Chief minister Hemant Soren on Monday said the industry-friendly policies of his government are the reason for industrial players coming to Jharkhand.
“Our government had brought out a new industrial policy in 2021 not only to attract investment but also to create job opportunities. It is due to such policies that more industries are setting up units in Jharkhand,” Soren said at an event organised to celebrate Tinplate Company’s Rs 2,000 crore expansion project in Jamshedpur.
Hemant launched the Jharkhand Industrial and Investment Promotion Policy (JIIPP) 2021 during the Investors’ Meet in August.
To attract investors, the government had proposed attractive incentive provisions, promising investors up to 100 per cent relief from SGST for up to nine years whereas 75 per cent for large-scale industries which is again for up to 12 years. The policy incentivizes investors up to Rs 25 crore as a comprehensive investment project subsidy with an additional 5 per cent incentive provision for SC/ST/women/specially-abled investors.
The policy has provisions for early bird subsidy, anchor subsidy, interest subsidy and power subsidy.
“I am hopeful that the expansion work will be completed on time, due to which I have been told that 1,000 persons will get direct employment and over 5,000 will get indirect employment. Employment will be created if industries are set up in the state. After we launched the new policy along with Tata Group several other industrial houses have shown interest in investing in Jharkhand. A cement factory had already started production in Bokaro,” said Soren.
Hemant Soren addresses after the groundbreaking ceremony in Jamshedpur on Monday and (right) Hemant Soren unveils the plaque to mark groundbreaking ceremony.
Praising the Tata Group, Hemant said: “Tata group has played a big role in the development of this country and the state. The construction of Tata Cancer Hospital has been completed. Soon it will be dedicated to the people of the state.
Tata Steel CEO and MD T. V. Narendran said that the cancer hospital project in Ranchi is nearing completion and will be inaugurated by Hemant soon.
Sources in the Tinplate company informed that the expansion work will be completed by 2026 after which the annual production would increase from the existing 0.415 Million Ton Per Annum (MnTPA) to 0.715 Mn
“Established in 1920 and having completed 100 years in 2020, Tinplate Company has embarked on its next journey towards sustainability and growth. Currently, its capacity stands at 0.415 MnTPA. The first phase of the expansion project, which involves an investment of around Rs 2,000 crore, will ensure the additional capacity of 0.30 MnTPA, leading to a total capacity of 0.715 MnTPA by the year 2026,” said a spokesperson of the company.
“The upcoming facilities will have state-of-the-art technology and higher levels of automation to cater to domestic and export markets, minimize man-machine interface, enhance safety aspects, and be designed to meet the EU environmental norms. This expansion is a significant milestone in the company’s growth and commitment to the state. We are committed to partnering with the Jharkhand government and local communities to promote the economic and social development of the region,” said R.N. Murthy, managing director of Tinplate Company.
