Bihar hardens stand on non-serious investors

The state government has begun showing doors to non-serious investors as the industry department has initiated process for cancelling of approvals for 33 investment proposals. The list also contains proposals from heavyweights like Parle, Dhampur Sugar and Rajshree Sugar.

It has now asked all investors, whose projects have been cleared by State Investment Proposal Board (SIPB), to submit progress reports. If sources are to be believed, the state government is planning to cancel approvals of many more such investors. Only last month, the Principal Secretary of Industries Department, Naveen Verma told Business Standard about the delisting of the non-serious investment proposals.

Verma said, "We have been trying our best for the industrialisation of the state. However, during the process many non serious investment proposals have also been approved. It has blurred the investment scenario. We are now formulating a policy to delist such investors. It will present a truer picture about the investment climate of the state."

In a swift action last week, the state government issued notices to 33 investors. These proposals were approved by SIPB in 2006, but they have not made any progress. Around Rs 27,000 crore was expected to be invested under these proposals.