Buoyed by the success of the recent global investors’ summit ‘Bihar Business Connect-2024, which saw investment proposals worth a staggering ₹1.80 lakh crore, the state government on Sunday said it will now ensure “conversion of memorandums of understanding (MoUs) into investment on the ground within a year.”
In a statement, Chief Secretary Amrit Lal Meena said that “one nodal officer for every 5 to 10 MoUs” will be nominated by the government to bring about ease of doing business.
These nodal officers will cover all 11 sectors for which proposals have come forth and will help the investors “securing land and all other clearances,” he said.
Read also: Auro Sundram International to invest ₹250 crore on starch manufacturing plant in Bihar
“Progress will be reviewed periodically by the state investment promotion board,” said Meena.
“Our endeavour is to ensure conversion of all MoUs into investments on the ground within a year,” he added.
Adani Group, Sun Petrochemicals, and a host of other companies committed to invest a record ₹1.81 lakh crore in Bihar, across sectors ranging from renewable energy to cement, food processing, and manufacturing during the two-day global investors’ summit, which concluded on December 20, in the state capital.
In all, the state government signed investment commitments with 423 companies.
Read also: NHPC inks MoU with Bihar to set up solar power, green hydrogen projects
At the end of the two-day investor summit, Bandana Preyashi, secretary (industries department), said, “The Bihar government has signed MoUs for setting up 423 units with an investment of ₹1,80,899 crore. We are overwhelmed by the corporate response. It is beyond our expectations. We have received investment proposals of over ₹1.8 lakh crore.”
In the first edition of the investor meet in 2023, Bihar received an investment commitment of ₹50,300 crore.
Talking to PTI on Sunday, Preyashi said, “The industries department already has a mechanism in place where we have appointed sector-specific nodal officers to ensure conversion of MoUs into investment on the ground. They are on a 24/7 job to help the investors in securing land and all other clearances.”
According to the MoUs signed by the investors with the state government, Sun Petrochemicals will invest ₹36,700 crore in renewable energy projects, including pump hydro and solar plants.
Read also: Bihar government to provide support for investors in setting up industries: Chief secretary
Adani Group, the largest private investor in the state, committed to investing about ₹28,000 crore in setting up an ultra-supercritical thermal power plant as well as expanding cement production capacity, food processing, and logistics businesses.
The maximum investment proposals have come in the renewable energy sector, worth ₹90,734 crore in 17 units. As many as 57 MoUs were signed in general manufacturing for ₹55,888 crore, followed by the food processing sector at ₹13,663 crore in 70 units.
Besides, 142 MoUs were signed in urban infrastructure with investment proposals of ₹5,566 crore.
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Published on December 22, 2024
https://www.thehindubusinessline.com/news/national/bihars-180-lakh-crore-investment-push-nodal-officers-to-streamline-mou-execution/article69015378.ece
