4 Most Profitable Business to Invest In Jharkhand.
Jharkhand is the eastern state of India. It is bordered by West Bengal on the east, Uttar Pradesh and Chhattisgarh on the west, Bihar in the north, and Orissa in the south. It is one of the leading Indian states in terms of economic progress and growth. The GSDP (Gross State Domestic Product of Jharkhand increased at a CAGR (Compounded Annual Growth Rate) of 7.41% between the year 2015-19 and 2018-19 as illustrated below:
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The state is bestowed with an abundance of natural resources, but the majority of these resources remain under-utilized. Thus, there is huge scope for exploiting these resources for commercialization as highlighted below:
- Mineral-based Industries: Jharkhand is one of the richest mineral reserves across the globe and has 40% and 29% of mineral and coal reserves respectively in India. In the year 2018-19, mineral manufacturing amounted to INR 2, 510.99 crores. It is the only Indian state to produce uranium, pyrite, and cooking coal. The minerals such as Coal (constituting 27.3% of mineral reserves), Iron Ore (constituting 26% of mining reserves), and Copper Ore (18.5% of mineral reserves) are abundantly available in Jharkhand. It is ranked second in India for Iron ore reserves.
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The other minerals such as mica, uranium, granite, bauxite, silver, limestone, graphite, magnetite, and dolomite are also largely available in Jharkhand. Considering its large mineral reserves, there is a huge scope for mining, extraction of minerals, and mineral-based industries in the state.
The skilled and expert team of NPCS with a well-developed plan guarantees greater profits. We offer all the necessary information required for the project.
- Seri-culture: Jharkhand is the single-largest supplier of certified tussar silk in the country and across the globe. The reason being skilled workers and the availability of host plants on which the silkworms thrive. As per the data records, Jharkhand alone manufactures 350 metric tonnes of tussar silk yearly while the total manufacturing in the nation is about 600 metric tonnes. In the year 2015-16, the tussar silk production was estimated at 2,284 metric tonnes and contributed to 40 % of the total tussar silk manufacturing in the nation. Tussar culture is a forest-based industrial sector. And is tribal-oriented, as 85% of the Tasar rearers in Jharkhand belong to the tribal groups in the pre-cocoon domain. One of the significant silk products manufactured apart from Tassar silk is Kuchai silk, natural silk extracted from silkworms nurtured on live trees outdoors with availability in Kuchai itself.
DHS & H (The State Department of Handloom, Sericulture, and Handicrafts) has been putting a lot of effort and has executed various projects for the promotion of sericulture in the state. Jharkhand has obtained the distinction of procuring for the first time in the nation an ‘organic silk’ certification enabling more than 3000 tussar silk farmers and weavers of the region to obtain an extra 30% to 50% value on the products, but also introduce new opportunities in the export market. The ‘tussar’ and ‘kuchai silk’ are unique to the state and have a huge domestic and international market. Thus, offering a lot of scope for business.
- Eco-Tourism: To exploit the abundant natural resources of the state, the government has come up with the ‘Jharkhand Eco-Tourism Policy 2015’. The state government is promoting Jharkhand as an eco-friendly destination and is exploiting the existing infrastructure at popular forest sites. The scattered forest regions in Betla, Dalma, Behragora, and Netarhat in Hazaribag with a distinct variety of flora and fauna are some of the popular tourist attractions.
One of the best Asian Sal forests in Saranda and pine forests on the lofty Netarhat plateau are one of the signature places to visit. The natural vegetation is largely a mixture of tropical dry forests towards the north and moist deciduous type towards the south with over 23 thousand square kilometers of recorded forest or 29.27% of its geographical area. The various policies are executed to upgrade the bio-diverse areas of the state, facilitate eco-tourism, and preserve the wetlands that offer shelter to migratory birds from across the globe.
- Handicrafts: The handicrafts of Jharkhand are quite renowned and have a domestic as well as overseas market. The various handicrafts of Jharkhand are woodcrafts, metal crafts, bamboo crafts, toy making, tribal ornaments, Pitkar paintings, and stone carvings are the other crafts that facilitate people across the nation. The tribal ornaments are exclusive and garner a lot of attention depicting the cultural heritage of the tribes. The handicrafts in the state are made by its various tribes and craftsmen, which signify the rich tradition of art and culture of the Jharkhand state.
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NPCS is one of the established brands in the corporate world offering consolidated technical consultations. Having evaluated the market for ‘Business Opportunities in Jharkhand’, implementing the same would be a profitable prospect.
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