Bihar Aims for Rs 40,000 Crore Investment at Bihar Business Connect 2023

Patna: The Bihar government is likely to get a total investment to the tune of Rs 40,000 crore from the two-day Bihar Business Connect 2023, out of which the proposal of Rs 34,000 crore has been already pledged by the investors, and the government is hopeful of making it Rs 40,000 crore at the end of summit on Thursday, a top source privy to development said on Wednesday at the summit here.

"A total of 40 memorandum of understandings (MoUs) are likely to be signed between the state government and the investors from around 16 countries including India. Out of 40 MoUs,  10 are from the global investors. The priority sectors which are likely to see the investments in the state over next couple of years, include food processing, textile, leather and information & technology (IT) among others," the source added.

As per the state’s industries minister Samir Kumar Mahaseth,  several representatives from  countries like the US, Taiwan, Japan and Germany have attended the summit or Bihar Business Connect-2023 on day-1 and many are likely to attend on the last day as well. "Besides, a total of 600 delegates including those from major Indian business houses such as Adani Group, Godrej Group and Britannia will take part in the two-day event," he said.

The Bihar global investors summit, the minister said, aims at projecting the state as an attractive global investment destination. The event will highlight the state's advantages across key sectors such as textiles, food processing, IT and bio-fuel. "The state has formulated policies, providing support and incentives to the investors who will pledge investment and the concluding day event will be attended by chief minister Nitish Kumar," he added.

However, another source, who requested for his anonymity, said that signing MoUs is one part and their realisation is the another part. "Nevertheless, implementation of the projects will be the biggest challenge before the state. Reality on the ground is something else, but when it comes to the ground, it is quite different," he added.