Latest update: June, 2020
Last Updated: June, 2020
JHARKHAND State Report | June, 2020
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. The GSDP increased at a compound annual growth rate (CAGR) of 9.71 per cent between 2011-12 and 2019-20.
Jharkhand is one of the richest mineral zones in the world and boasts of 40 per cent and 29 per cent 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. Value of mineral production (excluding fuel minerals) during 2018-19 (up to February 2019) stood at Rs 2,313 crore (US$ 330.95 million).
Jharkhand is rich in mineral resources such as coal (27.3 per cent of India’s reserves), iron ore (26 per cent of India’s reserves), copper ore (18.5 per cent 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 per cent 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.
The state has attracted Foreign Direct Investment (FDI) equity inflows worth US$ 113 million during the period April 2000 to September 2019, according to data released by Department for Promotion of Industry and Internal Trade (DPIIT). Total exports from the state stood at US$ 1,640.33 million during 2018-19. During 2019-20 (till December 2019), exports from the state stood at US$ 881.32 million.
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 per cent of the rural population of the state depends on agriculture. Rice is the major food crop of the state, covering 80 per cent of the cropped area.
Under the state budget 2019-20, government launched two new scholarships programmes Mukhyamantri Medha Chatravitti Yojana (MMCY) and Mukhyamantri Vidyalakshmi Uncha Shiksha Protsahan (MVUSP) in which student who will be selected at state level, district level and on block level through competitive examination, would be given a scholarship of Rs 12000, Rs 6000 and Rs 300 (US$ 171, US$ 85, US$ 4.29).
Note: ^ - As per 3rd Advance Estimates, P – Provisional
Last Updated: November 26, 2019