The two-day Global Investors’ Summit widely publicised as “Momentum Jharkhand” kicked off at Khel Gaon in Ranchi on Thursday to give a push to the state which ironically remains backward in matter of development index despite being rich in mineral reserves.

The presence of a galaxy of union ministers added colours to the function being organized for the first time in Jharkhand on such a wide scale.

Inaugurating the summit, Union finance minister Arun Jaitely cited how a visionary Tatas had seen great business potentials in Jharkhand well over a century ago and set up an industry there.

He though rued the state still lacked much in the matter of development despite investments trickling in. He hoped the state would move fast on the track of development now that there is a stable government in the state with economic growth its prime agenda.

In his address chief minister Raghubar Das said Jharkhand as a young state of India was striving to become one of the most developed and prosperous states in the country saying it had huge potentials.

“Jharkhand is one of the richest mineralized regions in the world possessing 40% of mineral resources of India. Though we are known for our rich mineral deposits and Steel and Automobile industry, but I feel our biggest assets are our people. Nearly 60% of our population is between 15 to 59 years of age. The gross state domestic product growth rate (at a constant price) is 12.1% and the growth rate of per capita income is 11.10%. This demonstrates that Jharkhand is a fast emerging economy in the country,” said Mr Das.

He said the state government had constituted Jharkhand Investment Promotion Board (JIPB) and IT Advisory Council (ITAC) comprising eminent industry captains and experts to lure investors to the state and promised to provide all supports to the industrialists willing to invest in the state.

According to him, to simplify the investment and its regular monitoring, the state government had arranged for Online Single Window System.

“We are using enabling policy framework, responsive administration to bring in transformation in Governance and in execution of programs and moving towards becoming paperless government,” the CM declared.

Former chairman of Tata Sons Ratan Tata in his address highlighted his emotional attachment with this mineral-rich state recalling how it was in Jamshedpur that he got his first job and later also spent six years of life in Jharkhand.

“Jharkhand holds a very important place in my life,” he remarked, describing the state having huge potentials.

More than 4000 delegates from 24 countries are participating in the summit which will conclude tomorrow. In an innovate idea, a flying red elephant with green wings and blue ears has been made the mascot of the mega event.

“The flight represents dream of 32.5 million people while the red clolour of elephant symbolizes our resolution to turn our dream into reality. Its green wings symbolize green cover while blue ears reflect peace and safety in the state,” was how the chief minister explained.