Bihar to revise industrial policy

Concerned about the repeated delays in completion of numerous industrial projects, the state government is now planning to alter its industrial policy to encourage their timely completion.

"We have been trying to attract new investors in the state for a long time now," Principal Secretary, Industries Department, Naveen Verma told Business Standard, "Our constant efforts have shown results too. More than thousand investors have shown their interests in investing in Bihar. However, due to various reasons not much of the proposed amount came to us. Several projects have been delayed. Therefore, now we have decided to change our strategy."

However, the senior official refused to share much detail. He added, "The strategy is still in the evaluation phase. We still discussing about the changes. Therefore, it will be too early to divulge any detail."

However, department sources confirmed that the state government may give priority to the investors with money and land in the state in the approval process.

One of the official involved in the process said, "Many of the proposals struck due to unavailability of land. Therefore the state government has now decided to give priority to those investors who have land for their projects. Along with it, we have also decided to give importance to money factor."

The industrial incentives will also be bound with the progress of the projects. According to the sources, the state government is also thinking about give more incentives to investors who complete their projects early or on time. The department has also made it mandatory for investors to submit project progress reports regularly.

"It will be a good way of ensuring that the investors comply with their deadlines. The state government officials would also visit the sites to validate the authenticity of the report. The visit will also provide an opportunity to the investors to discuss their problems with the officials," said one of the officials.Bihar received investment proposals worth Rs . 3 lakh crore since 2006, but less than 2 percent of the amount was actually invested during the period.