Bihar Business Connect 2023: 300 Companies Sign MOUs for Investment of Rs 50,530 Crore

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The Bihar Business Connect Global Summit 2023 event was a huge success in terms of investment perspective, marking a significant milestone in the state’s economic development. In a landmark achievement, 300 companies have signed Memorandums of Understanding (MOUs) for investments totaling 50,530 crore rupees, showcasing Bihar’s growing attractiveness as a key business destination. On the second day of the conference, the Bihar government and various companies from within the country and abroad signed Memorandums of Understanding (MoUs). This will prove to be a milestone in the industrial development of Bihar, where an investors’ summit of this magnitude was organised for the first time. This mega event was held at Gyan Bhavan in Patna.

On the second day of the investors’ summit, chief minister Nitish Kumar inaugurated a coffee table book of the industry department. Afterwards, he honoured the investing entrepreneurs by draping them with shawls and presenting mementos. Then, the CM descended from the stage to meet all the attending entrepreneurs in the auditorium. He assured them that the Bihar government would provide all kinds of assistance and facilities.

Industry minister Sameer Kumar Mahaseth said that Bihar is progressing and if three more things are added, the development of the state would quadruple. The rains in Nepal cause much destruction in Bihar. If an agreement on water management with Nepal is reached, Bihar can be saved from the disaster of floods. If Bihar gets the status of a special state, its industrial development will accelerate further. The third important point is that if Bihar is included in the Special Economic Zone, its economic development will further increase. Investors are welcome in Bihar. Bihar is famous for its hospitality. Bihar is the youngest state in the country, with 53% of its population under 35 years of age. Bihar has made rapid progress in electricity, water, and roads, making it an ideal destination for investment. 12 departments of the state are coordinating to support entrepreneurs. The state already has 3,000 acres of land available for industry. The government is also attempting to create a land bank of another 3,000 acres so that there is no shortage of land for entrepreneurs. Bihar Business Connect 2023 will prove to be a milestone in industrial development.

On this occasion, Vijay Kumar Choudhary, minister of finance, commercial taxes, and Sanjay Kumar Jha, minister of information and public relations department were also present.

Additional chief secretary of industry department Sandeep Poundrik shed light on the state’s economic and industrial development. He said that setting up industries in Bihar is very easy due to the presence of market, raw materials, infrastructure, workforce, and government support. Additionally, the state government provides attractive subsidies and incentives to entrepreneurs through its various industrial policies.

“We hope that this Bihar Business Connect- Global Investors Summit will be organised in 2024 as well. Next year, we will welcome all of you again with new investors,” he said.

Pranav Adani, director of Adani Enterprises, said that when Nitish Kumar was the railway minister, he introduced internet-based railway ticket booking in 2003. Today, this service is the busiest rail ticket booking system in the world. Today, Nitish ji is working with the vision of leading Bihar forward. Adani Group supports this vision of Bihar. Adani Group has already invested Rs 850 crore in Bihar and now plans to increase this investment tenfold to more than Rs 8,000 crore. The group is also starting a cement industry in Bihar.

Kamal Oswal, chairman-cum-managing director of Nahar Group of Industries, said that his group is building a logistics park in Bihar at a cost of Rs 300 crore.

Hasmukh Ranjan, chief information officer of AMD, said that IT will become a premium industry in Bihar because the environment here is suitable. Three things are required for the IT sector: talent, infrastructure, and willpower. All three are abundantly available in Bihar. The talent of Bihar is making a name for itself in the country and the world. The scenario of the IT sector in Bihar will now change.

Mahesh Kumar, chief executive officer of Tiger Analytics, expressed his views on the expansion of the IT industry in Bihar. Additionally, Rajesh Agrawal, chief operating officer of Micromax Biofuels, and Dr. Dilip Kumar, founder of Patel Agri Industries, also expressed their thoughts.

Representatives from Bharat Petroleum Corporation Limited, Adani Group, Holtec International, Patel Agri Industries Private Limited, Dave India Project, Indo-European Heart Hospitals and Research Institute Private Limited, and IT company CTRL were present at the summit.

Bihar Business Connect 2023 will prove helpful in globalising the industrial landscape of the state.

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