Chhattisgarh: Main feature of its economy

 

Chhattisgarh is well endowed with various natural resources. These resources are important role in the economy of the state.

The gross state domestic product (GSDP) of Chhattisgarh is expected to reach US$ 47.75 billion in FY 2018 from US$ 36.6 billion in FY 2015. The GSDP of the state grew at a compound annual growth rate of 11.83 per cent between 2004-05 and 2015-16.

From the below graph we can see the economic snapshot of Chhattisgarh in terms of state domestic product.

 

Chhattisgarh is a power surplus state. It is among the few profitable states in terms of utility-based electricity. Korba district in Chhattisgarh is known as the power capital of India. Chhattisgarh has planned to achieve installed power generation capacity of 30,000 MW.

Mineral resources are Chhattisgarh’s biggest strength. Chhattisgarh is a leading producer of minerals such as coal, iron ore and dolomite, accounting for about 22.6 per cent, 19.8 per cent and 36.5 per cent of India’s production, respectively. Besides, considerable reserves of bauxite, limestone and quartzite are available in the state. Chhattisgarh is the only state in India that produced tin concentrates. The state accounts for 35.4 per cent of tin ore reserves of India.

Chhattisgarh has emerged as one of the most preferred investment destinations in India. The state has been acclaimed as “one of the best fiscally managed states” by the Reserve Bank of India (RBI). The state attracted cumulative FDI worth US$ 1.29 billion from April 2000-March 2016.

A wide range of fiscal and policy incentives for businesses have been announced under its Industrial Policy, 2014-19. Additionally, the state has well-drafted policies for the IT/ITeS, solar energy, agro and food processing, minerals and biotechnology sectors. Chhattisgarh stands fourth among Indian states in rankings based on ease of doing business and reforms implementation, according to a study by the World Bank and KPMG.

Chhattisgarh is the only state in India to produce tin concentrates and accounts for 36 per cent of the country’s tin ore reserves. Dante Wada is the sole district producing tin from 6 mines. The state accounts for 4 per cent and 36.5 per cent of the country’s diamond and dolomite reserves, respectively. It ranks among the top coal, tin and dolomite production states in the country.

Iron and Steel: Chhattisgarh is the iron & steel hub of the country. The Bhilai steel plant of Steel Authority of India Ltd (SAIL) produces more than 3.153 million tons of saleable steel per annum.

Chhattisgarh has abundant limestone reserves that support a strong cement sector. Chhattisgarh accounts for around 5.4 per cent of the total limestone reserves in India.

 

 

­­­­

CGPCS Notes brings Prelims and Mains programs for CGPCS Prelims and CGPCS Mains Exam preparation. Various Programs initiated by CGPCS Notes are as follows:-

Leave a Comment