Memorandums of understanding (MoUs) worth Rs 50,530 crore were signed by the Bihar state government with over 300 companies during a two-day investors’ summit held in Patna on Wednesday and Thursday, significantly bolstering the state’s economy. The summit’s goal, “Bihar: Investment Next Destination,” was to lure companies to establish operations in the state by showcasing its improved investment climate.
Chief Minister Nitish Kumar emphasized during the plenary session on Thursday that Bihar had experienced a “complete turnaround in recent years, and its atmosphere is congenial to investment.”
We have made incredible progress in education, empowerment of women and girls, social reforms, law and order, infrastructure, and agriculture. We want you to make significant investments in Bihar, Nitish stated.
Several businesses, including Bharat Petroleum, Patel Agri Industries, Indo-European Heart Hospital and Research Institution, and Dev India Projects, have agreements with the Bihar government. These businesses have committed to investing in various industries, such as manufacturing, renewable energy, healthcare, food processing, and agriculture.
Director of Adani Industries Pranav Adani declared that the company would invest Rs 8,700 crore in the state’s food processing, cement, logistics, and other industries. “We intend to increase our investment in Bihar tenfold, having already invested Rs 850 crore,” he declared.
According to Bihar Industries Minister Samir Kumar Mahaseth, the government is implementing several measures to increase the state’s appeal to investors. “We have set up a single-window clearance mechanism to fast-track approvals,” Mahaseth stated. “We are also creating a land bank for about 3,000 acres to lease out to investors at a very affordable rate.”
The Bihar government saw great success from the investors’ summit, and it is anticipated that the signed Memorandums of Understanding will result in substantial investment and job creation in the state. The investors’ conference demonstrates the government’s determination to maintain this momentum and establish Bihar as a top investment destination.
Among the investors’ summit’s main highlights are:
- MoUs totaling Rs 50,530 crore were inked with more than 300 businesses.
- She pledged investments in various industries, such as manufacturing, renewable energy, agriculture, food processing, and healthcare.
- They are expected to create lakhs of jobs.
- The government of Bihar promised to give investors all the assistance they need.
Sushil Kumar Modi, the former deputy chief minister of Bihar and BJP member of the Rajya Sabha cautioned against making any firm promises made by the government during the meeting. The “Bihar Industrial Area Development Agency had canceled about 1,200 units of the total 2,400 industrial units (that were supposed to come up),” according to him, despite Bihar having previously hosted investor meetings.
Those who received subsidies under the 2011 Industrial policy could not receive them. We will monitor the outcome of this business meeting, he remarked.