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Investment declined in Jharkhand: Assocham

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Ranchi: Investors’ confidence in Jharkhand has been shaken over the years, according to a study released by Associated Chambers of Commerce and Industry of India (Assocham) on Saturday.

The study said: “As of 2014-15 Jharkhand attracted total outstanding investments worth Rs.6.4 lakh crore with manufacturing sector garnering lion’s share of about 52 percent followed by electricity (37 percent) and mining (six percent).”

“New investments attracted by Jharkhand each year have declined sharply from over Rs.1 lakh crore in 2005-06 to Rs.33,000 crore in 2014-15.”

Besides, the state’s share in new investments attracted by various sectors across India has declined from about 15 percent in 2005-06 to just three percent in 2014-15, said the study ‘Delay in investment implementation in Jharkhand: An analysis’.

“Besides, Jharkhand’s contribution to India’s GDP during the period 2004-05 to 2013-14 has also dropped from two percent in 2004-05 to 1.9 percent in 2013-14 thereby showcasing the sluggish economic growth in the state,” said the study prepared by the Assocham Economic Research Bureau.

“Delay in land acquisition, lack of clearances (both environment and non-environment), fund constraints, poor promoter interest, unfavourable market conditions, dearth of skilled labour, poor supply of fuel/feedstock/raw material, law and order problems are certain key factors that have resulted in serious cost overruns,” said Assocham secretary D.S. Rawat.

Mineral-rich Jharkhand is grappling with a depressing state of industrial growth evidently as the state ranked has on the last rung amid top 20 states across India with a meagre 1.2 percent compounded annual growth rate registered by the state in this sector during 2004-05 and 2013-14, the study added.

(IANS)

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As Bitcoin Turns 10, Its Investors Face Year-On-Year Loss

Investors who bet early on bitcoin and have stuck with it have faced a roller-coaster ride in its first decade.

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virtual currencies, bitcoin, investors
Bitcoin.com buttons are seen displayed on the floor of the Consensus 2018 blockchain technology conference in New York City, New York. VOA

Bitcoin was heading towards a year-on-year loss on Wednesday, its 10th birthday, the first loss since last year’s bull market, when the original and biggest digital coin muscled its way to worldwide attention with months of frenzied buying.

By 1300 GMT, bitcoin was trading at $6,263 on the BitStamp exchange, leaving investors who had bought it on Halloween 2017 facing yearly losses of nearly 3 percent.

A year ago, bitcoin closed at $6,443.22 as it tore towards a record high of near $20,000, hit in December.

virtual currencies, bitcoin, investors
People use a bitcoin ATM in Hong Kong. VOA

That run, fueled by frenzied buying by retail investors from South Korea to the United States, pushed bitcoin to calendar-year gains of over 1,300 percent.

Ten years ago, Satoshi Nakamoto, bitcoin’s still-unidentified founder, released a white paper detailing the need for an online currency that could be used for payments without the involvement of a third party, such as a bank.

Traders and market participants said the Halloween milestone was inevitable, given losses of around 70 percent from bitcoin’s peak and the continuing but incomplete shift towards investment by mainstream financial firms.

virtual currencies, bitcoin, investors
Transactions in cryptocurrencies occur the same way that you make transactions using any other fiat currency. pixabay

“The value mechanisms of crypto and bitcoin today are based more on underlying tech than hype and FOMO (fear of missing out),” said Josh Bramley, head trader at crypto wealth management firm Blockstars.

Growing use of blockchain – the distributed ledger technology that underpins bitcoin – is now powering valuations of the digital currency, he said, cautioning that some expectations for widespread use have not yet materialized.

Others said improvements to infrastructure such as custody services may allow mainstream investors who are wary of buying bitcoin to take positions.

virtual currencies, bitcoin, investors
Bitcoin is a cryptocurrency and worldwide payment system. Wikimedia Commons

“We see behind closed doors financial and non-financial institutions beavering away to create the infrastructure,” said Ben Sebley, head of brokerage at NKB Group, a blockchain advisory and investment firm.

Bitcoin has endured year-on-year losses before, according to data from CryptoCompare, most recently in 2015.

Also Read: Climate Change Efforts Can Be Nullified Due To Bitcoin Production: Scientists

Retail investors still account for a strong proportion of trading, market players said.

Investors who bet early on bitcoin and have stuck with it have faced a roller-coaster ride in its first decade. Many told Reuters they are optimistic that they are still onto a winner. (VOA)