Bihar Accelerates Major Investments as Industrial Growth Soars.

Bihar, once considered less industry-friendly, is experiencing a remarkable turnaround as major companies such as Adani Group and Coca-Cola make significant investments in the state. Under the leadership of industries and tourism minister Nitish Mishra, Bihar is being positioned as a key gateway for investors seeking access to eastern India.

Mishra, with his proactive approach to governance, is working to shed the perception bias that has traditionally hindered the state's industrial growth. Recently, Adani Group announced an Rs 8,700 crore investment, while Ambuja Cements is setting up a Rs 1,200 crore unit, and Coca-Cola is expanding its bottling capacity. Last year's Bihar Business Connect 2023, an investor summit, saw MoUs worth over Rs 50,000 crore being signed with 300 companies, and this year's edition is expected to bring in even more.

Bihar is offering a range of fiscal incentives to attract investors, including interest subvention, state GST reimbursement, stamp duty waivers, and transportation and power concessions. The state has also streamlined the approval process with a single-window clearance system.

Mishra highlighted that Bihar's strategic location, combined with abundant resources, inexpensive labor, and a vast market, makes it an ideal investment destination. The state is actively addressing past obstacles, such as the outdated Freight Equalisation Policy, and is focused on improving infrastructure, including roads, highways, and power plants. Furthermore, Bihar's proximity to key markets in eastern and northern India, as well as Nepal, Bangladesh, and Bhutan, boosts its investment potential.

Bihar's agricultural base, abundant labor force, and resource endowment make it a strong contender for a range of industries, including agro-based sectors like food processing, silk, tea, leather, and non-metallic minerals. Additionally, the state has developed warehouses, food parks, leather processing hubs, and multi-modal logistics parks, further enhancing its industrial appeal.

Mishra announced that the state has set up a 3,000-acre land bank for industrial projects and is offering ready-to-move Plug and Play industrial sheds. The state has also improved law and order, and now offers nearly round-the-clock electricity and access to seaports in Kolkata and Haldia.

Bihar's government is focusing on key sectors such as food processing, IT, textiles, leather, and biofuels. Mishra is particularly bullish on the IT sector, given Bihar's strong presence in multinational companies. The state is also betting on the textile sector, which has significant employment potential, and biofuels, especially ethanol and compressed biogas.

Bihar's tourism sector, with its rich history in Jainism and Buddhism, is another area of focus. The state has introduced an exclusive tourism policy to attract private investment in religious and eco-tourism, as well as nature reserves and tiger sanctuaries.

Looking ahead, the second edition of Bihar Business Connect 2024, scheduled for December 19-20, is expected to attract even more investors and generate significant commitments. The state is poised to continue its industrial resurgence, with key projects already in motion and new ones on the horizon.

Mishra concluded by emphasizing that Bihar's ongoing growth, which now exceeds the national average, reflects the state's readiness for further industrialization and its role in India's overall development. The Bihar Business Connect summit will showcase these opportunities, driving the state's ambition to become a major industrial hub in the coming years.

BS