Bihar planning to alter industrial policy

Patna,(BiharTimes): In spite of its efforts the Nitish Kumar government has now conceded that it has not been able to attract investments. Thus it is now planning to alter its industrial policy.

Principal Secretary, Industries Department, Naveen Verma was quoted recently in Business Standard as saying: “We have been trying to attract new investors in the state for a long time now…Our constant efforts have shown results too. More than thousand investors have shown their interests in investing in Bihar. However, due to various reasons not much of the proposed amount came to us. Several projects have been delayed. Therefore, now we have decided to change our strategy.”

However, he said the strategy is still in the evaluation phase. We are still discussing about the changes. Therefore, it will be too early to divulge any detail.”

The state government may give priority to the investors with money and land in the state in the approval process.

According to the sources, the state government is also thinking about giving more incentives to investors who complete their projects early or on time. The department has also made it mandatory for investors to submit progress reports of the project regularly.

Though Bihar received investment proposals worth Rs 0.3 lakh crore since 2006, yet less than two per cent of the amount was actually invested during the period.