Manish Gupta
Ranchi, May 1: Jharkhand Chief Minister Hemant Soren is seeking to shed his party’s long-held anti-capitalist image and position the mineral-rich eastern Indian state as a destination for global and domestic investment.
Returning from a 10-day official tour of Sweden and Spain, Soren has stepped up efforts to attract foreign direct investment, pitching sectors ranging from urban infrastructure to energy storage and textiles.
The visit included high-level engagements with government officials and business leaders in Madrid and Gothenburg, including discussions with Volvo on potentially setting up a truck manufacturing unit in Jharkhand to support the state’s mining logistics.
“Discussions were held on the possibility of Volvo setting up a truck manufacturing unit in Jharkhand,” said an official statement from the Chief Minister’s secretariat.
A proposal from Tesla Group to establish a factory for assembling commercial and industrial battery storage systems is also under consideration. Spanish football club RCD Espanyol has expressed interest in signing an MoU to help train sports coaches in the state.
The outreach marks a departure for the Jharkhand Mukti Morcha (JMM), which has traditionally championed tribal rights and opposed large-scale industrial projects over concerns about displacement and environmental impact.
At the Bengal Global Business Summit in February, Soren secured investment proposals exceeding ₹26,000 crore ($3.1 billion), projected to generate over 15,000 jobs. The state government has branded the campaign as “Advantage Jharkhand”.
Soren told industry leaders at the summit that their investments will help accelerate the state’s growth and development.
He also highlighted the state’s strategic significance, noting that Jharkhand possesses nearly 40% of India’s mineral reserves and is a leading supplier of critical industrial raw materials.
Jharkhand is a crucial contributor to India’s economy, he said and added that the state holds tremendous potential in art, culture, tourism and textiles, beyond its mineral wealth.
In March, Soren met Adani Group chairman Gautam Adani in Ranchi for a two-hour discussion on further investments. The conglomerate operates a 1,600 MW thermal power plant in Godda, supplying electricity to neighboring Bangladesh.
As the state battles chronic unemployment and migration pressures, Soren has assured entrepreneurs that the Jharkhand government is committed to providing full institutional support to those who choose to invest in Jharkhand.
