Bihar Business Connect 2023 could transform the State’s industrial outlook

If an agreement on water management with Nepal is reached, Bihar can be saved from the disaster of floods. If it gets the status of a special state, its industrial development will accelerate further. The third important aspect is that if Bihar is included in the Special Economic Zone, its economic development will be bolstered further

As an event, the Bihar Business Connect 2023 was a huge success especially in terms of investment perspective in the state. The Global Summit marks a significant milestone in the state's economic development. In a landmark achievement, 300 companies have signed Memorandums of Understanding (MOUs) for investments for a total aggregate of Rs. 50,530 crore, showcasing Bihar's growing attractiveness as a key business destination. On the second day of the conference, the Bihar government and various companies from within the country and abroad signed Memorandums of Understanding (MoUs). This will prove to be a milestone in the industrial development of Bihar, which was hosting an investors' summit of this magnitude for the first time.

On the second day of the summit, Chief Minister Nitish Kumar not only inaugurated the Coffee Table Book of the Industries department but also assured all entrepreneurs that the state government would extend full support and all facilities.

Talking to Bizz Buzz, Industry Minister Sameer Kumar Mahaseth said, “Bihar is progressing. If three more things are added, the development of the state will quadruple. The rains in Nepal cause much destruction in Bihar.”

If an agreement on water management with Nepal is reached, Bihar can be saved from the disaster of floods. If it gets the status of a special state, its industrial development will accelerate further. The third important aspect is that if Bihar is included in the Special Economic Zone, its economic development will be bolstered further.

Investors are welcome in Bihar, which has the advantage of youth as 53% of its population is under-35 years of age, he said and added that the State has made rapid progress in electricity, water and roads. It has 3000 acres of land earmarked for industry. The government is also attempting to create a land bank of another 3000 acres so that there is no shortage of land for entrepreneurs. Bihar Business Connect 2023 will prove to be a game-changer for the state vis-à-vis industrial development, he said.

Additional Chief Secretary (Industry) Sandeep Poundrik, shedding light on the state's economic and industrial development, said that it was quite easy to set up industries in Bihar, which boasts of good supply of raw materials, infrastructure, workforce, and government support. Additionally, the state government provides attractive subsidies and incentives to entrepreneurs by way of industry-friendly policies.

Poundrik said, “We hope that the Bihar Business Connect- Global Investors Summit will be organized in 2024 as well."

Pranav Adani, Director of Adani Enterprises, said that when Nitish Kumar was the Railway minister, he introduced internet-based railway ticket booking in 2003. Today, this service is the busiest rail ticket booking system in the world. Adani Group has already invested Rs. 850 crore in Bihar and now plans to increase this investment tenfold to more than Rs. 8000 crore. A cement industry is also in the pipeline, he said.

Kamal Oswal, CMD of Nahar Group of Industries, said that his group was building a logistic park in the State at a cost of Rs. 300 crore.

Hasmukh Ranjan, Chief Information Officer of AMD, said that IT will become a premium industry in Bihar because the environment it provides. Three things are required for the IT sector: talent, infrastructure, and willpower, which are abundantly available here, he said. Mahesh Kumar, CEO of Tiger Analytics, expressed his views on the expansion of the IT industry in Bihar. Additionally, Rajesh Agrawal, Chief Operating Officer of Micromax Biofuels, and Dr. Dilip Kumar, founder of Patel Agri Industries, also shared their thoughts.

Representatives from Bharat Petroleum Corporation Limited, Holtec International, Patel Agri Industries Private Limited, Dave India Project, Indo-European Heart Hospitals and Research Institute Private Limited, and CTRL were present at the summit.

Bihar Business Connect 2023 will is certain to globalize Bihar’s industrial landscape.