In a bid to attract investment in the textile sector, Bihar has extended an olive branch to Punjab’s industrial hub, Ludhiana. A high-level delegation from Bihar, led by Industries Secretary Bandana Preyasi, visited the city on Wednesday to engage with industry leaders and promote the state’s investment-friendly environment.
The visit was part of the Bihar Business Connect-2024, a series of investor meets aimed at showcasing Bihar’s potential across various sectors, including textiles, food processing, and general manufacturing. The event focused on a business-to-government (B2G) approach, facilitating direct interaction between industry leaders and government officials.
Key Highlights of Bihar’s Investment Incentives:
- Simplified Investment Process: The state government has streamlined the investment process through reforms in industrial policy, land acquisition, and infrastructure development.
- Focus on Key Sectors: Bihar’s Investment Promotion Policy 2016 prioritises food processing, textiles, and leather, offering a range of incentives such as employment generation subsidies, freight reimbursement, patent registration support, tax breaks, and skill development subsidies.
- Export Promotion: The policy provides export subsidies for seven years, along with performance-based incentives.
- Improved Infrastructure and Law and Order: Bihar has made significant strides in improving connectivity and ensuring a stable law and order environment, making it an attractive destination for investment.
- Strong MSME Ecosystem: The state government is actively promoting the MSME sector, supporting startups and fostering supply chain networks through large manufacturers.
- Skilled Workforce: Bihar boasts a skilled workforce, with the Bihar Skill Development Mission (BSDM) offering various on-the-job training programs.
- Ease of Doing Business: The state has implemented an online single-window clearance system, ensuring efficient and timely processing of applications. Regular weekly meetings address any issues, ensuring speedy resolutions.
Industry Leaders Show Interest:
Prominent industry leaders, including Kamal Oswal, Rishabh Oswal from Nahar Group, Bharat Goel from Hero Cycles, and others, attended the summit and expressed keen interest in exploring investment opportunities in Bihar.
Learning from Punjab’s Success:
The Bihar delegation also visited the Mega Food Park in Ludhiana to gain insights into successful food processing models. The park, developed by the Punjab Agro Industries Corporation, serves as a hub for food processing entrepreneurs, offering essential infrastructure and support services. Bihar aims to replicate such models to boost its agro-based industries.
By offering a compelling package of incentives, streamlining the investment process, and improving the overall business environment, Bihar is positioning itself as a promising destination for investors, particularly in the textile sector.
