Over 600 entrepreneurs to attend Bihar Business Connect

Patna, Dec 12: The Bihar Business Connect-2023, a Global Investors Summit, is being organized on December 13 and 14, 2023, at Gyan Bhawan in Patna. This event will see participation from over 600 entrepreneurs and investors from both domestic and international locales. In a press conference held in the Chief Secretariat's meeting room, Bihar's Chief Secretary Aamir Subhani stated that Bihar has created a conducive environment for industrial development. He expressed the desire to convey to the industrial world that investing and establishing new industries in Bihar will be beneficial for them. Bihar has developed essential infrastructure for industries, along with implementing various incentive policies to promote industries. Facilities like plug and play industrial sheds have attracted investors to establish industries in Bihar.

Sandeep Poundrik, Additional Chief Secretary of the Industry Department, mentioned that investor meets were organized in Chennai, Tirupur, Bangalore, Mumbai, New Delhi, Chandigarh, and Kolkata to inform investors about the facilities available in Bihar and the state's industrial policies. Similar investor meets were also conducted in the United States, United Arab Emirates, Bangladesh, Taiwan, and Japan. The Global Investors Summit in Patna is being organized under the guidance of Chief Minister, Nitish Kumar. The event will be attended by the Chief Minister, Deputy Chief Minister, several ministers, prominent domestic investors, and industrialists. Prominent participants in the Bihar Business Connect-2023 include Pranav Adani from the Adani Group, Shukla Mistry from IOCL, Kamal Oswal from Nahar Group of Industries, Rakesh Swami from Godrej Group, Rajesh Agarwal from Micromax Biofuels, Tushar Jain from High Spirit Commercial Ventures, Hasmukh Ranjan from AMD, Mahesh Kumar from Tiger Analytics, Prashant Kumar from Accenture, Kumud Sharma from Supersava Global Services, Dheeraj Pandey from Devarab Company, Abhilash Purushothaman from Rubrik, Chandan Raj from Suresh Chips and Semiconductor, Anand Prakash from San Energy and Solution, Umesh Sharma from Aristo Pharma, Akshay Seth from Hyderabad Industries, Arun Shukla from J.K. Lakshmi Cement, Jayant Chheda from Prince Pipe and Fittings, Dr. Dilip Patel from Patel Agri, B Sumanth from ITC, Shubham Singh from Bharat Energy Distilleries, Amit Sarawagi from Anmol Feeds, Vijay Jha from Savi Leathers, Shalin Tosniwal from Banswara Syntex, and hundreds of other industrialists.

Bihar is one of the fastest-growing economies in the country. In the financial year 2021-22, Bihar's Gross Domestic Product (GDP) growth rate was 10.9 per cent, which was the third-highest in the country, compared to the national GDP growth rate of 8.7 per cent. Bihar is a leader in the development of micro, small, and medium enterprises (MSMEs). In 2022, Bihar received the second-highest award at the national level for the outstanding development of these industries. Similarly, in 2023, Bihar was awarded by the President during the World Food Expo for excellent performance in the field of food processing industries.

Bihar boasts the youngest and most skilled workforce in the country. Over 53 per cent of the state's population is under 35 years of age, making Bihar the youngest state in the country. There is a good training system available through technical and skill development institutes in every district. Skilled artisans from Bihar are employed in almost every major industrial unit in the country.

Bihar has an abundance of raw materials for industries like textiles, leather, and food processing. The state is among the top three in the country in the production of lychee, makhana (fox nut), maize, mango, mushroom, potato and vegetables. Bihar has several rivers, including the Ganga, Gandak, and Koshi, ensuring water availability throughout the year. This makes Bihar one of the best states for industries like ethanol, which require significant water usage. With a population of 130 million, Bihar itself is a large market. Goods produced in Bihar can be exported to Nepal, Bhutan, and Bangladesh. Including the markets of West Bengal, Northeastern states, Eastern Uttar Pradesh, Jharkhand, and Odisha, the market for Bihar-produced goods extends to 400 million people.

In the last decade, there has been unprecedented improvement in Bihar's road network. It is now possible to reach the capital, Patna, from any district within five hours. In the last decade, 300,000 kilometers of new roads have been constructed in Bihar. All areas of Bihar have 24-hour electricity, with dedicated feeders providing power to all 75 industrial areas.

To attract investment, Bihar has the Industrial Incentive Policy-2016, which has been revised in 2020 and 2022 based on the demands of entrepreneurs. There are dedicated policies for textiles and leather, biofuels, logistics, and start-ups, offering various incentives and grants. The State Investment Promotion Board quickly processes all applications received. A single window system has been established for electronic clearances from all departments for the establishment of industries.

BIADA (Bihar Industrial Area Development Authority) has a land bank of three thousand acres. Additionally, plug and play industrial sheds covering 24 lakh square feet have been constructed. An online system is in place for the allocation of land and plug and play sheds, with applications processed within a week. The entire system is swift and transparent. The price of land from BIADA for setting up industries has been reduced by up to 80 per cent to make it more affordable. The rent for plug and play sheds is set between 4 to 8 rupees per square foot.

A booklets detailing investment opportunities in four major sectors were released on the occasion. The press conference was attended by Industry Director Pankaj Dixit, Special Secretary of the Industry Department Dilip Kumar, and many others.