Bihar has received more than 3,800 proposals for setting up factories since launching its Industrial Investment Promotion Policy in 2016, a major factor driving the state’s rapid industrial development, according to Chief Secretary Amrit Lal Meena.
The Bihar Industrial Investment Promotion Policy, 2016, offers a variety of incentives, including interest subvention, state GST reimbursement, stamp duty waivers, export subsidies, and concessions on transportation, power, and land fees. In addition, a State Investment Promotion Board was established to review and approve investment proposals, further simplifying the process for investors.
Amrit Lal Meena said, “From 2016 till now, in the last nine years, there has been a massive response from the industry because of the promotional policy, and subsequently, sectoral policies have been approved by the government. So, from different sectors, there are over 3,800 proposals for consideration of a state industrial promotion board and 3,100 proposals have been accorded first-stage approval,”
Meena also highlighted that Bihar has attracted investments worth Rs 8,000 crore, with key sectors including food processing, textiles, manufacturing, renewable energy, IT, and cement. To support this growth, the state has created a land bank of over 3,000 acres and offers about 2.4 million square feet of ready-to-use, plug-and-play industrial sheds equipped with essential infrastructure. These facilities are available for industries at fixed rates.
The Bihar Industrial Area Development Authority (BIADA) oversees the allocation of land, and industrialists can apply through an online portal for quick and efficient land allotment at reasonable rates.This approach has contributed significantly to making the state more attractive to investors.
Bihar’s single-window clearance system further streamlines the approval and disbursement of incentives, and regular interactions between the Chief Minister and industrialists help address any challenges promptly.
Meena added,“The Chief minister has started interaction at the highest level in the government through organising Udhami Panchayat. So, in those Udhami Panchayats, all government departments and all industry associations do meet and issues, which the industries are facing, are discussed and appropriate decisions are taken. Resultantly, in the last nine years, a significant number of industries have come into operation,”
The state’s annual investor meet, Bihar Business Connect, has also seen success, with the first edition in 2023 securing MoUs worth over Rs 50,000 crore. The second edition is set to take place on December 19-20, 2024, with high expectations for continued investor interest. Meena noted that positive responses from investors across the country have fueled optimism for the upcoming event.
(With PTI Inputs)