After an impressive maiden show, Bihar will on December 19-20 host the second edition of Bihar Business Connect - the global investor summit that looks at boosting industrial and entrepreneurial growth in the state.
The prestigious event, curated by the state's Department of Industries, seeks to showcase Bihar as a vibrant investment destination.
"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.
"Considering the success of last year's Bihar Business Connect, the Department of Industries, Government of Bihar, is once again organising this event," it said. "Bihar, once known for its agricultural heritage, is now emerging as a hub for industrial transformation, entrepreneurship, and infrastructure development."
The event will feature Bihar Chief Minister Nitish Kumar, senior ministers of the state government, prominent industrialists, policymakers, and regional experts.
This two-day conference aims to establish Bihar as a premier destination for industries and investors while showcasing the state's economic and industrial growth potential.
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. Also, affordable plug-and-play workspaces in Patna and Purnia are supporting emerging enterprises.
Bihar has witnessed unprecedented growth in infrastructure development. The state ranks third in road density in India, facilitating smoother trade and transport. Its energy capacity has expanded from 700 MW to 7,000 MW. IT parks and upcoming data centers are propelling digital growth across the state.
Projects like the Multi-Modal Logistics Park (MMLP) in Patna provide integrated supply chain solutions.
"Bihar is positioning itself as a hub for global trade with focused infrastructure and policies," it said.
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.
A CEO roundtable is planned on the second day.
"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.
