Patna, January 10: As the state nears its last leg of the mid-term review of its industrial policy introduced in 2006 and revised in 2011, the Bihar government now plans to introduce some key changes in the policy to attract more investments. As part of its revised industrial policy, the state government now mulls options to provide new rebates to investors while limiting the scope of some of the old exemptions.
“The policy proved very helpful in bringing new investors to Bihar," Industries Minister Renu Kushwaha told Business Standard. “However, there are still some roadblocks. Therefore, we decided to review our policy and remove them. We are trying to make this policy more investor friendly. At the same time, we are also working to weed out non-serious investors," he said.
The government is looking to introduce procedural change in the policy. According to an official working on the revision, the state government is working to create a method by which it can stop non-serious investors . “We want them to have land and at least 20 percent of total project cost available with them. Apart for that, the state government will have right to cancel their approvals, if they do not meet our requirements or fail to complete work in stipulated time period," the unnamed official was quoted as saying to the publication.
The revision is likely to introduce manufacturing sector as one of the thrust areas in the state's industrial policy. It also would provide new rebates to investors in some of the thrust areas like food processing and tourism.