Author: Bihar Say | Amrita |

Bihar is set to host the second edition of its global investor summit, Bihar Business Connect 2024, on December 19 and 20. This two-day event aims to position Bihar as a premier destination for industries and investors, with a special emphasis on Micro, Small, and Medium Enterprises (MSMEs) and startups.

The summit will commence with an inauguration by Bihar’s Industry & Tourism Minister, Nitish Mishra. The agenda includes the signing of initial Memorandums of Understanding (MoUs) and several sector-specific sessions. A CEO roundtable is also planned for the second day, fostering direct dialogue between industry leaders and policymakers.

Reflecting on the success of the previous year, Bihar Business Connect 2023 attracted over 600 entrepreneurs from India and abroad. The event resulted in 278 investment proposals totaling ₹50,530 crore, with 244 projects worth ₹38,000 crore already implemented. This influx of investment has significantly accelerated industrial development in the state, creating numerous employment opportunities.

Bihar’s 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. Additionally, sector-specific policies target investments in high-potential industries like textiles, leather, logistics, biofuels, IT, and renewable energy.

Under the Startup Bihar Policy, a fund of ₹500 crore dedicated to fostering innovation and entrepreneurship has been established. The state’s Export Promotion Policy aims 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 prioritizes ease of doing business to attract domestic and international investors.

Key focus areas of Bihar Business Connect 2024 include the manufacturing sector, infrastructure and connectivity, and exports. Bihar’s manufacturing sector is undergoing rapid development, with a focus on textile clusters, 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 ₹10 lakh is provided for entrepreneurs from marginalized groups, including women, scheduled castes/tribes, and persons with disabilities. Over 21 incubation hubs are fostering innovation and providing support to budding entrepreneurs.

Bihar Business Connect 2024 is poised to be a landmark event, showcasing the state’s commitment to industrial growth and its potential as a vibrant investment destination. With a focus on MSMEs and startups, the summit aims to create a conducive environment for innovation, entrepreneurship, and sustainable development in Bihar.

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