Vice-president Hamid Ansari said that the existence of rule of law was an essential prerequisite for creating an environment that supports economic growth and draws foreign investment.
Addressing the 90th anniversary of Bihar Chamber of Commerce and Industry here on Friday, he said Bihar has to create an environment where more businesses see Bihar as a gateway to consumers in the eastern part of the country and as a place where cost of setting up a plant would be competitive with an abundant supply of workers.
"I am confident that the Bihar Government with its impressive mandate and focus on inclusive development is devoting its policies and energies to attain these objectives. Business is conducted best under conditions of peace, stability and good governance and the existence of standardised and harmonised commercial laws provides certainty and predictability for international business," said Ansari.
The function was attended by Governor Ramnath Kovind, Chief Minister Nitish Kumar, Deputy CM Tejashwi Prasad Yadav and a host of Ministers and officials among others.
The vice president acknowledged that the progress made by Bihar in areas of construction, public services and improved telecommunication have been key drivers in its spurt of growth but pointed out that the State needed to expand economic growth and maintain its rapid tempo for at least two decades in its quest to join the league of developed States. "Bihar still has one of the lowest per capita income levels in the country and lags behind Madhya Pradesh by 10 years and India by 15 years," he added.
The Governor in his address praised the Chambers and said it is a dynamic service organisation playing a developmental role at various levels of industry and commerce of Bihar in particular and the country in general. "It works towards making the businessman's voice heard and ensure that their views are taken into account in shaping the State's economic policies," he said.
CM Nitish Kumar said economic development of any State was not possible without the industrial development. The pace of development would be more rapid when dependency on agriculture would minimise, he said but added that industrial growth in Bihar was very slow and it was still a predominantly consumer State. He also talked about the Industrial Promotion policies framed by Bihar and mentioned about Bihar startup policy to promote young entrepreneurs.
Nitish said apart from agro-based industries there was tremendous potential for readymade garments industry as majority of workers from Bihar go outside to work in that industry. He invited the investors to invest in the readymade garments sector. Chamber president O P Shah welcomed the guests.
On this occasion the Vice President felicitated five top entrepreneurs with roots in Bihar who have made it big globally. Those feted were Vedanata Resources chairman Anil Agrawal, Alkem laboratories chairman Samprada Singh, Bennett Coleman & Company MD Vineet Jain, Birla Sugar chairman N C Nopani on behalf of K K Birla and ITC limited chairman Y C Deveshwar.