Bihar receives cumulative investment proposals worth Rs 63,008 crore
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Bihar has received cumulative investment proposals worth Rs 63,008 crore till November 10, 2022, almost half of which are related to ethanol sector, Bihar’s industry department data shows.
As per the official data Bihar State Investment Promotion Board (SIPB) has so far received investment proposals worth Rs 30,747 crore for setting up 164 ethanol units.
The cumulative worth of proposals for setting up ethanol units before the Bihar State Investment Promotion Board (SIPB) is almost half of the total proposed investment amount.
The first ethanol unit in the state started functioning in Purnia this April. The Rs 105-crore plant by Eastern India Biofuels Pvt Ltd was the first one developed since the Centre gave a go-ahead to Bihar’s ethanol production and promotion policy.
The centre increasing the mixing of ethanol in petrol from 10 to 20 per cent opened floodgates for investment in such units in Bihar where 17 of its 38 districts grow maize, used mainly for ethanol production. Besides ethanol, startups in food processing, textile, health and tourism sectors have given a major boost to the industrial growth of late, according to the data.
SIPB, a government body, has given the first-stage nod for setting up 2,175 units, including 898 food processing (worth Rs 9,639 crore), 500 general services (worth Rs 2,632 crore), 230 plastic and rubber (worth Rs 8.76 crore), 86 healthcare (worth Rs 824 crore), 82 textile (worth Rs 436 crore) and 53 renewable energy (worth Rs 19,384 crore) units. Another good news for the Bihar government is receiving investment proposals worth Rs 800 crore in the tourism sector and sugar mill revamp proposals worth Rs 1,922 crore, The Indian Express reported.
The industries department data showed Bihar had realised an investment worth Rs 3,341 crore so far. Four ethanol units worth Rs 409 crore have become fully functional. The state got the highest investment worth Rs 1,368 crore through the realisation of 178 food processing units. Four cement units worth Rs 503 crore also started functioning. A total of 390 units have started functioning in the state.
Besides, the growth of startups in the last two-three years, mainly in food processing, tourism, health services and the IT sector was a welcome sign for the state, which badly needs investment in its core areas of strength. The state government giving Rs 10 lakh interest-free loan for 10 years as seed money was a big draw among prospective investors.
Sachin Kumar, the founder of Sattuz, made an investment worth Rs 1 crore to make sattu (roasted gram flour), Bihar’s otherwise rural product, a global brand. He already has 15,000 committed clients, including those from Singapore and Dubai.
Richa Vatsyayan, who owns Cislunar Janki Private Limited, has specialised in making sanitary pads from banana fibres. Mala Gupta owns Shilp Shree, which works as a craft bank as a step towards the revival of Sujani art by blending it with other established art forms of Bihar.
Bihar Development Commissioner Vivek Kumar Singh said: “The whole idea is to enable Bihar emerge as the most preferred destination for startups and entrepreneurs by leveraging the potential of local youth through a conducive startup ecosystem. For inclusive growth, we have launched the Bihar Startup Policy 2022”, as per a report published in The Indian Express newspaper on November 23. Industries department principal secretary, Sandeep Poundrik said: “To give startups a further boost in Bihar, a co-working space, ‘startup business centre’ is under progress at Maurya Lok and BSFC building in the heart of the state capital. The state is making sincere efforts to improve the business ecosystem through outcome-oriented measures”.