Bihar was once considered less favorable to industries. However, now the situation has changed. Today, the state with its vast resources and progressive policy is attracting huge investments from companies ranging from Adani Group to Coca-Cola. With a CEO-style approach, Bihar Industries and Tourism Minister Nitish Mishra is transforming Bihar into a state that can become a gateway for investors into eastern India. Mishra says the prejudice about Bihar’s industrial capabilities is gradually being removed. Recently Adani Group has announced an investment of Rs 8,700 crore in the state. Ambuja Cements is setting up a Rs 1,200-crore unit and Coca-Cola is expanding its bottling capacity.
MoUs worth Rs 50,000 crore were signed last year
Last year, memorandums of understanding (MoUs) worth more than Rs 50,000 crore were signed with 300 companies at the state’s investor meet ‘Bihar Business Connect-2023’. More investment is expected to come in the second edition this week. Mishra says that the industrial possibilities in Bihar are limitless. Bihar has been a victim of perception. But now this is changing. The state offers financial incentives to investors ranging from interest subvention to refund of Goods and Services Tax (GST), stamp duty waiver, export subsidies and concessions for transport, electricity and land charges. Also, it provides single window clearance not only at the time of sanction but also in disbursement of incentives. Along with this, Bihar, combined with availability of resources, cheap labor and huge market, is a powerful mix for industrial development.
Bihar is making up for the lost opportunity
Mishra says the freight equalization policy of 1948 discouraged industrialization in mineral-rich Bihar. This policy mandates uniform pricing for finished products like steel across India. He said, “Bihar is making up for the lost opportunity. With new policies and massive spending on infrastructure – be it roads and highways or power plants and abundance of human resources, I think now is the time for us to move forward.” He said that Bihar has the advantage of strategic location as it is easily accessible to the huge markets of eastern and northern India and Nepal as well as Bangladesh and Bhutan.
Large base of agriculture and animal production
Primarily an agrarian economy, the state has a large base of agricultural and animal production, providing an abundant supply of raw materials for a number of industries ranging from agro-based food processing, sectors such as silk and tea to leather and non-metallic minerals. Is. Also, there is no water problem here and cheap labor is available. The state has also created warehouses and huge food parks, leather processing centres, integrated manufacturing clusters and multi-modal logistics parks. Now it is creating two Special Economic Zones (SEZs). Mishra says that Bihar has created a ‘land bank’ of 3,000 acres for setting up industries. In addition, approximately 24 lakh square feet of ready-made industrial ‘sheds’ are also being provided in industrial areas across the State, equipped with all infrastructure requirements. These are available for any industry at fixed rates.
(With inputs from PTI/Language)
Latest Business News
