‘Bihar poised to become growth engine of East’

Kolkata: Bihar is planning to introduce a few policies in the next 2 months to attract capital in various potential sectors and is poised to become the growth engine of the East, State Industries and Tourism Minister Nitish Mishra has said.

The State is implementing strategic measures to suit both large and small businesses in order to promote industry and employment, aligning with Prime Minister Narendra Modi’s vision to develop East India as a growth engine, he said. “Bihar is ready to participate in the country’s development and become the growth engine of the East,” Mishra said on the sidelines of Bihar Business Connect 2024 first roadshow in Kolkata on Monday. Over 50 companies represented by some nearly 90 officials and industrialists attended the event.

The State is prepared to participate in the country’s development through Invest India, he said encouraging industries to explore Bihar’s reality and potential before making any judgments. “We will come out with new sectoral policies which may be the first in India to attract capital in the state,” the minister said. Indian Chamber of Commerce, which was industry partner for the roadshow, hoped that these interactions will help dispel misconceptions about Bihar.

The minister, however, clarified that Bihar was not competing with neighbouring States in the East. Mishra expressed hope that the state would get the nod for establishment of Bihar’s first Special Economic Zone (SEZ) in the near future, which would attract investment through special benefits. He appreciated the Centre’s proactive steps to revitalize Bihar and pledged the state’s support. Bihar has scripted success stories like attracting a Mumbai-based bag manufacturer that has relocated and expanded rapidly in rural Bihar.

Tushar Jain of Priority Bags shared that his business in Muzaffarpur continues to expand, providing employment to 3,200 labourers who previously migrated. The government aims to create religious tourism circuits, leveraging Bihar’s rich cultural heritage, including Bodh Gaya and Sitamarhi. The state plans to position itself as a centre for spiritual, cultural, and ecotourism through sustainable and inclusive practices, focusing on investment and livelihood creation. State Tourism Secretary Abhay Kumar Singh highlighted Bihar’s attractive incentive scheme and willingness to tailor it for investors. With a population of 13 crore, the state offers a significant market for industries to tap into. He noted that leading manufacturers are expanding in Bihar, including FMCG major Britannia, which is planning to install its second manufacturing plant in the state. Bihar will host roadshows to promote its 2024 investment summit in December, promising a red-carpet welcome for investors.