Ranchi, Aug 13 : Jharkhand signed MoUs worth Rs 3.51 lakh crore between 2001 and 2016 but only "3.8 per cent translated into reality" due to several reasons, including poor law and order, absence of power and water connection, says a CAG report.
"Investment worth Rs 1.60 lakh crore in the steel sector could not be invested in the state as they were not provided facilities like power, water, and due to poor law and order," the Comptroller and Auditor General (CAG) said in its report tabled in the Jharkhand Assembly on Saturday.
"Jharkhand stood third in ease of doing business but it could not be linked to the ground reality of industrialisation," the report added.
As per the report, the situation in Jharkhand is worse than Odisha and Chhattisgarh. No MoU was cancelled in Odisha and Chhattisgarh but 38 of the 79 MoUs were cancelled in Jharkhand.
The reasons for failure of execution of the MoUs are non functioning of the single window system, lack of willpower of the state government and incidents involving Maoists, the report said.
The report added that 22 of the 24 districts are suffering from the Maoist menace.