At least 238 companies have completed all formalities for a combined investment of Rs 36,000 crore, making Bihar one of the leading states in terms of the realisation of business proposals, a senior minister said on Monday.
These entities are part of 278 companies which had promised Rs 50,530 crore investment in the state during the mega two-day Bihar Business Connect 2023, he said.
At least 238 companies have completed all formalities for a combined investment of Rs 36,000 crore, making Bihar one of the leading states in terms of the realisation of business proposals, a senior minister said on Monday.
These entities are part of 278 companies which had promised Rs 50,530 crore investment in the state during the mega two-day Bihar Business Connect 2023, he said.
Addressing a press conference here, Bihar Industries Minister Nitish Mishra said many big players have chosen the state as their "preferred destination".
"During the two-day event in December, a remarkable achievement was made as 278 companies signed MoUs with the state government, committing to invest a total of Rs 50,530 crore.
"It’s a matter of great satisfaction that MoUs with 238 companies have been realised and the process of Rs 36,000 crore investment has started in the state," the minister said.
Bihar is witnessing significant "investment promotion activities", reinforcing its position as an "emerging business and industrial hub" in the country, he added.
"Many big players have chosen Bihar as their preferred destination. Infrastructure related to roads, drainage, street lights and investor facilitation centres are being developed in new industrial areas on a priority basis”, the minister told reporters.
In a bid to bolster Bihar's economic growth and enhance its contribution to India’s export sector, the state government is "now focusing on increasing its share from 0.52 per cent to 5 per cent", he said.
"The focus of the government is to provide a conducive environment for businesses to thrive, thereby attracting both domestic and international investments," Mishra said.
Bihar is also eyeing foreign direct investment (FDI) in coordination with the central government, he said.
The state government has also decided to open facilitation centres in all 101 sub-divisions across Bihar to provide assistance or guidance to new entrepreneurs, he said.
Industries Department Secretary Bandana Preyashi told reporters, “Bihar is getting big-ticket investments for major manufacturing units and on the other hand, the state government is also enabling an ecosystem where the MSMEs can thrive on the ground levels for the benefit of the rural economy."
The Mukhya Mantri Udyami Yojana (MMUY) and Bihar Laghu Udyami Yojana (BLUY) were launched in 2018 and 2023 respectively, focusing on the promotion of MSMEs in the state.
"A total of Rs 2,697 crore was disbursed to 34,441 beneficiaries from 2018 till now under MMUY. To date, Rs 200 core of the first instalment has been disbursed to 40,099 beneficiaries under BLUY," she said.
The state government is also organising ‘Investors' Meet’ in Mumbai on September 13 as a part of the 'Bihar Business Connect 2024, which is scheduled to take place in December in Patna.
Union Commerce and Industry Minister Piyush Goyal will be the chief guest at the function.