Bihar is all set to surge ahead towards promising growth trajectory for the state through Textile Policy and Ethanol Production Promotion Policy.
JSW, Micromax and Essar are the frontrunners in the current brewing investment climate of the state, Syed Shahnawaz Hussain, Minister, Department of Industries, Government of Bihar, said today.
At the CII East India Summit, the Bihar State Session set fresh standards of profitable niches for investors keen on pushing boundaries for flow of investments in the state.
Mr Syed Shahnawaz Hussain enlightened upon the potential of Ethanol Policy as well as Textile Policy adding on to the states’ economic fortune, scaling new heights and setting new standards in terms of EoDB and attracting investments.
The success story of Bihar in East is well implied by an export figure worth Rs 11,190.72 Crores in 2020-21, he said.
” We have already received 475 investment proposals for Bihar, worth Rs 35019 Crores,” mentioned Mr Hussain. The Government considers Textiles, Apparel and Leather as a high priority sector, along with Ethanol Production, Oxygen Manufacturing , ITeS and Food Processing. According to Mr Hussain, Bihar has indeed bagged the trophy of being the first state in proposing Ethanol Promotion Policy, that would allow investors to directly make ethanol from maize, molasses, broken rice and rotten grains. Currently, the state generates an output of 12,000 crore litre ethanol per year and is considered the fifth highest ethanol-producing state in the country. Being a state to retain double digit growth rate despite pandemic, Bihar has essentially counted in JSW, Micromax and Essar as forerunners in the current brewing investment climate of the state, he added. Projects are now approved on a war footing and are approved as “fast as in 7 hours, “ the Minister said.
Speaking at the conference, R S Srivastav, IRS, Investment Commissioner, Government of Bihar mentioned that the Amritsar Kolkata Industrial Corridor ( AKIC ), IT & ESOM Park in Begusarai, Mega Food Park in Muzaffarpur and Inland Container Depot, Bihita as major upcoming investment projects of the state. The state offers cent percent exemption from Stamp Duty and Land Conversion Fees, cent percent reimbursement of electricity duty on power inclusive of captive power for a period of 5 years, as well as that of admitted SGST and Skill Development Subsidy of upto Rs 20,000 per employee under Bihar Skill Development Mission.
Brijesh Mehrotra, IAS, Additional Chief Secretary Department of Industries, Government of Bihar, threw light on the proposed Textile Incentives of Bihar, in terms of Freight Reimbursement Incentive @ 50%, Interest Subvention @ 10% and Capital Investment Subsidy upto 35%. He termed the Policy as a Single Overarching Consolidated Policy for traditional textiles, modern textiles, leather and footwear to gain competitive advantage and secure inclusive growth in the sector. He also mentioned about upcoming logistics policy, plastics policy, Electronic System Design & Manufacturing (ESDM) policy, Pharma policy and Export policy which will boost further investment.
Adding on to the discussion, Pankaj Dixit, IAS, Director Department of Industries Government of Bihar, highlighted strategic advantages in terms of administration and strategic location. The Golden Quadrilateral & dedicated freight corridor passing through Gaya along with National Waterway 1 passing through Patna plus 3 Inland container depots play an integral role in strengthening the Logistics Infrastructure of the state, he said. The Government efforts in boosting Bihar Economy is indeed worth applauses and the state is sincerely looking forward to promising response from industry to step up a few more miles closer to the vision, Mr Mehrotra further added.
The 1st ever East India Summit 2021 is taking place from 28 September till 7 October. This is bringing together a wide audience and participants from across the world. CII would be focusing on integrating the growth potential of the 5 states comprising Bihar, Chhattisgarh, Jharkhand, Odisha and West Bengal and channelize the strengths of the region towards “Building Eastern India” through integrating the 5 “I”s – Image, Innovation, Infrastructure, Investment and Inclusiveness.
EAST INDIA SUMMIT aims to Create a Sustainable Infrastructure Roadmap for East & North East India – Linking Global Investments with Special focus: Port, Railways, Aviation & Future Mobility. Important countries such as Australia, Bangladesh, Germany, S Korea, USA, UK are the Country Partners and six states including Assam, Jharkhand, Odisha, Mizoram, Tripura, West Bengal are state partners for the initiative. Multilateral agencies like ADB, JAICA, AIIB, World Bank, and various chambers of commerce and trade are also invited to be present at the Summit to understand the scope of infrastructure within the states in the East and the North East. The summit is looking at multiple issues and opportunities within States and Sectors for setting out the path for future dialogues between policy and decisionmakers, stakeholders and industry.