Bihar writing new chapter – ’from land of history to land of industry’: Industries secy Bandana Preyashi

Patna, Dec 19 (PTI) Bihar is set to become India’s next growth engine as the state is on the path of transforming itself from being a land of history to land of industry, a top government official said on Thursday.

Addressing the ‘Bihar Business Connect 2024’ Summit here, Bandana Preyashi, Secretary of Department of Industries, said the government will soon come up with five new sector-specific policies to attract investment in the state and will also acquire industrial land across all districts to help companies set up manufacturing bases in the state.

She highlighted various steps being taken by the Bihar government to promote industry and manufacturing activities.

“We see Bihar as India’s next growth engine,” Preyashi asserted.

Bihar is known as the cradle of Indian civilisation, the birthplace of buddhism, and the world’s oldest university, she highlighted.

“Now, Bihar is writing a new chapter. Bihar, from the land of history to the land of industry,” Preyashi said.

The secretary noted that physical infrastructure as well as law and order situation have improved a lot under the leadership of Chief Minister Nitish Kumar.

Preyashi said the state government already has Bihar Industrial Investment Policy, 2016 and also some sector-specific policies like Bihar Startup Policy, Bihar IT Policy, Bihar Logistics Policy, Textile & Leather Policy, Bihar Tourism Policy, Export Promotion Policy and Purchase Price Preference Policy to promote development.

These sector-specific policies are very liberal and have been appreciated by the industry, she said, adding, “We are soon coming up with more sector-specific policies.”

These include Bihar Food Processing Policy, 2024; Bihar Pharmaceuticals Promotion Policy, 2024; Bihar Plastic Manufacturing Promotion Policy, 2024; Biofuel Production Promotion Policy, 2024; and Bihar Wood Based Industries Policy, 2024, Preyashi said.

The state has created a land bank of over 3,000 acres for setting up industries. Bihar is also offering about 2.4 million square feet of Plug & Play Sheds.

“We are now in the process of acquiring land in every district of Bihar.

The government has already given cabinet approval for it,” she said.

Elaborating on the industrial investment promotion policy, the secretary said that the government is providing interest subvention and tax incentives, besides relief in land conversion fee and stamp duty charges.

Moreover, she said the government offers “customized incentive package”, if an investment proposal is more than ₹500 crore.

Preyashi said the government is focusing a lot to promote startups and Micro, Small and Medium Enterprises (MSMEs). It is also concentrating on women empowerment.

The Bihar government is organising the second edition of global investors summit ‘Bihar Business Connect 2024’ here to attract investments in the state and create employment opportunities.

The first edition, held last year, witnessed the signing of investment proposals worth ₹50,500 crore and the department of industries is confident of beating the 2023 numbers.

Preyashi said the government has simplified the process of availing incentives. It has ensured that financial approvals and grants are disbursed without hassle.

“We are creating an ecosystem where small and medium enterprises complement larger industries, promoting a collective journey toward industrialization,” she said.

The secretary said the government is committed to promoting green, renewable industries and empowering women by making them an integral part of the labour force. PTI MJH MBI PKD ANW RRM ANZ HVA