Startups in India were reaching to a halt as the investments were drying up, but now it is apparent all those troubles are slowly drifting away. But these startups have realized that getting investments is going to get harder and harder from now on. Times like these calls for the government to come to the rescue of the budding entrepreneurs by making up for what private industries are failing.
The country is starting up, as we can notice the participation of not just metropolitan cities but also the participation of other states like Gujarat, Andhra Pradesh and the most recent Jharkhand. The wind of entrepreneurship is caught by Jharkhand as well. “Momentum Jharkhand” was launched very recently, by the State Government of Jharkhand as its Investment Promotion campaign. Jharkhand was ranked among the best performing states in business reforms, based on an evaluation by the Department of Industrial Policy & Promotion (DIPP).
Chief Minister Raghubar Das announced that Jharkhand is at present ‘the most investment ready state’. We think so too and we’re going to give you five reasons as to why we see it coming true.
- Stepping stones to attract global investments
CM Das positively hopes to make Jharkhand a destination of global investments in India. To encourage this process he initiated a Jharkhand Investment Promotion Board (JIPB) on July 10, 2016. It aims at attracting national and international investors. The JIPB has pivoted itself on the ‘Ease of Doing Business’ framework in conjunction with the State Government. The Board is going to form strategies on effective implementation of investment policies, incentivise New Economy sectors and work towards simplification of procedures, policy and reforms for smooth industrial growth in Jharkhand.
- JIPB’s pro-manufacturing agenda
Outlining the Jharkhand Government’s resolve to broad-base value-added manufacturing facilities with specific sectors that are chosen, JIPB hopes to push its pro-manufacturing agenda. These selected sectors include industries based on mining, food processing, energy, automobile, IT-ITeS, tourism, infrastructure development, health care, and education. On the maiden meeting of JIPB, CM Das stated that, now that Jharkhand is ushering in an era of industrial growth it is all geared up to showcase its enormous potential to both national and international investment communities in order to attract suitable investments which will benefit both the industry and the country.
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- Dearth of Industrial Conflict
In the JIPB meet CM Das clearly stated, “My Government’s policies are in sync with those of the Government of India, in what we truly work as a team with purpose” emphasizing that his govt. is totally committed to protecting and securing the well being of investments, public life and property. He also claimed that ever since his govt came to power in the state not a single case of major industrial conflict has been reported. On this basis CM Das claims that the State and its people testimony their outlook towards organized systems of livelihood.
- On it’s way to becoming a ‘Smart City’
The Urban Development and Housing Secretary, Mr. Arun K. Singh had some similar agenda as those of JIPB, of speeding up urbanization in the state, developing Jharkhand into a “smart city”. The proposed greenfield smart cities in Ranchi and Barhi promise to bring progress and sustainability through comprehensive planning. They are targeting the services sector as the investors would also be equally enthusiastic about that, which would form most of the urban ecology. The services sector has kept up its pace and its share of contribution to the GSDP has grown from 33 per cent in 2004-05 to about 49 per cent in 2015-16.
- Investors Sanctuary
The most Investment-ready opportunities have already been presented to prospective investors in a form of a ‘Shelf of Projects’ publication. Chief Secretary Rajbala Verma has ensured these projects that are spanned across the spectrum of focus sectors. What brings ease of business in Jharkhand is it’s single window system. Investors are assured that they would never require escalating matters or visiting any other department. The State Investment Promotion Board is an excellent consultation platform to provide strategic inputs to the top echelons led by the Chief Minister’s Office.