Buoyed by the success of its recent global investors' summit, 'Bihar Business Connect-2024,' which garnered investment proposals worth an unprecedented ₹1.80 lakh crore, the Bihar government has unveiled plans to expedite the execution of these commitments.
The government aims to translate memorandums of understanding (MoUs) into tangible investments on the ground within a year.
Chief Secretary Amrit Lal Meena announced that the state will appoint "one nodal officer for every five to ten MoUs" to streamline processes and ensure ease of doing business.
These officers will oversee all 11 sectors that received proposals and will assist investors in securing land and obtaining necessary clearances.
"Progress will be reviewed periodically by the state investment promotion board," Meena stated. "Our endeavour is to ensure the conversion of all MoUs into investments on the ground within a year," he added.
Record-breaking commitments
During the two-day summit, which concluded on 20 December in Patna, 423 companies committed investments across diverse sectors. Major players include the Adani Group and Sun Petrochemicals, among others.
Sun Petrochemicals has pledged ₹36,700 crore for renewable energy projects, including pumped hydro and solar plants.
Meanwhile, the Adani Group, Bihar's largest private investor, has committed approximately ₹28,000 crore towards setting up an ultra-supercritical thermal power plant and expanding cement production, food processing, and logistics.
Bandana Preyashi, Secretary of the Industries Department, described the overwhelming response as beyond expectations. "The Bihar government has signed MoUs for setting up 423 units with an investment of ₹1,80,899 crore.
We are overwhelmed by the corporate response," she said. In comparison, the inaugural summit in 2023 secured investment commitments of ₹50,300 crore.
Sectoral investments
The renewable energy sector received the lion's share, with 17 units accounting for ₹90,734 crore. General manufacturing followed, with 57 MoUs worth ₹55,888 crore.
The food processing sector also saw substantial interest, with 70 MoUs valued at ₹13,663 crore. Additionally, 142 MoUs in urban infrastructure attracted investment proposals totalling ₹5,566 crore.
Preyashi noted that the industries department has a robust mechanism in place, with sector-specific nodal officers working round-the-clock to assist investors.
"They are on a 24/7 job to help the investors secure land and all other clearances," she explained.
To accommodate the surge in investment, the state has prioritised infrastructure development.
Common facilities like power lines, brick-paved internal roads, drinking water supply through deep tube wells, solar streetlights, and connectivity enhancements are being fast tracked.
"Progress in these areas will be critical to ensuring that investments materialise smoothly," an official said.
₹821.98 crore has been earmarked for resettlement and infrastructure, with the Union Home Ministry contributing ₹793.65 crore and the state government allocating ₹28.34 crore.
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