MoUs of Rs 1.81 lakh crore signed during Bihar Business Connect 2024, several steps taken to boost investment: Bihar Chief Secretary

Patna (Bihar) [India], December 21 (ANI): Memorandum of understanding (MoU) of around Rs 1.81 lakh crore across 11 sectors were signed during the Bihar Business Connect 2024, state  Chief Secretary Amrit Lal Meena said on Saturday and noted that state government is encouraging investment through various steps aimed at ease of doing business.

In an interview with ANI, Meena said that investors have shown positive response and there has been a substantial increase in MoUs signed compared to last year.

"Under the leadership of the CM, Bihar Business Connect 2024 was organised on December 19 and 20. Investors from the country have shown a positive response. With more than 400 investors, MoUs worth Rs. 1,81,000 crore were signed, covering 11 sectors in which the renewable energy sector is the prime focus," he said.

He stated that the renewable energy sector received maximum response and there are significant investment opportunities in sectors like food processing, textiles, information technology, logistics and plastics.

Referring to the Business Connect in 2023, he said MoUs of about Rs 53,000 crore were signed and in about half of them, steps have been taken for implementation.

He said MoUs signed this year will also facilitate people and its implementation will be visible in the coming days.

Meena said the state has established a State Investment Promotion Board that goes through proposals every week.  He also said the state has created a single-window clearance system for the facilitation of investors and there is a project monitoring system. 

He said officials, who are involved in giving clearances, have been urged to encourage investment proposals so that the state gets more investment and more employment opportunities are created

He said a lot of skilled people came back to the state during COVID-19 and the state government facilitated them. Many people were from the textile sector in different parts of the country and were provided working facilities and they established new textile units.

He said that inspired by this, the state government created 24 lakh square feet of "play and plug" infrastructure in 2022-23 and 17 lakh square feet was allocated to 135 units.

Meena said the "plug and play" infrastructure is greatly helping IT, textile sector and food processing sectors as lease rate is very less.

The small and medium-scale investors have got this readymade space available which has water, electricity and connectivity and all these are located in industrial areas, he noted.

Big investments have taken place in IT, the textile sector, food processing and the state government is working towards land availability and facilities under plug and play initiative.  

He said the investment projects are seen not only as that of the Industry Department but of “Bihar as a unit” and all departments related to investment opportunities hold joint meetings.  

Meena said industrialists and investors have been informed of sector-specific and umbrella policies and suggestions received have also been incorporated into the policies.

He said the state government is open to suggestions from investors to get more investment.     

Meena said the state has witnessed a lot of change in the last 15-20 years.

"In Bihar, the Ganga River had just four bridges before 2005, now the number has reached 14. The connectivity challenge that was there earlier has now been resolved and it is benefitting every sector," he stated. 

The Bihar Business Connect 2024 connected industry leaders, government officials, and experts to foster partnerships and collaborations.

During the two-day summit, the leaders engaged in meaningful discussions and knowledge-sharing sessions with industry leaders to explore investment opportunities in Bihar. (ANI)