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According to an industry lobby report, steel projects worth Rs.125, 940 crores ($26.4 billion) is still pending in Jharkhand as the State Government has not yet given the approval.
The report by the Associated Chambers of Commerce and Industry (Assocham), said: "Steel players like Arcelor Mittal, Tata Steel and others are waiting for different forms of clearances for the last four years, which otherwise should have been cleared in two years."
Releasing the report at a seminar, Assocham Secretary, General D.S. Rawat, said, “the state government should streamline its clearance procedures and speed up the industrialisation drive”.
"If the pending steel projects are executed, then it will create about one lakh (100,000) direct and indirect jobs in the state," he added.
The study also urged the government to come up with a "clear cut” land acquisition policy.
"The industries are willing to provide lucrative compensation and employment to the displaced people. With government's help land acquisition process could be started," he said.
The industry lobby stated that, the Central and State government, should work together to implement mining projects at a rapid speed.
The report further added that the royalty rates of all minerals needed to be modified.
The mineral rich State, is demanding an increased share of mineral royalty from a long time.
