Nitish invites India Inc to Bihar

Mumbai: Bihar Chief Minister Nitish Kumar today invited India Inc to invest in the state and take advantage of the industrial policy announced by his government last year. The Chief Minister extended the invitation during his hour-long meeting with the corporate honchos here.

"The Chief Minister urged the industry captains to come and invest in Bihar as it offers a industry-friendly climate," sources said. "The state offers tremendous business opportunities in sectors such as solar energy, education, healthcare etc," Nitish Kumar told the industrialists. The meeting was attended by Vedanta Group Chairman Anil Agarwal, Bharat Forge Group Chief Baba Kalyanai, ICICI Bank`s CMD Chanda Kochhar, Axis Bank`s chief Shikha Sharma among others.

The Bihar government had last year announced a new industrial policy which focused on some key areas like power, food processing, agro-based industries, tourism, super speciality hospitals, IT, technical and higher education, electronics, hardware and non-conventional sources of energy.

The policy provides for a subsidy grant of 50 per cent for setting up captive power plants and 60 per cent in case of non-conventional sources of energy. The Industrial Policy 2011-2016 also provides a capital subsidy of about Rs 5 crore to those making less than Rs 500 crore of investments whereas Rs 30 crore would be given as capital subsidy to industrial units that invest Rs 500 crore or above.