Jharkhand has a robust responsive system that provides impetus to the growth of incredible business opportunities across the breadth of different categories of business sectors. Some of the indicative business ideas in Jharkhand resonating growth aspect of the state are stated in this article.
Fundamentally, an economy with its large chunks of land reserved for crops cultivation and mineral reserves, the state of Jharkhand has gradually opened up the doors for establishment of many manufacturing and service oriented businesses.
It has not just allowed new business opportunities in Jharkhand but has given an overwhelming contribution to the blossoming of Jharkhand’s economy and accolades itself with the third position in term of Ease of Doing Business. Trending towards growth path, emergence of many business ideas in Jharkhand has taken place.
Do you want to set up your business in Jharkhand? In this article, I am going to list some of the profitable business ideas in Jharkhand.
10 Best New Business Opportunities in Jharkhand
1. Manufacturing business
Jharkhand treasures mineral resources in abundance. It is rich in minerals like iron ore, Kainite, asbestos, mica, copper ore, coal, manganese, graphite, gold, silver, etc. Given the abundance of mineral resources, it gives readily available opportunity for starting up of manufacturing business ideas in Jharkhand. Also scope of expansion is huge as the state reported to have been going under resource curse. With the adequate understanding and knowledge about starting manufacturing units, you use the current situation to your advantage.
2. Organic food production
The prices of organic food are comparatively higher than the conventionally grown food crops. In today’s age and time, people have grown well aware and sensitive about their health concerns; moreover the declining nutrients proportion in agricultural products due to the increased use of chemical fertilizer and intensive farming has led to the rising demand for organically grown food crops. Anybody having practical knowledge and experience can take up these new business opportunities in Jharkhand.
3. Fishery business
Fishery business is the rapidly growing segment of the food production both domestically and internationally. You can either supply fish either in the local market or if you want to export abroad then contact processing units beforehand.
It is highly profitable business ideas in Jharkhand provided its huge profit margin. To begin with you need to decide upon the type of fish that you are going to harvest depending upon the type of fish that has greater demand. Then you have arrange for land, artificial ponds creation with fully equipped oxygen supply, water supply, fingerlings, fish feed, electricity, transportation arrangements, labor, maintenance, etc.
4. Cold chain refrigerator services
The demand for cold storage is really high as the Cold chain refrigerator services are required for fishery business, fruits, and other perishable food items. To start these business ideas in Jharkhand, conduct feasibility analysis and market research in advance.
Identity the potential area that require such services like fish farms, agriculture farms and then formulate contact with the processing units to offer your services. You can start it on a small scale by investing in acquisition of truck with refrigerator facilities and then slowly increase the number as the progress fortales.
5. Alteration services
The alteration business is mostly preferred by housewives in Jharkhand. This business requires creative mind, sewing skills and measurement knowledge. If you possess these qualities then you can smoothly run this business. It’s on you to decide what kind of services you are going to provide such a designer wear, casual wear, cushion covers or pillow covers, etc.
Finances are only required for acquisition of sewing machine and for raw material. You should focus on providing good services and good communication skills to attract more and more clients.
Ranchi is a famous destination spot for tourist. It offers so many scenic waterfall sights, glittery reservoirs for fishing like Kanke Dams, serene ponds, colorfully exuberant gardens serving as picnic spots such as Nakshatra Van, pleasant and beautiful Tagore hills, religious abode of Lord Shankara called Pahari Mandir, jagannathpur temple, the place also houses museum displaying ancient old tribal heritage and precious ornaments and diverse musical instruments of different tribes, etc that is reason for massive inflow of tourist.
You can take advantage of it to provide car rental services, travel booking services, accommodation services, tour guide services, adventure sports services, etc. This sector offers many business opportunities in Ranchi.
Ranchi treasures legacy of distinct tribal cultures and ethnicity in its world famous handicrafts that includes Pitkar painting drawn by tribal artisans, creative carving on wood and stone, bamboo craft, tribal ornaments, etc. A lot of people are engaged in handicrafts industry. You can buy from these artisans and can sell in the international market or set up a store near tourist spots. These handicrafts are sold at higher prices offering profitable business opportunities in Ranchi.
Jharkhand excelled in the production of Tasar silk in the country. Also, Jharkhand is the only supplier of organic Tasar silk in the world. The sericulture sector shows and upward trend with its established of two elite seed stations, developed its own reeling machines supported by solar power, and the silk waste is further processed to extract sericin having medicinal and cosmetic applications that is exported abroad.
Depending on your budget and expertise the sector offers many business opportunities in Ranchi.
9. Micronutrient manufacturing
Intensive farming has ripped the soil of its natural minerals and nutrient essential for the growth of plants. The increasing demand for the agricultural food production filled with nutritional quantity has necessitated the emergence of micronutrient manufacturing units. These businesses require specialized knowledge in the agricultural field.
Also this business is strictly controlled by government and faced strict competition, so in order to nail this business, contact farmers to know their problems faced while cultivation. You can work upon those factors and gives an edge to your micronutrient products over other competitors in the market. Conduct feasibility analysis to know the practical viability and calculate upon the total capital investment.
Before beginning, make sure that the manufacturing units comply to the legal obligations and run it. Though Micronutrient manufacturing business opportunities in Ranchi is a complex process but also a profitable business venture. You get the government support also running this business.
The state of Jharkhand has a conducive environment conditions for the production of various horticulture crops especially in the cultivation of jackfruit, litchi, pulses, peas, etc.
These are the best new business ideas in Jharkhand because it’s market is open and well connected to Northeast India, adjacent states and neighboring countries that presents tremendous market for these products. Also the presence of many processing units has helped in facilitating transportation of high quality finished goods to these markets.
Further, the encouragement and support by formulation of various schemes by the government of Jharkhand has cemented the growth of horticulture crop cultivation business. It has huge market both nationally and internationally which can turn you into a rich entrepreneur.