Bihar’s progressive Industrial Investment Promotion Policy, 2016, has catalyzed significant industrial development in the state. Since its implementation, the policy has attracted more than 3,800 proposals for setting up factories, underscoring Bihar’s growing appeal as a business-friendly destination. The state’s Chief Secretary, Amrit Lal Meena, highlighted these achievements ahead of the upcoming Bihar Business Connect 2024 event.
Policy Incentives Fuel Industrial Growth
The Bihar Industrial Investment Promotion Policy, 2016, offers a wide range of incentives to attract investors. These include:
- Interest subvention
- Reimbursement of State GST
- Stamp duty waivers
- Export subsidies
- Concessions on transportation, power, and land fees
The policy also established the State Investment Promotion Board to streamline the approval process for investment proposals. According to Meena, of the 3,800 proposals received, over 3,100 have received first-stage approvals.
Investment and Employment Surge
Since the introduction of the policy, over 780 industries have become operational in Bihar, providing employment to approximately 34,000 people. These industries span key sectors such as:
- Food processing
- Textiles
- Manufacturing
- Renewable energy
- IT
- Cement
The state has already attracted investments worth ₹8,000 crore, reflecting the success of its industrial promotion initiatives.
Infrastructure Ready for Growth
To support these investments, Bihar has created a land bank of over 3,000 acres for industrial use. The state also offers 2.4 million square feet of plug-and-play industrial sheds, complete with essential infrastructure. These ready-to-move facilities are available at fixed rates, making it easier for industries to set up operations quickly.
Bihar Industrial Area Development Authority (BIADA), the apex body for land allocation, is actively facilitating the establishment of new industries by offering surplus land and infrastructure support.
Success of Bihar Business Connect
The state’s annual investor meet, Bihar Business Connect, has been a major success. The maiden event in 2023 saw the signing of MoUs worth over ₹50,000 crore. Encouraged by this success, the second edition of Bihar Business Connect is scheduled for December 19-20, 2024.
Amrit Lal Meena expressed optimism about the event, stating, “The industries department has held multiple meetings with investors across the country. We are receiving very positive and encouraging responses. We are hopeful that Bihar Business Connect 2024 will attract significant interest and investment.”
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Building Confidence with Udhami Panchayat
To further strengthen investor confidence, the Bihar government has introduced the Udhami Panchayat initiative. In this program, the Chief Minister meets with industry representatives along with key government departments. This platform allows businesses to raise concerns and seek solutions directly from policymakers.
Meena emphasized the impact of Udhami Panchayat, saying, “The industry can raise issues, and appropriate decisions are taken swiftly. This process builds confidence and motivation among investors.”
The Road Ahead
Bihar’s focus on industrial development, supported by progressive policies and robust infrastructure, positions the state for continued growth. With sustained efforts to attract investments and support industries, Bihar is set to emerge as a dynamic hub for manufacturing and innovation.
The upcoming Bihar Business Connect 2024 is expected to further showcase the state’s potential and attract new investments that will drive economic growth, create jobs, and strengthen Bihar’s industrial landscape.
