Last updated on Jun, 26 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 7.41 per cent between 2015-16 and 2018-19.
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 stood at Rs 2,510.99 crore (US$ 356.22 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.
Total Foreign Direct Investment (FDI) for Bihar and Jharkhand, between April 2000 and March 2020, stood at US$ 119 million. Total export from the state stood at US$ 1,640.33 million during 2018-19. During 2019-20 (till December 2019), export 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.
Note: ^ - As per 3rd Advance Estimates, P – Provisional