Business and Economy of Bokaro
Work-force of the plant is about forty thousand who work day and night to enhance the production. A well organized Bokaro Steel Plant is rich in infrastructure.The well planned township of Bokaro is yet another factor that makes the city one of the best place to reside and work. Today the city is names amongst the most well planned and developed industrialized town in India and world.
Industrial Zones in Bokaro
Balidih Industrial Area in BokaroBalidih is one of the most
famous industrial area in Boakro. Many small and mid size companies are
located in this part of Bokaro. From electrical equipment factories to
genset factories you can find all and more in Balidih. Further printing
presses of many media houses are also located in this region of Bokaro.
The government is taking all adequate measures to upgrade the industrial
facility of Balidih
There are also many upcoming projects where a lot of investments are done to avail the scope of good business in such an important zone. Over the years, many industries have been a part of this industrial zone.
Bokaro Industrial Area Development AuthorityBokaro industrial area is located in Bokaro Steel City is a major industrial zone in the city. Several small-scale industry units are situated in the area and have a good infrastructural support. These industries have not only been a source of revenues for the city but are also providers of good employment. BIADA has a wide manufacturing environment, constituting more than 100 small-scale industries and large manufacturing enterprises.
Industries in BokaroThe economy of Bokaro largely depends on Bokaro Steel Plant. The Steel Plant serves as the primary source of economy in the city. This company has always maintained its high profitability except for once in 2011 due to unfavorable conditions. SAIL is one of the most important industries of this zone. Bokaro Steel Plants being a unit of Steel Authority of India Limited enjoys the status of Maharatna Company in India.
About Bokaro Steel PlantBokaro Steel Plant is the fourth integrated public sector steel plant in India. Located in the Bokaro district of Jharkhand, it was incorporated as a limited company in 1964 and later merged with the state-owned Steel Authority of India (SAIL), first as a subsidiary and then as a unit, through the Public Sector Iron and Steel Companies (Restructuring and Miscellaneous Provisions) Act 1978.
The plant is hailed as India's first Swadeshi movement steel plant built with maximum indigenous content in terms of equipment, material and know-how. The region’s huge availability of natural resources, including coal, iron ore, manganese and other raw materials, made it the absolute place to build the desired steel plant. The construction commenced on April 6, 1968 and the years between late 1960’s and early 1970’s witnessed the heavy construction of the steel plant. Six year later with the commissioning of the third blast furnace on February 26, 1978 first phase of 1.7 MT ingot steel was completed.
With passing plant grew into sixe and infrastructural capacity. All units of the plant have been commissioned and the 90’s modernization has further upgraded this to 4.5 MT of liquid steel. Bokaro has provided a strong raw material base for a variety of modern engineering industries including pipe and tube, automobile, LPG cylinder, barrel and drum producing industries. Bokaro Steel is constantly working towards becoming the only producer of world-class flat steel. To meet the aim, new facilities are appended to increase the capacity and capability of producing the most premium grades required by the most distinguished customer segments.
Electrosteel Castings LimitedElectrosteel Castings Limited, a Kolkata based manufacturer of water pipes, acquired 2,500 acres of land to build its 2.2 MTPA steel plant. Located in Asabani village under Sabra Panchayat the plant became operational in 2010 and today serves as one of the major source of employment in Bokaro.
Bokaro Jaypee Cement Limited (BOJCL)Bokaro Jaypee Cement Limited (BOJCL) is a second joint venture between Jaypee Group and SAIL and is incorporated to set up a 2.1 MTPA capacity of cement plant at Bokaro Steel City.
Bokaro Supply Power Co. Pvt Ltd. (BPSCL)Bokaro Supply Power Co. Pvt Ltd. (BPSCL) became a part of Steel Authority of India Limited Business Reconstruction and Restructuring Plan in 2001. SAIL has assigned its entire business as a going concern pertaining to the capacity of steam generation of BSL. It is now a joint venture of SAIL and Damodar Valley Corporation (DVC).
There are also many upcoming projects like capacity expansion in Bokaro Steel Plant where SAIL has planned to extend BSL capacity to 17 MT before 2020. Also, plans are on to set up a SAIL Greenfield Plant of capacity 5 MT. ArcelorMittal is also looking to set up a 12 million tone Greenfield plant. A jointly owned steel plant with Bokaro Steel Plant and Steel Authority of India, Tata Steel is also joining the race to acquire an area for the project. ONGC has also started exploring Methane Gas for commercial purpose from Parbhatpur (32 km from Bokaro). After Jamshedpur, Jharkhand government is setting up a second Special Economic Zone (SEZ) in BIADA in 500 acres land. There are also many other projects coming up in this zone which will result in an uplift in the economy.
Financial Institutions in BokaroThe prime occupation of Bokaro is industrial followed by service sector. The city has a strong banking sector with both major public and private sector banks having their branches in and around the city. These banks have availed their respective branches for easier access for the people. The City Centre is one of the prime areas of all the banks having their branches.
State Bank of India, Punjab National Bank ICICI Bank are some of major banks having their branches in the city.These banks also have their ATM centers in and around the city as a convenient option for the people in the city. There are also financial institutions in the city as other options available for the people for easy access of loans and other financial aids.
Being an industrial area, agriculture has taken a back-seat with just small amounts of paddy grown in the outskirts of the city by the villagers.