Bihar Business Connect 2024: Ushering in a New Era of Industrial Growth

The Department of Industries, Government of Bihar, is set to host the grand Cuttack Razor function today at Hotel Maurya, Patna, marking the beginning of an ambitious initiative—the Bihar Business Connect 2024 Global Events Summit. The primary agenda of the function is to unveil critical details about the upcoming Bihar Business Connect 2024, scheduled for December 19-20, 2024, at Gyan Bhawan, Patna.

Transforming Bihar into an Investment Hub

The Bihar Business Connect is a flagship initiative by the Department of Industries aimed at promoting industrial and entrepreneurial growth in the state. This year's summit builds on the success of its predecessor, Bihar Business Connect 2023, which attracted over 600 entrepreneurs from across the globe.

Held under the guidance of Hon’ble Chief Minister Nitish Kumar, last year's summit saw participation from industrial stalwarts such as Nav Adani from Adani Group, Shukla Mishra of IOCL, Kamal Oswal of Nahar Group, and many others. The 2023 summit was a landmark, with MoUs signed for 278 proposals totaling ₹50,530 crore, of which ₹38,000 crore worth of projects have already been implemented.

This year, Bihar Business Connect 2024 aims to further establish Bihar as an attractive investment destination by highlighting its transformation from an agrarian economy to an industrial powerhouse.

Event Highlights

The two-day event will feature the participation of Hon’ble Chief Minister Nitish Kumar, senior ministers, leading industrialists, policymakers, and regional experts.

The summit will focus on:

1. Showcasing Bihar's Industrial Potential: Key sectors like textiles, logistics, biofuels, IT, and renewable energy will take center stage.
2. Policy Reforms and Incentives: The Bihar Industrial Investment Promotion Policy (BIIPP-2016) and the Startup Bihar Policy will be emphasized to attract global investors.
3. Strategic Discussions: High-level CEO roundtables, sector-specific panels, and MSME/startup discussions will drive insightful conversations.

Key Focus Areas for 2024

1. Revolutionizing the Manufacturing Sector

Bihar is emerging as a manufacturing hub, with key developments including:

• Military Shoe Exports: Hajipur is now a global center for safety shoe production.
• Ethanol Plants: The state leads in grain-based ethanol production, supporting India’s green energy goals.
• Food Processing Units: Value addition to agricultural products is boosting rural employment.

2. Fostering Entrepreneurship

Several initiatives empower startups and MSMEs:

• Mukhyamantri Udyami Yojana: Financial aid up to ₹10 lakh for women, SC/ST, and differently-abled entrepreneurs.
• Incubation Centers and B-Hub Coworking Spaces: Facilities at IIT Patna and other institutions are fostering innovation.

3. Infrastructure and Connectivity

Bihar’s infrastructure is witnessing unprecedented growth:

• Transportation: The state boasts the third-highest road density in India.
• Energy Efficiency: Energy capacity has expanded tenfold, from 700 MW to 7,000 MW.
• IT and Logistics: IT parks, data centers, and a Multi-Modal Logistics Park in Patna are driving connectivity and trade.

Day-Wise Agenda

Day 1 – December 19, 2024

• Inauguration by Hon’ble Industry Minister Nitish Kumar.
• Initial MoU signings and sector-specific meetings.
• Special sessions on MSMEs and Startups.

Day 2 – December 20, 2024

• CEO roundtable featuring top industrialists.
• Key MoU signings in the presence of Hon’ble Chief Minister Nitish Kumar.
• Discussions on Bihar’s industrial potential and policy framework.

Empowering Bihar’s Socio-Economic Growth

Industrialization in Bihar is creating significant socio-economic impacts:

• Employment Generation: Thousands of jobs have been created across various sectors.
• Women Empowerment: Schemes like Mahila Udyami Yojana encourage women entrepreneurs.
• Skill Development: Collaborations with educational institutions ensure a skilled workforce.

Global Connectivity and Trade

Bihar is establishing itself as a global trade hub through initiatives like:

• Inland Container Depots (ICD) for logistics and warehousing.
• Special Economic Zones (SEZs) in Nawanagar and Kumarbagh for export-oriented industries.
• Export packhouses to elevate agricultural produce to international standards.

Conclusion

Bihar Business Connect 2024 is more than just an investment summit—it’s a declaration of Bihar’s emergence as a leader in industrial transformation and economic development. With abundant resources, a skilled workforce, and progressive policies, Bihar is positioning itself as a key player in India’s industrial and economic renaissance.

Stay tuned as Bihar takes the next step toward an industrial revolution, unlocking unparalleled opportunities for investors, entrepreneurs, and innovators.