PATNA: The Bihar government on Tuesday announced a new policy under which free land and interest subvention of up to Rs 40 crore would be provided to those investing in the industrial sector.
Chief minister Nitish Kumar asserted that the 'Bihar Industrial Investment Promotion Package 2025 (BIPPP-2025)' will boost industrial growth in the agrarian state and provide jobs to around 1 crore youth over the next five years.
"To encourage industries in Bihar, the government has implemented the new Bihar Industrial Investment Promotion Package 2025 (BIPPP-2025) after the BIADA Amnesty Policy 2025. Under this, interest subvention of up to Rs 40 crore will be provided to the investors," he said in an X post.
The new policy was approved by the state cabinet in a meeting chaired by Kumar during the day.
"Under the new industrial package, free land allocation will be done to promote investment. Industrial units investing more than Rs 100 crore and creating more than 1,000 direct jobs will be allocated up to 10 acres of land free of cost. Industrial units investing more than Rs 1,000 crore will be allocated up to 25 acres of land free of cost. Fortune 500 companies will be allocated up to 10 acres of land free of cost," the CM added.
To avail of the benefits under this industrial package, investors will be required to apply before March 31, 2026.
"This new industrial package will help provide jobs and employment to 1 crore youth in 5 years. The objective of this initiative is to further promote industries in Bihar, make the youth of the state skilled and self-reliant, enable them to get maximum employment within the state itself, and secure their future," Kumar said.
For new units, reimbursement of net State Goods and Services Tax (SGST) up to 300 per cent of the approved project cost will be given for 14 years, capital subsidy of up to 30 per cent will be provided and the limit for export promotion will be Rs 40 lakh per year for a period of 14 years, he said.
"Additionally, assistance will be provided for skill development, environmental protection, use of renewable energy, reimbursement of stamp duty, and land conversion fees, support to private industrial parks, and patent registration and quality certification," the CM added.
Assembly elections are due in Bihar later this year.
Select The Times of India as your preferred source on Google Search