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Bird's eye view of the economy of the State:-
Jharkhand 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 state in terms of economic growth. The GSDP growth of the state stood at 10.22 per cent in 2017-18, compared with 6.6 per cent for pan India.
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. Mineral production during 2016-17 and April-December 2017 stood at US$ 3,185.69 million and US$ 312.87 billion, respectively.
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 2017, according to data released by Department of Industrial Policy and Promotion (DIPP).
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. Jharkhand stands 7th among Indian states in the Ease of Doing Business Index, as per the report ‘Assessment of State Implementation of Business Reforms 2016’ by the World Bank and DIPP.
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.
Recent Developments:-
By: Shashank Shekhar ProfileResourcesReport error
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