238 Companies Finalise Rs 36,000 Crore Investment in Bihar, Boosting State's Economy

At least 238 companies have finalised all formalities for a combined investment of Rs 36,000 crore, making Bihar one of the top states in terms of realising business proposals, a senior minister stated on Monday. These firms are part of the 278 companies that had pledged Rs 50,530 crore during the two-day Bihar Business Connect 2023 event.

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Bihar Industries Minister Nitish Mishra highlighted that many major players have selected the state 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," he told reporters. The state is witnessing significant investment promotion activities, reinforcing its position as an emerging business and industrial hub in the country.

Investment Commitments and Realisation

During the December event, 278 companies signed MoUs with the state government, committing to invest 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," Mishra said. The government aims to provide a conducive environment for businesses to thrive, attracting both domestic and international investments.

The state is also focusing on increasing its contribution to India’s export sector from 0.52 per cent to 5 per cent. Bihar is eyeing foreign direct investment (FDI) in coordination with the central government. The state government has decided to open facilitation centres in all 101 sub-divisions across Bihar to assist new entrepreneurs.

Support for MSMEs

Industries Department Secretary Bandana Preyashi noted that Bihar is receiving substantial investments for major manufacturing units while also fostering an ecosystem where MSMEs can thrive. "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," she said.

The Mukhya Mantri Udyami Yojana (MMUY) and Bihar Laghu Udyami Yojana (BLUY) were launched in 2018 and 2023 respectively to promote 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 crore of the first instalment has been disbursed to 40,099 beneficiaries under BLUY.

Upcoming Events

The state government is organising an ‘Investors Meet’ in Mumbai on September 13 as part of the Bihar Business Connect 2024, scheduled for December in Patna. Union Commerce and Industry Minister Piyush Goyal will be the chief guest at this function.

Bihar's efforts to attract investment are evident through these initiatives and events. The state's focus on infrastructure development and support for MSMEs aims to create a thriving business environment.