Bihar Business Connect 2023: Ministers Unveil State’s Vision for Industrial Growth and Investment Opportunities
Patna: State industries minister Sameer Kumar Mahaseth and water resources minister Sanjay Jha on Tuesday held a detailed briefing on the upcoming Bihar Business Connect 2023 (Global Investors Summit) at Gyan Bhawan in Patna on December 13-14.
Addressing the media, Industries Minister Sameer Kumar Mahaseth emphasized that a primary objective of the summit is to enlighten entrepreneurs about Bihar’s various industrial policies, encouraging them to establish industries in the state and leverage investor-friendly policies. He highlighted the government’s commitment to formulating policies designed to maximize benefits for investors.
“In a move to facilitate businesses, particularly exporters, the state government has introduced the Bihar Logistics Policy 2023. This policy promotes the establishment of inland container depots in the private sector, with plans underway to initiate one near Patna in Bihta. Exporters will find convenience in bringing their products to the proposed inland container depot, streamlining custom clearance and obtaining necessary government approvals. The government envisions the establishment of additional inland container depots in the private sector and is considering including Container Corporation of India under the logistics policy to enhance transportation efficiency,” the industries minister said.
He added: “The Textile and Leather Policy 2022 has proven to be a pivotal initiative, attracting investment in these sectors. Notably, the implementation of the policy has spurred the creation of a bag cluster in Muzaffarpur, where more than 1100 industrial sewing machines are producing cloth bags. In the leather sector, Savi Leather Company is undertaking a project exceeding Rs 100 crore in Madhubani, supported by a maximum capital grant of Rs 10 crore. The state government is extending grants related to electricity, employment, and freight to further incentivize investments.”
Bihar has positioned itself as a trailblazer by introducing the Ethanol Production Promotion Policy, making it the first state in the country to do so. The Bihar Biofuels Production Incentive Policy 2023 aims to boost ethanol production, reinforcing the state’s commitment to alternative fuels. Eight ethanol units are currently operational, with seven more slated to open soon, solidifying Bihar’s prominence in ethanol production.
Minister Sanjay Kumar Jha asserted that Bihar Business Connect 2023 serves as a significant platform for identifying investment opportunities in the state. He highlighted Bihar’s favorable environment for industrial investment, citing the availability of infrastructure and a youthful population. With 53 percent of the population under 35, Bihar offers a large pool of skilled and semi-skilled workers, reducing production costs and making it an attractive destination for entrepreneurs.
The Minister further emphasized Bihar’s growing focus on knowledge-based and technological industries, highlighting the state’s talented workforce from premier institutions such as IITs, IIMs, NITs, and 38 engineering colleges. The state’s commitment to the rule of law and providing support to entrepreneurs, coupled with continuous improvements in electricity and road infrastructure, positions Bihar as a competitive destination for businesses.
Bihar has witnessed a significant leap in road construction, boasting a 130 percent increase in road length over the last decade. The state now ranks third in the country in terms of road density, ensuring swift connectivity between district headquarters and further solidifying Bihar’s standing as a favorable investment destination. Patna, the capital, can now be reached from any district headquarters within just five hours, marking a transformative era in transportation for the state.
