Bihar writes a new chapter – “from a place of history to a place of industry”: Industries secy Bandana Preyashi

Patna, Dec 19 (PTI) Bihar will be India’s next growth engine as the state is transforming from a place of history to a place of industry, a senior government official said on Thursday.

Industry Minister Bandana Preyashi, while addressing the ‘Bihar Business Connectivity 2024’ summit here, said the government will soon formulate five new industry-specific policies to Investments will be attracted to the state and industrial land will be acquired in all districts to promote development of the state.

She highlighted the various measures taken by the Bihar government to promote industrial and manufacturing activities.

“We see Bihar as India’s next growth engine,” Preyash asserted.

She emphasized that Bihar is known as the cradle of Indian civilization, the birthplace of Buddhism and the oldest university in the world.

“Now, Bihar is writing a new chapter. Bihar, from a place of history to a place of industry,” Preyasi said.

The secretary pointed out that under the leadership of Chief Minister Nitish Kumar, the physical infrastructure as well as the law and order situation have improved significantly.

Preyashi said the state government has formulated the Bihar Industrial Investment Policy 2016 as well as some sector-specific policies such as Bihar Entrepreneurship Policy, Bihar IT Policy, Bihar Logistics Policy, Textile and Leather Policy , Bihar tourism policy, export promotion policy and purchase price concession policy to promote development.

These industry-specific policies are very lenient and have been appreciated by the industry, she said, adding, “We will be introducing more industry-specific policies soon.”

These include Bihar Food Processing Policy, 2024; Bihar Drug Promotion Policy, 2024; Bihar Plastic Manufacturing Promotion Policy, 2024; Biofuel Production Promotion Policy, 2024; Preyashi said, Har State Wood Industry Policy.

The state has established a land bank of more than 3,000 acres for setting up industry. Bihar also offers around 2.4 million square feet of plug-and-play sheds.

“We are now acquiring land in every district of Bihar.

The government has given cabinet approval,” she said.

Elaborating on the industrial investment promotion policy, the secretary said the government would also provide interest subsidy and tax benefits besides exemption of land conversion fees and stamp duty charges.

Furthermore, she said that if investment advice exceeds $5 billion rupees.

Preyasi said that the government is vigorously promoting the development of new start-ups and small and medium enterprises (MSMEs). It also focuses on women empowerment.

The Bihar government is hosting the second global investor summit ‘Bihar Business Connect 2024’ here to attract investments and create employment opportunities in the state.

The first meeting, held last year, saw the signing of investment proposals worth billions of dollars $505 billion, the industry ministry is confident of surpassing the 2023 figure.

Preyasi said the government has simplified the process of availing incentives. It ensures financial approval and smooth disbursement of grants.

“We are creating an ecosystem where small and medium-sized enterprises complement large industries and drive the collective industrialization process,” she said.

The minister said the government is committed to promoting green, renewable industries and empowering women by making them an integral part of the workforce. PTI MJH MBI PKD ANW RRM ANZ HVA