Fresh capital commitments drive success of Bihar Business Connect 2024

In a renewed push to make the state of Bihar an attractive investor destination, the second edition of Bihar Business Connect 2024 registered commitments of Rs 1.8 lakh crore from various industry segments. The two-day event concluded on December 20 with 423 Memoranda of Understanding (MoU) between various industries across sectors and the state government.

The annual event, which was attended by national and global investors, also focused on encouraging MSMEs and startups in the state to set up a base for employment generation and encouraging entrepreneurship.

The event saw presentations from MSMEs and startups which have availed of government schemes including the plug-and-play facility to set up production units, a seed fund under the Bihar Startup Policy, and other benefits.

“Today we (state of Bihar) are ready to reclaim our place. With a population of 14 crore and a wealth of skilled youth excelling in exams like the UPSC, our potential is immense. It is time to harness this talent, uplift every section of the society and drive Bihar forward,” said Deputy Chief Minister of Bihar, Samrat Chaudhary, at the event.

Deputy Chief Minister Vijay Kumar Sinha added that the state has maintained double-digit growth for the past fifteen years and is charting its way to progress in different industrial sectors.

At the conclusion of the event, the state saw commitments of nearly Rs 90,734 crore from the renewable energy sector, the highest among all investments. Sun Petro Chemicals committed to an investment of Rs 36,700 crore. Dilip Shanghvi, Managing Director of Sun Petrochemicals, said that the company will make the investment in Bihar to set up solar projects and pumped hydro projects in the state. The renewable sector also saw commitments from Adani Group and NHPC.

Other sectors contributing significantly to the investments included general manufacturing, with commitments to the tune of Rs 55,888 crore, and the food processing industry, with commitments of Rs 13,663 crore. In the latter, SLMG Beverages, which is a leading bottler and distributor of Coca Cola beverages, committed to an investment of Rs 3,000 crore in the state.

Nitish Mishra, Industries and Tourism Minister in the Government of Bihar said, “Over the past 19 years, Bihar has risen from a negative growth rate to achieving historic milestones, now contributing significantly to the country’s growth.” He added that the MoUs signed in the current edition of the Bihar Business Connect were threefold of the previous year.

The event also saw the announcement of upcoming policies as part of a presentation by Bandana Preyashi, Secretary, Department of Industries at Government of Bihar. These included the Bihar Food Processing Policy 2024, Bihar Pharmaceuticals Promotion Policy 2024, Bihar Plastic Manufacturing Promotion Policy 2024, Biofuel Production Promotion Policy 2024 and the Bihar Wood Based Industries Policy 2024. She further added that new land parcels were being selected to meet sectoral needs, in addition to 1,800 acres of land made available.