Jharkhand Business and Economy

Jharkhand business and economy centers round the various industries housed in the territory. Business and economy in Jharkhand seems to be a vital component of the administrative set up of Jharkhand; it is this aspect of the Government of Jharkhand that is helping the Government to meet up to the challenges of this industrial world.

Talking about the business and economy of Jharkhand, it can be said that Jharkhand houses two major steel plants in India. The steel plants at Bokaro and the Tata Iron and Steel Company are the two major plants housed within the territory of Jharkhand. These steel plants largely contribute towards the economy of not only Jharkhand, but India.

Among the other important steel plants that form an integral part of the business and economy at Jharkhand are:
  • Indian Tube Company
  • Sriram Bearing
  • Tata Engineering and Locomotive Company
  • Usha Martin, etc.
Besides, the topography of Jharkhand is rich in minerals. The abundance in minerals also enhances the prospects of the industries in Jharkhand. Some of the important minerals found in Jharkhand are:
  • Chromite
  • Mica
  • Iron
  • Copper
  • Limestone
  • Asbestos
  • Uranium
  • Sillimanite
  • Gold
  • Manganese
  • Silver
  • Bauxite
  • Coal, etc.
It is noteworthy that although being an industrial belt, Jharkhand also provides enough scope for cultivation of crops, such as wheat, paddy, pulses, maize, etc. within the territory. Most of the tribal community in Jharkhand earns their livelihood through agriculture. It is interesting to note in this context that Jharkhand is a rich territory that houses poor subjects: the socio-economic condition of the people of Jharkhand is pitiable.

Therefore, it can be concluded that the business and economy is a mixed bag: agriculture and industries flourish side by side within the territory of Jharkhand.

Financial services in Jharkhand

There are lots of firms and companies which are engaged in the business of offering financial services in Jharkhand. These firms help their clients in choosing the right financial product as per their need. Most of the financial service providers offer all types of financial solutions under one roof.

These days the demand for financial services at Jharkhand has gone up because of the increase in financial products. One cannot decide of its own which would be more beneficial and would fulfill his other need. In such cases, these financial service providers do all the evaluation on behalf of their clients and offer them the most suitable product.

The financial products and financial services of Jharkhand can be broadly categorized into the following four divisions:
  • Insurance
  • Loans
  • Banking Services
  • Investments

Agriculture in Jharkhand

Although the territory of Jharkhand holds a rich store of minerals; yet agriculture in Jharkhand is the mainstay for most of the tribal communities. In fact, about 80% of the total population practices agriculture in Jharkhand.

Jharkhand is known to be one of the most important industrial belts in India: but, in spite of the rich terrain the condition of the common people in Jharkhand is pathetic. The tribal population in Jharkhand is largely dependent on agriculture: cultivation seems to be the mainstay of the people of Jharkhand.

It is noteworthy that the total area of agricultural lands in Jharkhand is about 2.57 hectares, which produces a total of 37.85 tonnes of food grains. Among the important crops that form an important part of agriculture of Jharkhand are:
  • Paddy
  • Wheat
  • Pulses
  • Oilseeds
  • Maize
  • Til
  • Sugarcane
  • Bajra, etc.

Jharkhand Tourism

Besides industries and agriculture, tourism in Jharkhand also forms an indelible part of the economy of Jharkhand. With the coming of the foreign tourists in India, Jharkhand tourism has taken a big stride forward.

Jharkhand is blessed with an exotic landscape: the rolling hills, beautiful plateaus, sparkling rivers, etc. that largely contribute towards tourism at Jharkhand. Besides, the national parks, wildlife sanctuaries, holy shrines and museums, etc. largely attracts tourists to come to Jharkhand.

Some of the major tourist spots in Jharkhand that play a vital role in the tourism industry of Jharkhand are:
  • Netarhat - Netarhat is a beautiful hill station situated about 156 kilometers from Ranchi. Netarhat is renowned for its sun set: tourists from across the world come to enjoy the blissful ambiance of the territory.

  • Betla National Park - Betla National Park forms an pivot of tourism in Jharkhand. The national park spreads over an area of 250 square kilometers and contains a variety of animals such as tiger, lion, panther, deer, elephants, cheetal, etc.

  • Baidyanath Dham - Baidyanath Dham is one of the major religious sites in Jharkhand. Baidyanath Dham is the abode of Lord Shiva: tourists from across the world come to this shrine to pay their reverence to Lord Shiva.

It is noteworthy in this context that Kanke Dam, Ranchi Hill, Tagore Hill, Hatia Dam, Dasham Falls, Jagannath mandir, Jonah Falls, Hoondru waterfalls, etc. are the projects under the Tourism Industry of Jharkhand that heavily contributes towards the economy of the State.

Last Updated on : 1 July 2013