources make mining, metals, and related sectors especially lucrative for investments. Jharkhand is the only state in India to produce coking coal, uranium, and pyrite. The state is also a leading producer of coal, mica, kyanite and copper. Jharkhand is the largest producer of tussar silk (a non-mulberry silk) in India. 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).
The state’s coal reserves are estimated at around 83,151 million tonnes. Jharkhand accounts for 20-25% of the total steel produced in the country. In 2018-19, 1,248 thousand tonnes of limestone were produced in Jharkhand with a total value stood at Rs. 42.91 crore (US$ 6.09 million).
The state is the largest producer of tussar silk (a non-mulberry silk) in the country with 76.4% share in the total output. The state's raw silk production stood at 2,402 MT in FY20, 2184 MT in FY21 and 1,046 in FY22.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), cumulative foreign direct investment (FDI) inflows in Jharkhand stood at US$ 5 million in FY22 and were US$ 2.65 billion between October 2019-June 2022. In August 2022, the number of IEMs filed was 5 and the value of proposed investments stood at US$ 497.94 million.
Total exports from the state stood at US$ 1,622.31 million in 2020-21. Exports from the state stood at US$ 2,449.27 million in 2021-22.
The following are some of the major initiatives taken by the Government to promote Jharkhand as an investment destination:
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.
Prime Minister, Mr. Narendra Modi laid the foundation of six Light House Projects (LHPs) as part of Global Housing Technology Challenge - India (GHTC -India) initiative, in six States.
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.