Patna: Senior official from the Industries department stated that the Bihar government is putting in significant effort to boost small and medium enterprises, as they are essential for the state's economic development. An official stated that approximately 74,540 beneficiaries have received about Rs 2,900 crore through two schemes that aim to support Micro, Small, and Medium Enterprises (MSMEs) in the state, one of which was introduced just last year.
Bihar possesses a robust MSME foundation. The MMUY and BLUY were introduced in 2018 and 2023 to boost the innovation ecosystem and tap into the state's vast entrepreneurial opportunities, with a focus on supporting MSMEs. A sum of Rs 2,697 crore has been given to 34,441 recipients since 2018 so far through MMUY. Secretary of Industries, Bandana Preyashi, stated that to date, Rs 200 crore of the initial payment has been given to 40,099 beneficiaries under BLUY.
Preyashi mentioned that Bihar is attracting large investments for significant manufacturing facilities while also supporting an environment for MSMEs to succeed at a grassroots level, benefiting the rural economy. She mentioned that the Bihar Laghu Udyami Yojana's goal is to create employment opportunities for at least one individual from impoverished households earning less than Rs 6,000 monthly.
Preyashi stated that the state government will give Rs 2 lakh to each recipient in three parts for building and operating micro and small industrial and processing establishments. The Industries secretary stated that the government aims to promote MSMEs by providing awareness, training, and handholding support.
She stated that the state government is supporting entrepreneurs and investors by offering a secure work environment and essential infrastructure like land, roads, electricity, and water access. The secretary of Industries also mentioned, "Due to the new state government policies, Bihar is experiencing a rise in investment promotion activities, strengthening its status as a growing business and industrial center in the nation. The secretary stated that 278 companies signed MoUs during the Bihar Business Connect 2023, pledging investments amounting to Rs 50,530 crore.
To boost industrial growth and investment in Bihar, the state government has introduced the Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021, and Textile and Leather Policy 2022. These policies resulted in 481 applications receiving stage-1 clearance, with a proposed investment of Rs 4,512.85 crore. She mentioned that 175 units were approved for financial incentives, with an investment of Rs 2,195.10 crore, which is the highest ever since the state investment promotion policies were introduced.
255 startups were identified in the state in 2023-24, with a combined seed funding of Rs 11.92 crore distributed to them. The secretary stated that BIADA assigned plots or sheds to 427 units from April 2023 to January 2024, with a total investment of Rs 6,145 crore over 492 acres of land, leading to the creation of 35,224 jobs in Bihar. Improving infrastructure in industrial zones was made a top priority. A total amount of Rs 409.33 crore was granted for.
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