Patna: Bihar has received more than 3,800 proposals for setting up factories in the state since it floated a progressive industrial investment promotion policy in 2016, proving to be a pivot for its rapid development, its Chief Secretary Amrit Lal Meena said. Bihar Industrial Investment Promotion Policy, 2016, offers a slew of incentives to investors that range from interest subvention to reimbursement of State GST, stamp duty waiver, export subsidy and concessions for transportation, power, and land fees. It also created a State Investment Promotion Board to approve investment proposals.
"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," he said.
Over 780 industries are operational, employing about 34,000. "Rs 8,000 crore worth of investment has come (so far)," he said, adding that the industries are mainly from the food processing, textile, manufacturing, renewable energy, IT and cement sectors. The state has created a land bank of over 3,000 acres to be provided to set up industries. Bihar is also offering about 2.4 million square feet of ready-to-move plug-and-play industrial sheds, equipped with all basic infrastructure requirements, situated in industrial areas across the state. These are available for any industry at a fixed rate.
"So, various sectors are now showing interest and Bihar Industrial Area Development Authority, which is the state apex body for providing land to the industrialists, has over 3,000 acres of surplus land," he said. "And as and when an industrialist plans to set up an industry in Bihar, there is a portal, they apply, and within a specified time frame, land is allotted at reasonable rates."
Bihar offers a single window clearance not just at the time of approval but also in the disbursal of incentives. Also, the state chief minister regularly meets industrialists to sort out their difficulties. "Our policy provides for major incentives, including the interest subsidy, tax incentives, stamp duty exemption, and various other forms of support. And we have a single window clearance system, whereby following the principles of ease of doing business, very fast clearance is accorded," Meena said.
The chief minister, he said, "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".
Bihar Business Connect - the annual investor meet of the state - drew "tremendous success by signing MoUs of more than Rs 50,000 crore" of investment proposals in its maiden show in 2023, he noted. The second edition is planned to be held here on December 19-20. "And this year, the industries department has undertaken various meetings with investors in different parts of the country. We are receiving very, very positive and encouraging responses. And we are hopeful that Bihar Business Connect 2024 being organised this month will draw a lot of attraction," he added.
On Udhami Panchayat, Meena - the top bureaucrat in the state government, said the chief minister meeting the industry along with all the departments gives the industry confidence. "They can raise issues. Their issues are then followed up. Appropriate decisions are taken. So, that brings in confidence and motivation."
