Airtel and Holoware Propose Major Investments Exceeding Rs 4,000 Crore Under Bihar's IT Policy 2024

Bharti Airtel, CtrlS, and Holoware have proposed investments in Bihar under the state's new IT Policy 2024, according to senior officials. During the Bihar Business Connect 2024 event, IT Secretary Abhay Kumar highlighted that the incentives offered by Bihar's IT Policy 2024 are unmatched by any other state. He noted a strong investor response to the policy.

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Investment Proposals and Progress

Airtel and CtrlS are progressing swiftly, having secured stage 1 clearance. They are now submitting financial proposals, with actual investments expected soon, Kumar stated. Holoware, based in Chennai, is also investing in Bihar to manufacture IT hardware. Their proposal for a Rs 30 crore investment has been approved, and they plan to invest Rs 300 crore in total.

Kumar mentioned that investment proposals from TCS, HCL, and Tiger Analytics were received last year. He emphasised the significant returns investors can expect from Bihar's policy. "If you have made an investment of Rs 100 crore, the amount of money you can get back from Bihar is around Rs 70 crore. It is humongous. There is no comparison with any other IT policy across states which can match us," Kumar said.

Incentives and Future Plans

The policy includes a provision for a 50% incentive on lease rental expenses. This subsidy will be available for five years, with an annual increase of Rs 2.5 per square foot in the monthly rental limit each financial year. While some states may have better ecosystems currently, Kumar expressed confidence that Bihar will become a leader in time by developing small IT cities.

Special Secretary for IT Arvind Kumar Choudhary revealed that since the policy's announcement, Bihar has received investment proposals exceeding Rs 4,000 crore over the past 11 months.