Economy
Ranchi the capital city of Jharkhand, is growing and expanding at a rapid pace. Increased economic activities and infrastructure development has resulted in extensive urbanization, as a result of which urban and semi-urban areas are expanding. Due to a change in land use policies more areas are being added to the vicinity of the city. After being awarded with the capital status to Ranchi, there has an emerged a need to meet the requirements of the increasing population.
Easily available manpower, reputed technical, management and educational institutions, good transport and communication facilities and improving power position makes the RIA (Ranchi Industrial Area) region attractive for entrepreneurs. Efforts are being made to generate ample employment, infrastructural and institutional amenities for the benefit of the people. In this age of urbanization, industrialization & modernization one should not forget to preserve and protect the present environment. A sustainable & eco-friendly way of development is this required for Ranchi city.
Trade, Commerce & Business in Ranchi
Ranchi, being the capital of Jharkhand is an important center of trade & commerce in the State. The high literacy rate, hardworking people, stable political environment and availability of basic facilities make a favourable environment for business to flourish in the area. The government is offering lucrative schemes to draw investment to the city of Ranchi. All types of business can be found in Ranchi from small daily need shops, medical stores, ready-made garments to high end branded stores. Many premium brands, fast –food chains & multiplexes have set shop in Ranchi. With the increasing spending power of the consumer many malls & multiplexes are also doing great business in Ranchi. Ranchi also has a number of Multinational Companies, Public Sector Enterprises & Private Limited Companies, which provide good employment opportunities. The Ranchi city thus offers ample business opportunity to the new entrepreneurs & job opportunities for working professionals.
Mineral and Natural Resources in Ranchi
Ranchi district is rich is natural and mineral resources. The Ranchi city is surrounded by a large & green forest area, which provides many basic raw materials to a large number of industries like construction, furniture, match box, paper, rayon, railway slippers, wooden poles, etc. The Forest produce can be classified into two categories: Major Products which include wood from timber, such as Bamboo, Mahua, Shisham, Kusum, Aam, Jamun, Saal, Imli, Gamhar etc. Minor Products are Hara, Behara, Kendu Patta, Saal Seed, Karanj Seed, Mahua Patta, etc., these products have medicinal and commercial value. The fertile land of the rural area of Ranchi comprises of Red & Yellow soil as well as some amount of sand. Water for irrigation purpose is drawn from rivers like Swarnrekha, Koyal, and Damodar.
Industry in Ranchi
Ranchi has become an important industrial centre in the state of Jharkhand. Due to the presence of good reserves of forest and mineral resources is considered to be a good place for setting up medium and large scale industries. A large number of engineering & mining industries present in Ranchi, provide employment opportunities to a major portion of the population of Ranchi. The existing rural industries like Sericulture, Handloom, Handicraft, Khadi, Textile, etc. are also being promoted & developed to give livelihood to rural & tribal population. The District administration helps the industries in terms of modernization/technological up-gradation, providing necessary common facilities, product design, marketing support, etc. so as to make them globally competitive. Some of the major exportable items from Ranchi are Heavy Machinery and Equipment, Lac, Minerals, Ceramics, IT & Consultancy Services.
Large Scale Industries / Public Sector Undertakings in Ranchi
Heavy Engineering Corporation, Dhurwa, Ranchi
Central Coalfields Limited, Ranchi Metallurgical Consultant Limited, Doranda, Ranchi Steel Authority of India Limited, Hinoo, Ranchi Central Mining & Planning Design Limited, Kanke Road, Ranchi Ranchi Ashok Bihar Hotel Corporation Ltd., Doranda, Ranchi Bharat Sanchar Nigam Limited, Ranchi Major State Public Sector Undertakings in Ranchi Sikidiri Hydro Power Plant (Jharkhand State Electricity Board), Ranchi Ranchi Industrial Area Development Authority, Ranchi Jharkhand State Tourism Development Corporation, Ranchi Jharkhand State Tribal Development Corporation, Ranchi Jharkhand State Scheduled Tribe Development Cooperative Society, Ranchi Jharkhand State Scheduled Tribe Development Cooperative Society, Ranchi Jharkhand Govt. Tool Room & Training Center, Tatisilwai Ranchi