Nitish announces more facilities for private entrepreneurs

Patna,(BiharTimes): Chief minister Nitish Kumar said on Monday that the state government had decided to accord the private industrial areas facilities, tax rebates and other concessions at par with the industrial parks of Bihar Industrial Area Development Authority (BIADA). They would also be entitled to concessions announced under the new industrial policy of the state government.

Talking to the media a couple of days after his return from Mumbai, where he met industrialists the chief minister said entrepreneurs and land owners, with at least 25 acres of land, have been allowed to set up industrial parks. For this first they have to set up a Special Purpose Vehicle (SPV) and then transfer the ownership of the land to this SPV.

Nitish said the state government would then examine the documents. If they are found legitimate, they would be allowed to do so.

Now these industrial areas would be exempted from stamp duties and other registration fees. They also would not have to pay any money for land use conversion.

These industrial areas would also be entitled to various tax rebates, which it has announced under its new industrial policy.