Bihar Business Connect 2024 - the second edition of the global investor summit started on Thursday (December 19). The two-day-long mega event looks at boosting industrial and entrepreneurial growth in the state. A CEO roundtable is planned on the second day.
Bihar's Industry & Tourism Minister Nitish Mishra will inaugurate the two-day event. The session will include the signing of initial MoUs and 4-5 sector-specific sessions, with a special focus on MSMEs and startups.
The investor event, being hosted by the state's Department of Industries, aims to showcase Bihar as a vibrant investment destination.
Rs 38,000 crore investment came in Bihar after investors meet 2023
"The inaugural edition in 2023 witnessed participation from over 600 entrepreneurs from India and abroad. Bihar Business Connect 2023 was a landmark initiative. During the two-day summit held last year, a total of 278 investment proposals amounting to Rs 50,530 crore were signed as MoUs, out of which 244 projects worth Rs 38,000 crore have already been implemented on the ground," an official statement said.
This investment has significantly accelerated industrial development in the state and created numerous employment opportunities, it added.
"Considering the success of last year's Bihar Business Connect, the Department of Industries, Government of Bihar, is once again organising this event," the statement read.
Bihar, once known for its agricultural heritage, is now emerging as a hub for industrial transformation, entrepreneurship, and infrastructure development, it added.
Bihar Chief Minister Nitish Kumar, senior ministers of the state government, prominent industrialists, policymakers, and regional experts will be top attendees.
The Bihar government has introduced several reforms and policy initiatives to encourage investment across various sectors. The Bihar Industrial Investment Promotion Policy 2016 offers tax exemptions, subsidies, and incentives to promote industrial growth.
Besides, there are sector-specific policies that target investments in high-potential industries like textiles, leather, logistics, biofuels, IT, and renewable energy.
Under the Startup Bihar Policy, a fund of Rs 500 crore dedicated to fostering innovation and entrepreneurship has been set up. The state's Export Promotion Policy looks to boost global trade through facilities like Special Economic Zones (SEZs) and export packhouses.
With a Single-Window Clearance System and an investor-friendly administration, Bihar prioritises ease of doing business to attract domestic and international investors, the statement said.
Key focus areas of Bihar Business Connect 2024 include manufacturing sector, infrastructure and connectivity, and exports.
Bihar's manufacturing sector is undergoing rapid development, with a focus on textile cluster and bag manufacturing, military footwear exports, ethanol plants and food processing units.
The state has implemented several initiatives to empower MSMEs and startups. Under the Mukhyamantri Udyami Yojana, financial assistance of up to Rs 10 lakh for entrepreneurs from marginalized groups, including women, scheduled castes/tribes, and persons with disabilities is provided. Over 21 incubation hubs are fostering innovation and providing a platform for startups.
"Significant MoUs will be signed in the presence of Nitish Kumar," the statement said adding during plenary sessions, key insights will be shared regarding Bihar's industrial potential and policy framework.
(With PTI inputs)
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