Bihar receives investment proposals worth Rs 36,253 cr

New Delhi, May 5 (IANS) Bihar industry Minister Syed Shahnawaz Hussain on Thursday said that investment proposals worth Rs 36,253 crore have been received for the establishment of 555 industrial units in the last one year.

Addressing a press conference to share details about the 'Investors Meet' to showcase Bihar as one of the prime investment destinations in Eastern India, Hussain said, "Under the leadership of Chief Minister Nitish Kumar, Bihar is making rapid strides to forge ahead on the path of sustainable industrialisation; nurtured and promoted by an able, experienced, and proactive leadership known for his administrative abilities.

"The Government of Bihar is making sincere and concerted efforts to improve the business ecosystem through outcome-oriented measures such as policy/ regulatory reforms, infrastructure development, and institutional improvements."

Hussain mentioned that sector centric policies introduced last year like 'Bihar Ethanol Production Promotion Policy 2021' were a success and investment proposals worth Rs 30,382 crore were received only under the ethanol policy.

"Bihar is moving towards becoming the country's ethanol hub, in the first phase, 17 ethanol production units are being set up in different areas of Bihar. After the launch of Ethanol Policy 2021, the country's first greenfield grain-based ethanol unit was inaugurated on April 30 in Purnea," he said.

He noted that now the Industries Department is ready to come up with Bihar Textile and Leather Policy 2022, Bihar Logistics Policy 2022 and Bihar Export Policy 2022.

The Bihar department of industries is organising an 'Investors Meet' to bring together and mobilise key stakeholders across the sectors on May 12 in the national capital. Union Finance Minister Nirmala Sitharaman, other senior Union ministers and business leaders would attend the event.

"The image of Bihar is getting transformed now, it's a new Bihar, determined and fully prepared offering a favourable ecosystem for businesses to set up and thrive. Bihar is laying down the red carpet to turn investors' confidence into reality," he said.

Claiming that Bihar is an excellent locational advantage and to leverage the same, Hussain said that the department of industries has already created state-of-the-art land pools to the tune of 2,800 acres and as per the liking of a specific unit and is allotment ready.

"After the pandemic many firms are planning to strengthen their supply chain and are willing to relocate their production facilities to new places where they find suitable investment opportunities and a favourable business ecosystem. Bihar is continuously working on attracting investments in recent times and is striving to become a favourable investment destination in eastern part of the country," Hussain added.