Investment Opportunities in Ranchi
Ranchi, being the capital of Jharkhand, is the political and industrial hub of the state. The city is expanding at an alarming rate with small and medium scale industries setting up business units here. The Government too has made requisite efforts to rake up investment opportunities in Ranchi. This will generate employment opportunities for the youth, improve the quality of life and lead to further development of the state.
Ranchi has a number of premier technological institutes which can provide skilled manpower required by the industry. There are many reasons which favor business investment in Ranchi. These include:
- Existing industrial base.
- Abundant mineral resources.
- Very vast consumer market.
- Government schemes and policies.
The state government has launched schemes which have made procedures for grant of mining lease easier. The state government has signed Memorandum of Understanding (MoU) with government of India and has come up with welcome reforms in the power sector, started modernizing existing units and infrastructure. Even the tourism sector has been bestowed with 'industry status' to facilitate investment. There is rural tourism, adventure tourism, heritage tourism, mining tourism and spiritual tourism to choose from.The state government has promoted Public-Private-Partnership (PPP) in the development of tourist destinations and increased public amenities for the convenience of the tourists.
The advent of Information Technology too has transformed the face of Ranchi. The Information Technology Park in Ranchi is a glowing example of this advancement. Investment opportunities exist in agro-based industries such as tea cultivation, paper, horticulture, processing and packaging, floriculture and fabrics like jute, hemp etc. The weavers have been trained to work in the area of hand loom and handicrafts. They are supplied with equipment and raw materials at subsidized rates. Investment opportunity lies in business of bamboo, kendu leaf, sal seed and mahua seed too.
Jharkhand State Industrial Policy 2012 envelopes a number of policies for safe investment by industrial houses. Setting up of Special Economic Zones (SEZs) are permitted in private, public and joint sector or by state government. Advantages of investing in Ranchi include proximity to raw materials and a large market base in and around Ranchi stretching to states of West Bengal, Orissa and Bihar.
The state government has invited financial institutions and private sector banks to provide financial services to various industrial units. The State Level Institutional Committee offers a forum to small and medium industries in order to discuss problems faced by the units and small entrepreneurs. The investment opportunities in Ranchi look bright with support from government, positive outlook of investors and enthusiasm among indigenous people.