Patna: A two-day Bihar Business Connect 2024–an event to showcase the state’s potential before investors–will begin in Patna on Thursday (December 19). Chief minister Nitish Kumar is set to attend the event, which is likely to be participated by hundreds of prospective investors from across the country.
Buoyed by the success of last year’s event, which saw participation of over 600 entrepreneurs from across India and abroad, the industries department had hosted its latest edition at Gyan Bhawan. A total of 278 investment proposals amounting to ₹50,530 crore were signed as MoUs, out of which 244 projects worth ₹38,000 crore have already been implemented on the ground, said state industries minister Nitish Mishra on Tuesday.
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Citing the outcome of last year’s success, the minister said that the investment brought in has significantly accelerated industrial development in the state and created numerous employment opportunities. “Bihar Business Connect 2024 will go a long way in proper utilisation of agricultural resources of the state and help it emerge as a hub for industrial transformation, entrepreneurship, and infrastructure development,” said Mishra.
Strategic vision and policy framework
The Bihar government has introduced several reforms and policy initiatives to encourage investment across various sectors. The policy support envisages various incentives and concessions to entrepreneurs, desirous of setting their industries under the Bihar Industrial Investment Promotion Policy (BIIPP-2016). A comprehensive policy offering tax exemptions, subsidies, and incentives to promote industrial growth have been worked out to woo the investors.
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The industries department has worked out targeted investments in high-potential industries like textiles, leather, logistics, biofuels, IT, and renewable energy and created a ₹500 crore fund to foster innovation and entrepreneurship. It also decided to set up special economic zones to boost global trade and promote export packhouses. A single-window clearance system has been set up and an investor-friendly administration has been put in place to ‘ease of doing business’ regime to attract domestic and international investors.
Revolution in manufacturing sector
Bihar’s manufacturing sector is undergoing rapid development. Bag manufacturing and textile clusters have been set up to boost manufacturing sectors by leveraging Bihar’s silk heritage and cost advantages in regions like Muzaffarpur and other industrial zones. Hajipur has emerged as a significant hub for the production of safety shoes for global markets.
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Bihar also leads in grain-based ethanol production, contributing significantly to India’s green energy goals. Bihar’s agricultural strength is helping the state create value-added products while promoting rural employment.
Enabling entrepreneurship
The state has implemented several initiatives to empower MSMEs and startups. Schemes like Mukhyamantri Udyami Yojana, envisaging financial assistance of up to ₹10 lakh for entrepreneurs from marginalized groups, including women, Scheduled Castes/Tribes, and persons with disabilities and startup Incubation centers, including those set up at IIT Patna and NIFT Patna, are fostering innovation and providing a platform for startups.
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Affordable plug-and-play workspaces, called B-Hub Coworking Spaces, have been established in Patna and Purnia to support emerging enterprises. These programs ensure inclusive development by encouraging women entrepreneurs and promoting innovation-driven businesses.
Infrastructure and connectivity
Bihar has witnessed unprecedented growth in infrastructure development. The state ranks third in road density in India, facilitating smoother trade and transport. The state’s energy capacity has expanded from 700 MW to 7,000 MW, showcasing advancements in energy efficiency and smart metering.
IT infrastructure
IT parks and upcoming data centers are propelling digital growth across the state. Projects like the Multi-Modal Logistics Park (MMLP) in Patna provide integrated supply chain solutions. Premier tech institutions like IIT, NIT, and IIM, along with 55 engineering colleges, are building up skilled workforce to drive industrial growth.Bihar is also positioning itself as a hub for global trade with focused infrastructure and policies. The state government has also set up Inland Container Depot (ICD) at Bihta and SEZs in Nawanagar (Buxar) and Kumarbagh (West Champaran) to provide unique opportunities for export-oriented industries to thrive.
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Main events of Bihar Business Connect 2024
Day 1: 19th December 2024
Inaugural session: Nitish Mishra, minister of industry-cum-tourism , govt of Bihar, will inaugurate the event. The session will include the signing of initial MoUs and 4-5 sector-specific sessions, with a special focus on MSMEs and startups.
Day 2: 20th December 2024
CEO roundtable: A high-level discussion with prominent industrialists will take place, led by the senior officials and ministers of Bihar government.
Main MoU signing: Significant MoUs will be signed in the presence of chief minister Nitish Kumar.
