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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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Uber’s Self-driving Unit Gets $1 bn Investment

According to market sources, the company may provide a price range for its shares later in April and would go public in May

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Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

The self driving unit of global ride-sharing major Uber has announced a $1 billion investment from Japanese conglomerate SoftBanks Vision Fund, car manufacturer Toyota and automotive component supplier Denso.

“Excited to announce Toyota, Denso and the SoftBank Vision Fund are making a $1 billion investment in Uber, as we work together towards the future of mobility,” Uber CEO, Dara Khosrowshahi tweeted late on Thursday.

Toyota and Japanese auto-parts supplier Denso will together invest $667 million, while Softbank’s Vision Fund will invest $333 million. SoftBank is already Uber’s largest shareholder, the CNBC reported.

Car maker Toyota invested $500 million in Uber in August 2018 when the two companies announced their intention to bring pilot-scale deployments of automated Toyota Sienna-based ridesharing vehicles to the Uber ridesharing network in 2021.

Uber app.

Uber officially filed its IPO process last week with the public filing of its prospectus. It would be listed on the New York Stock Exchange (NYSE) under the symbol “UBER”.

“We have incurred significant losses since inception, including in the United States and other major markets. We expect our operating expenses to increase significantly in the foreseeable future, and we may not achieve profitability,” the company had said in the “S-1” form or the IPO Prospectus submitted to the Securities and Exchange Commission.

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The company noted that as of December 31, 2018, it had 91 million or 9.1 crore monthly active platform users. There were 3.9 million or 39 lakh drivers on the platform by the end of 2018.

According to market sources, the company may provide a price range for its shares later in April and would go public in May. (IANS)

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