The Momentum Jharkhand Global Investors’ Summit 2017 was held for two days at Khelgaon, Ranchi. The summit was inaugurated by the Union Finance Minister Arun Jaitley on 16 February 2017. The objective of the summit was to establish Jharkhand as a premier investment destination for foreign and domestic investors in India.
Besides those from India, more than 9,000 delegates attended the summit from four partner countries ( Japan, Czech Republic, Tunisia and Mongolia) as well as from 28 other nations such as Australia, the US, the UK, Ukraine, Russia, China, Canada, Nepal, Nigeria, Singapore, Saudi Arabia, Sweden, Sudan, Korea, UAE, Italy, Oman, Venezuela and Pakistan among others.
It was a first of its kind initiative of the State government to showcase Jharkhand as an investment destination. During the summit, Jharkhand Chief Minister Raghubar Das explained in detail various labour and policy reforms undertaken by the State government to boost State’s Ease of Doing Business ranking.
The Government of Jharkhand, especially the Department of Industries, signed 209 Memorandums of Understanding (MoUs) during the Momentum Jharkhand Global Investors’ Summit. The MoUs are expected to attract Rs 3 lakh crore worth of investments from domestic and foreign sources into the State. These agreements would create three lakh new jobs in the State.
The Essar group announced that the company would invest about Rs 10,000 crore in Jharkhand for setting up a 1200 MW power plant at Tori in Latehar district. The company also announced development of Toskiud North Coal Mine with an estimated investment of about Rs 1100 crore.
Essel Infraprojects Ltd (EIL) announced that it had committed an investment of Rs 5,700 crore for development and enhancement of infrastructure in Jharkhand. Aditya Birla Group Chairman Kumar Mangalam Birla announced commitment of Rs 5,000 crore in investment in Jharkhand in various sectors including mining.