Jharkhand Economy

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Jharkhand Economy growth has been slow in comparison with the national average. The Economy of Jharkhand depends on mineral resources, industries, agricultural, and tourism sectors. The state's gross domestic product amounted to US$ 14 billion in 2004.

The Economy in the state of Jharkhand gets it revenue from the mineral resources sector for the state has a rich storehouse of minerals. The state has almost 40% of the mineral reserves found in India. The various kinds of minerals found in Jharkhand are iron ore, granite, coal, copper, mica, bauxite, and chromite. The state's mineral production amounted to ` 5,000 crore in 2006. Jharkhand also exports its mineral products to various countries such as Saudi Arabia, Bangladesh, South Africa, and Nepal. The state exported minerals worth around ` 3 crore. This sector has given a major boost to the Economy in Jharkhand.

The Economy of the state of Jharkhand depends for its revenue on the industrial sector to a very large extend. This is due to the fact that the state has industrialized cities such as Bokaro, Jamshedpur, and Dhanbad. In Jharkhand there are companies like Tata Iron and Steel Company, Indian Tube Company, Sriram Bearing, Usha Martin, and Tata Engineering and Locomotive Company. The sector of industries has contributed to the growth of the Economy in Jharkhand.

The Economy in the state of Jharkhand also gets its revenue from the agricultural sector as almost 75% of the people of the state are dependent on this sector. The various kinds of crops grown in Jharkhand are rice, oilseeds, wheat, potatoes, maize, and pulses. The state also produces a wide variety of vegetables and fruits like ladies finger, brinjal, tomato, cabbage, mango, lemon, and papaya. Jharkhand produced in land of round 18.05 lakh hectares more than 21 lakh tonnes of agricultural produce. This sector has also to a certain extend helped the Jharkhand Economy to grow.

Jharkhand Economy gets its revenue from the tourism sector but this sector's contribution is way to less. This is due to the fact that although the state has places of religious and archaeological significance and also lakes, hills, and wildlife to attract the tourists, the state government has not fully exploited this sector. The other sectors that contribute to the Economy in the state of Jharkhand are cottage industry, IT industry, and silk goods. In order to boost the Economy of Jharkhand, the state government has started to make some efforts by developing the infrastructure and also by promoting the setting up of new industries.

Jharkhand Economy has grown slowly over the years but the recent efforts taken by the state government are bound to ensure results and rise the economy of the state.