Bihar Industrial Investment Promotion Policy, 2016 is going to be the game-changer for Bihar in the field of Information Technology Development
Invest IT Bihar
Invest IT Bihar is an investment promotion initiative of the Department of IT, Government of Bihar.
The Bihar Industrial Investment Promotion Policy, 2016 as the name implies revolves around its Vision of establishing Bihar as the most preferred investment destination by leveraging the state‘s comparative advantages and maximizing employment opportunities for attaining a balanced regional and sustainable development.
Bihar Industrial Investment Promotion Policy, 2016 Vision
To establish Bihar as the most preferred investment destination by leveraging the state‘s comparative advantages and maximizing employment opportunities for attaining balanced regional and sustainable development.
Bihar Industrial Investment Promotion Policy, 2016 Mission
·????????To accomplish an industrial development growth rate of 15% per annum
·????????Boost contribution of the secondary sector to the GSDP to more than 25% in accordance with the National Manufacturing Policy and "Make in India" drive
·????????create direct employment opportunities for 5 lakh people across all economic sectors
·????????Attract on-ground investment of Rs.15,000 crore
·????????Create the top of line infrastructure facilities to attract investments in the state
·????????Eradicate regional industrial irregularity by consistently stretching out the advantages of investment to all topographical spaces of the state
·????????Provide relatively more economic benefits to the priority sections of society such as SC/ST, women, distinctively abled, war widows, corrosive assault casualties and third gender entrepreneurs.
·????????Ensure that industries facilitate skill development of local people, to achieve the target of 15 million skilled youths as per the “Seven commitments” of the State Government.
·????????Increase the competitiveness of MSMEs and appropriation of “Zero Defect Zero Effect” manufacturing practice
Bihar Industrial Investment Promotion Policy, 2016 Strategy
The government of Bihar’s commitment to work with investors who share their vision of things to come of Bihar as a lively economy prepared to take off on the way of supporting turn of events. Specifically, the approach technique will involve:
??Investing in skill development and technical education to make Bihar the favored hotspot for skilled labor - for which an intense deficiency has been determined in various places of the nation as well as even business sectors abroad.
??Creating inclination for Micro, Small and Medium Enterprises (MSME) taking into account their restricted necessity of land, and their ability to ingest more work per unit of capital and energy.
??Providing inclination to low energy and non-polluting industries
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??Encouraging cluster development in MSME areas.
??Encouraging large-scale industrial units in the proposed Integrated Manufacturing Cluster under the proposed Amritsar-Kolkata-Industrial Corridor (AKIC). While the State Government will help financial backers in discovering appropriate land for setting up units, they will be required to discover land all alone for units outside these assigned regions.
??Promoting the improvement of auxiliary units to oblige the forthcoming investments in public and private sector
??Investments in augmentation of the new infrastructural facility and additionally overseeing existing facilities under PPP mode will be empowered
??Establishing the Udyog Samwad Portal, a one-stop stage for financial backers to determine issues/troubles looked in the foundation of mechanical tasks in the State
??Encouraging investments that add value to the farm produce and increment the pay of the cultivators through preparing and conservation of food crops, especially vegetables and organic product crops
??Utilising the customary abilities of craftsmen by tracking down a more extensive market for handloom and handicraft
??Emphasising on industries that rely on local production, local skills, and local consumption
??Encouraging new interest in creating a legacy in the travel industry for which the state offers tremendous opportunities
??Promoting the development of ancillary units to cater to the upcoming investments in the public and private sector
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Scope of Bihar Industrial Investment Promotion Policy, 2016 ?
The policy would apply to all the new units in the state, with the following conditions:
??Incentives under this policy would apply only for the investments made in the state
??This policy shall be applicable only for private investment, including foreign investment, but shall not apply to public sector investment by Central or State Governments either alone or in partnership with the private sector.
??Any entity producing any item, wherein the production activity does not contribute to value addition shall not be considered under this policy. Units involved only in trading activities will not come under the purview of this policy.
??Units developed by individuals/ firms/ companies etc. that at any point in the past was blacklisted by the government(state or central) will not be eligible to avail of the advantages of this policy.
??Incentives under this policy cannot be claimed as compensation for any loss caused to the unit on account of any kind of natural disaster or market reason.
??Units promoted by individuals/ firms/ companies etc. that at any point in the past have defaulted on any loan availed from any bank or Financial institution (FIs) or have any dues owing to the government will not be qualified to avail of the benefits of this policy.