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Jharkhand Chief Minister Raghubar Das inaugurates Groundbreaking ceremony in Ranchi
Jharkhand Chief Minister Raghubar Das inaugurates Groundbreaking ceremony in Ranchi

Ranchi, May 19, 2017 (Online News India): The Government of Jharkhand (GoJ) held a ‘Groundbreaking’ ceremony at Hotwar in Ranchi to lay the foundation for 21 projects initiated during the Momentum Jharkhand campaign. The ceremony is an advancement of the Global Investors Summit (GIS) organised by the GoJ in February 2017 in Ranchi. The GIS was an outstanding event that strongly promoted the presence of Jharkhand on the world map as a leading investment destination.

Speaking during the ceremony, Chief Minister of Jharkhand Raghubar Das said, “The groundbreaking ceremony marks the successful culmination of the Jharkhand Government’s efforts in attracting national and international investors and then driving speedy due diligence and approvals within the shortest possible time-frame. This marks the beginning of a new era in sustainable development that will broad-base the State’s industry segments, while creating income-generating opportunities and employment avenues for the local people. The speed with which clearances to 21 projects were granted is testimony to the Jharkhand Government’s resolve in making our State the most-preferred investment destination in the country.”

A resounding success, the GIS culminated with the signing of 210 MoUs worth Rs310,000 crore. An unprecedented 11,000-plus Indian and 600 foreign delegates registered for the GIS, which achieved its objective by attracting investors from across India and the world, including nations such as Russia, Korea, Belarus, China and others. The 21 projects underway will have an estimated direct investment inflow of more than INR700 crore and the potential of generating 21,000-plus direct jobs. In turn, the multiplier effect would be generating indirect employment in excess of 50,000 and ensuring a manifold increase in income for SMEs (small and medium enterprises) in Jharkhand.

Additionally, three other projects were inaugurated by the Chief Minister during the groundbreaking organized by the Department of Industries. The groundbreaking was thanks to the tireless efforts of the State machinery and the leadership in attracting the attention of investors and positioning Jharkhand as a leading investment destination in India. Within three months of the maiden GIS, the GoJ has made an unparalleled beginning via the groundbreaking of MoUs signed during the Summit. These projects pertain to 19 corporate entities from across the country, representing eight industry segments, including textiles, food and food processing, pharmaceuticals, waste management, health, footwear, warehousing and logistics, among others. Some leading corporates promoting these projects are Orient Craft, Shahi Exports, Kaveri Agri Warehousing, Dev Aahar Food Industries, Shaw Pharma, Matrix Clothing, Pragati Beverages and Thriveni Apparels.

While Chief Minister presided over the ceremony, high-ranking executives from the investing entities, local and national industry representatives, including allied industry associations, state leadership, officials from the GoJ, representatives from educational institutions and the Media were also in attendance. Key representatives from participating companies narrated their swift journey from intent-to-invest to actual grounding in the State.

The achievement highlights the fact that the GoJ has moved speedily and successfully from being a primary segment industry destination and propelled Jharkhand into the league of premier industrial states in India that are poised to act as the next growth engine of the country.