Development of infrastructure in industrial areas has been given top priority.
A top official of the Industries Department in Bihar said that nearly Rs 2,900 crore has been distributed to about 74,540 beneficiaries under two schemes to promote micro, small and medium enterprises (MSMEs) in the state, one of which was launched only last year. According to PTI news, the official said that the Bihar government is making serious efforts to promote small and medium enterprises (MSMEs), which will play a key role in the overall economic development of the state. Bihar has a strong MSME base.
These schemes were started in 2018 and 2023
According to the news, to boost the innovative ecosystem and unlock the vast entrepreneurial potential of the state, Mukhyamantri Udyam Yojana (MMUY) and Bihar Laghu Udyam Yojana (BLUY) were launched in 2018 and 2023 respectively, focusing on promoting MSMEs in the state. Industry Department Secretary Bandana Preyashi said that a total of Rs 2,697 crore has been distributed to 34,441 beneficiaries under MMUY since the year 2018. Similarly, Rs 200 crore of the first installment has been distributed to 40,099 beneficiaries under BLUY so far.
The government is giving Rs 2 lakh to the beneficiary in three installments
Preyashi said the Bihar Laghu Udyam Yojana aims to provide employment opportunities to at least one member of poor families whose monthly income is less than Rs 6,000 per month. Preyashi said the state government is providing Rs 2 lakh in three installments to each beneficiary for setting up and running micro and small industrial and processing units. The industry secretary said the government aims to promote MSMEs through awareness, training and assistance. The secretary said during Bihar Business Connect 2023, 278 companies signed MoUs for a total investment of Rs 50,530 crore.
Initiatives to promote industrial development and investment
The state government has implemented Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Promotion Policy 2021 and Textile and Leather Policy 2022 to promote industrial development and investment in the state. He said 481 applications were granted phase-1 approval under these policies, with a proposed investment amount of Rs 4,512.85 crore. A total of 175 units were approved for financial incentives with an investment of Rs 2,195.10 crore, which is the highest investment ever since the inception of state investment promotion policies. Besides, in 2023-24, 255 startups were recognised in the state and a total of Rs 11.92 crore was disbursed as seed funding to these startups.
Infrastructure development given top priority
The secretary said that from April 2023 to January 2024, Bihar Industrial Area Development Authority (BIADA) allotted plots/sheds to 427 units with a total investment size of Rs 6,145 crore, covering 492 acres of land and also generating 35,224 jobs in the state. He said that infrastructure development in industrial areas has been given top priority. An amount of Rs 409. 33 crore has been sanctioned under Part-I and Rs 212. 68 crore for construction of Unity Mall under Special Assistance to States in 2023-24. In the current financial year 2024-25, 149 units have been granted Phase-I approval for a proposed investment amount of Rs 3,950. 48 crore in Bihar State Investment Promotion Board.
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