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Jharkhand baffles big investors with policy paradox

Ranchi, Oct 27 (IANS) The Jharkhand government is sending out mixed signals on the issue of the state's industrialisation by inviting mega investors for a trade fair while at the same time insisting on reviewing memorandums of understanding (MoU) signed by the previous regime.

Friday, October 27, 2006 | 1:08:43 PM IST (+05:30 GMT)
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Ranchi, Oct 27 (IANS) The Jharkhand government is sending out mixed signals on the issue of the state's industrialisation by inviting mega investors for a trade fair while at the same time insisting on reviewing memorandums of understanding (MoU) signed by the previous regime.

The new Madhu Koda government has sent out invitations to potential big-ticket investors for the weeklong Udoy Mela (trade fair) Nov 15-22 to celebrate the sixth anniversary of the formation of the state. But it is also firm that it will review the 45 MoUs signed by the Arjun Munda government in sectors like steel, mining and power.

'The mega investors will be invited to showcase their products in the trade fair. But at the same time they should be ready to face a review of their investment proposals in the state,' said Sudhir Mahto, deputy chief minister who is also in-charge of the industries department.

Mahto has already announced the government's decision to promote small and medium scale investment in the state.

'The government should be clear in its mind. On the one hand, it is inviting the mega investors in the trade fair and, on the other, it has announced a review of MoUs signed with investors by our government,' said former chief minister Arjun Munda.

'We are not averse to promoting small industries in the state, but we should not neglect mega industries either. The state should invite investors of every scale,' he added.

The Munda government had signed MoUs with 45 investors in steel, mining, power and other sectors. The investors, including Mittal Steel, Tata Steel and Essar, are likely to pump in Rs.2.2 trillion in the state.

Most projects have got delayed because of mine leasing and land clearance problems.

Copyright : Indo-Asian News Service
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