Bihar Business Connect 2024 Investment

• 25 Dec 2024

Why in News? 

In 'Bihar Business Connect-2024,' the state received investment proposals worth Rs 1.80 lakh crore.  

• The State government announced that it will ensure the conversion of memorandums of understanding (MoUs) into tangible investments on the ground within a year. 

 Key Points 

• Nodal Officers for Ease of Doing Business: 
  • The appointment of "one nodal officer for every five to ten MoUs" to facilitate ease of doing business was announced. 
  • These officers will assist investors in securing land and obtaining all required clearances across 11 sectors for which proposals have been received. 
• Periodic Review of Progress: 
  • The State Investment Promotion Board will regularly review the progress of these initiatives to ensure timely implementation of investments. 
• Investment Commitments in 2024: 
  • During the two-day global investors' summit in Patna, a total of 423 investment commitments were signed. 
  • In the 2023 edition of the investors' meet, Bihar had secured investment commitments worth Rs 50,300 crore. 

 Bihar Business Connect-2024 

• Objective: 
  • The summit aimed to attract investments across sectors, including manufacturing, infrastructure, agriculture, and technology, showcasing Bihar's conducive environment for business growth. 
• Government Initiatives: 
  • Key policies and reforms focused on improving ease of doing business, along with tax incentives, infrastructure upgrades, and skill development programs to create a favorable climate for investors. 
• Networking Platform: 
  • The event provided a platform for networking among industry leaders, government officials, and global investors, enhancing collaboration opportunities in Bihar's economy. 
• Sectoral Focus: 
  • Emphasis on sectors like renewable energy, IT, tourism, and agri-business aligns with the state’s plans to diversify its economic landscape.