Bihar Gears Up For Rs 36,000 Crore Industrial Boom With 238 Companies On Board

Bihar is set to witness a major economic transformation with investments worth Rs 36,000 crore from 238 companies, following the completion of all necessary formalities.

These investments stem from agreements made during the Bihar Business Connect 2023 event, held in December, where 278 companies signed Memorandums of Understanding (MoUs) pledging a total of Rs 50,530 crore.

The event saw participation from over 600 companies from 16 countries — an indication of Bihar’s growing appeal as an investment destination.

Addressing the press on 9 September 2024, Bihar Industries Minister Nitish Mishra expressed satisfaction over the progress. He stated that many prominent investors have chosen Bihar as their preferred location for future business ventures.

Mishra confirmed that the Rs 36,000 crore worth of investments is now ready to be implemented. To support this influx of investment, the state government has initiated key infrastructure developments, including internal roads, drainage systems, solar street lights, and investor facilitation centres in new industrial areas.

These projects are being prioritised to ensure that the state's business environment continues to improve, making it easier for companies to establish operations.

Mishra also spoke about Bihar’s commitment to enhancing its role in India’s export sector. Currently contributing 0.52 per cent to national exports, the state aims to increase this figure to 5 per cent.

The minister emphasised the government’s focus on creating a conducive environment for businesses to thrive, thereby attracting domestic and international investments.

In a bid to boost foreign investments, Bihar is coordinating with the central government to attract Foreign Direct Investment (FDI). The state has also decided to open facilitation centres across all 101 sub-divisions, assisting new entrepreneurs.

These centres will offer guidance and support to startups and small businesses, further enhancing Bihar’s reputation as a business-friendly state.

Industries Department Secretary Bandana Preyashi highlighted the government’s efforts to support micro, small, and medium enterprises (MSMEs). She emphasised the importance of developing an ecosystem where MSMEs can thrive, particularly in rural areas.

Under the Mukhya Mantri Udyami Yojana (MMUY), launched in 2018, Rs 2,697 crore has been disbursed to 34,441 beneficiaries. Additionally, under the recently launched Bihar Laghu Udyami Yojana (BLUY), Rs 200 crore has been distributed as the first instalment to 40,099 beneficiaries.

The Bihar government is also preparing to host an ‘Investors Meet’ in Mumbai on 13 September, ahead of the Bihar Business Connect 2024 event scheduled for December in Patna.

Union Commerce and Industry Minister Piyush Goyal will be the chief guest at this event, which aims to attract even more investments to Bihar.