Bihar Needs Pvt Investment to Sustain Growth

Bihar's Industry and Tourism Minister Nitish Mishra, in a telephonic interview with Shikha Shalini, discusses the aggressive strategy the state has undertaken to transform its economy, such as translating investment proposals into reality to improve the business environment and tackling unemployment issue. Edited excerpts:

- Shikha Shalini

How many proposals from the Bihar Business Connect event and investor meets over the years have translated into operational industries and actual investments?

We have made significant progress. Of the ₹50,300 crore worth of proposals from the 2023 Bihar Business Connect, projects worth ₹38,000 crore have been grounded, which means they have moved from the proposal stage to becoming operational. For the larger pool of ₹1.81 trillion worth of proposals, we have cleared projects worth ₹92,000 crore. A significant portion of the pending clearances, particularly among the larger projects, relates to renewable energy. Nearly half of all proposed investments are in this sector.

Since renewable energy projects take longer to get started, how is the government handling this?

These projects do have a longer gestation period. We are focusing on two areas. First, we are expanding our land bank to ensure that investors have access to the large tracts of land they require. Second, we are preparing a new incentive package, which is expected to get the Cabinet approval soon. This policy will focus on job creation and aims to overcome challenges linked to the long timelines of renewable energy projects.

Bihar is ranked 26th in the Ease of Doing Business index and is known for land disputes and bureaucracy. What is your ministry doing to improve the business environment?