New Delhi, 7th November 2023 – The Department of Industries, Bihar in a significant stride towards economic growth and development, hosted a successful Investors Meet in New Delhi, bringing together key industry leaders and government officials to discuss and explore investment opportunities in the State. The event took place at ITC Maurya, New Delhi where Bihar Industries Minister, Mr. Samir Kumar Mahaseth, graced the occasion. Over 150 participants attended the Meet.
The Meet aimed to highlight the investment potential in Bihar, with a particular focus on four key sectors: Textile and Leather, Food Processing, IT/ITES & ESDM, and General Manufacturing. These sectors present ample opportunities for investment and growth, aligning with the state’s vision of industrial development. The event saw the participation of esteemed officials, including the Additional Chief Secretary of Industries, Sandeep Poundrik, and Pankaj Dixit, Director of Industries Bihar government who actively engaged with the attendees, shedding light on the state’s initiatives to foster a business-friendly environment and support potential investors.
Minister Department of Industries, Bihar government Shri Samir Kumar Mahaseth expressed his enthusiasm, stating, “Bihar Industries is dedicated to creating a thriving industrial landscape in the state. This summit serves as a platform for industry leaders, investors, and government representatives to collaborate and explore the vast potential that Bihar holds. We are committed to providing a conducive environment for business growth and are confident that this summit will lead to numerous beneficial partnerships.”
The officials highlighted that high-priority sectors in Bihar include textile/leather, processed food, and IT. Notably, Bihar offers unique advantages to businesses, such as a thriving market, easy access to raw materials, robust infrastructure, and attractive incentives. In a significant move to support IT companies, the state has created industrial sheds with a 15-year rental commitment. Additionally, the growing purchasing power within Bihar’s markets, evident through a GDP exceeding the national average, underscores the state’s potential as an attractive investment destination for businesses in these key sectors.
Mr. Sandeep Poundrik, Additional Chief Secretary, Department of Industries, Govt of Bihar shared “In Bihar, 17 units were sanctioned by 5 PSUs, out of which 14 plants are coming up, representing an average investment of 200 crores each. This influx of approximately 3000 crores in our ethanol sector marks a significant step towards Bihar’s vision of becoming the ethanol hub of India”
Notably, this development distinguishes itself by focusing on food grain-based ethanol production, a departure from the conventional sugar-based approach. With the largest number of such plants in the country, Bihar is setting a remarkable precedent for others to follow. Seven of these plants are already operational, and seven more are on track for a February 2024 commencement. Mr Poundrik underscored that this is just the beginning, with more ethanol plant allocations on the horizon. Despite the challenges posed by Bihar’s land scarcity, the state has not only embarked on the path to becoming an ethanol hub but has also positioned itself as a burgeoning solar power center.
Mr Poundrik further added that “Vedanta is planning to establish a 50 MW solar power plant, and there are plans for two more solar plants shortly. This dual focus on ethanol and solar energy underscores Bihar’s commitment to sustainable development and renewable energy, promising to catalyze economic growth and pave the way for a greener and more prosperous future for the State”.
Mr Bala Murugan D, Joint Secretary DPIIT, Government of India, and Mr Kundan Kumar, Resident Commissioner, Government of Bihar attended the Meet. Other industry speakers included Mr Vijay Jha, Savi Leather, Mr. Shrikanth, Britannia Industries, Ms. Komal Singh, Bharat Oorja, and Mr Rajesh Agarwal, Micromax. The Meet also had representation from Members of Industry bodies namely CII and FICCI amongst others attended the Investor Meet. Delegates from Embassies namely Taiwan, UAE, and Japan also graced the occasion with their presence.
Mr. Mahaseth also extended an invitation to the industries for the upcoming Bihar Business Connect Summit 2023 to be held on December 13-14, 2023 in Patna.
The Investors Meet in New Delhi underscored the growing attractiveness of Bihar as an investment destination, offering fertile ground for businesses in key sectors to flourish and contribute to the state’s economic prosperity. Tiger Analytics, a prominent advanced analytics, and AI consulting company based out of the US, recently announced its expansion in India with the opening of its fourth office in the dynamic city of Patna, Bihar. Tiger Analytics specializes in enabling enterprises to unlock unparalleled business value through data-driven insights and AI-powered solutions. With a diverse workforce spread across multiple cities in the US, UK, India, and Singapore, the addition of Patna to its operational network reaffirms the company’s dedication to expanding its global reach.