Bihar, one of the country’s most financially deprived states, organized an investment summit last week to entice industrialists to the state with the promise of cutting red tape through measures like single window clearance and plug and play facilities along with cheap labor and land.
With such an alluring offer to investors, the state is willing to provide the same ease of doing business as developed states. This was the first investor summit in Bihar since 2007, and the state has trailed behind in terms of industrialization.
While having a detailed look at the summit, social entrepreneur and founder of TeamUK, Utkarsh Kishore said, “Bihar will be one of the top five states in the country for single-window clearance. Everything will be accessible online.” He stated that cheaper labor is one of the state’s strengths that should benefit industrialists. According to him, Bihar has suffered as a result of a long-held misconception that it has little to offer and is not a desirable investment destination.”
“Due to reverse migration during the Covid pandemic and rising unemployment, thousands of skilled workers have been forced to stay in Bihar. Industrialization can create jobs for them. Textile, leather, and food processing are few sectors in which Bihar has potential, which may tempt investors to put in funds.” He added further.
Among the industrial houses which have shown interest in the state are ITC NSE 2.25 %, Adani, HUL NSE 2.59 %, Coca Cola, Britannia NSE 1.92 %, Pepsi, Godrej, General Electric, Alstom NSE -0.08 % and Varun Beverages NSE 2.52 %. Participants in the summit included Amazon, Flipkart, Samsung, Amul, Usha Martin NSE 0.46 %, Honda, L&T, Arvind Mills, KEI industries NSE 9.11 %, and Tata Bluescope.
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