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Bihar Unveils New Policies to Attract Investments

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By Rediff Money Desk, PATNA\t   Dec 19, 2024 14:11

Bihar government announces sector-specific policies and land acquisition plans to boost industrial growth and attract investments. The state aims to become a key industrial hub in India.
Bihar Unveils New Policies to Attract Investments
Patna, Dec 19 (PTI) Bihar government will acquire more land for the setting up of industries and will soon unveil five new sector-specific policy incentives to attract investment in the state, Industries Secretary Bandana Preyashi said on Thursday.

Addressing the 'Bihar Business Connect 2024' Summit here, she highlighted various steps being taken by the state government to promote industry and manufacturing activities.

"We see Bihar as India's next growth engine," Preyashi said.

Bihar is known as the cradle of Indian civilisation, the birthplace of buddhism, and the world's oldest university, she highlighted. "Now, Bihar is writing a new story. Bihar from the land of history to the land of industry," Preyashi said.

She said physical infrastructure as well as law and order situation has improved a lot under the leadership of Chief Minister Nitish Kumar.

Preyashi said the state government already has Bihar Industrial Investment Policy, 2016 and also some sector-specific policies like Bihar Startup Policy, Bihar IT Policy, Bihar Logistics Policy, Textile & Leather Policy, Bihar Tourism Policy, Export Promotion Policy and Purchase Price Preference Policy to promote development.

These sector-specific policies have been appreciated by the industry, she said, adding "We are soon coming up with more sector-specific policies."

These include Bihar Food Processing Policy 2024, Bihar Pharmaceuticals Promotion Policy, 2024; Bihar Plastic Manufacturing Promotion Policy, 2024; Biofuel Production Promotion Policy, 2024; and Bihar Wood Based Industries Policy, 2024, Preyashi said.

The state has created a land bank of over 3,000 acres for setting up industries. Bihar is also offering about 2.4 million square feet of Plug & Play Sheds.

"We are now in the process of acquiring land in every district of Bihar. The government has already given cabinet approval for it," she said.

The secretary said the government is focusing a lot to promote startups and Micro, Small and Medium Enterprises (MSMEs).

Bihar government is organizing the second edition of global investors summit 'Bihar Business Connect 2024' here to attract investments in the state and create employment opportunities.

The first edition, held last year, witnessed the signing of investment proposals worth Rs 50,500 crore and the department of industries is confident of beating the 2023 numbers.
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