June 17, 2024
Economy

Boosting Bihar’s Economy: New Export Promotion Policy Unveiled

In a bid to bolster its economic growth and enhance its contribution to India’s export sector, the Government of Bihar has unveiled the Bihar Export Promotion Policy 2024. This comprehensive policy aims to harness the state’s untapped potential and provide a conducive environment for businesses to thrive, thereby attracting both domestic and international investments.

The policy, which comes on the heels of India’s ambitious Foreign Trade Policy 2023, is poised to transform Bihar into a key player in the global export market. With a strategic focus on sectors such as food processing, textiles and garments, IT and ITeS, plastics, renewable energy, electrical and electronic hardware manufacturing, and healthcare, Bihar aims to diversify its economic landscape and reduce its reliance on traditional industries.

One of the key highlights of the policy is its emphasis on providing state-of-the-art infrastructure and facilities, ensuring that Bihar becomes an attractive destination for investors seeking to capitalize on the state’s unique advantages. With its proximity to major markets in South Asia and South-East Asia, as well as robust logistical connectivity, Bihar offers a strategic advantage for businesses looking to expand their export footprint.

Moreover, the policy underscores the importance of skill development and capacity building to create a skilled workforce that can drive industrial development across the state. By leveraging its rich agricultural resources, favourable soil and climatic conditions and abundant water supply, Bihar aims to strengthen its food processing sector and capitalize on emerging opportunities in the global market.

To incentivize eligible units and further enhance the investment climate, the policy offers a range of incentives, including export subsidies and performance-based rewards. Special provisions have also been made to support marginalized groups such as Scheduled Castes, Scheduled Tribes and women entrepreneurs, aiming to foster inclusive growth and equitable development.

In line with the government’s commitment to transparency and accountability, the policy outlines clear guidelines for application submission and grievance redressal mechanisms. Additionally, it emphasizes institutional coordination with key stakeholders such as export promotion councils and apex bodies to streamline export processes and facilitate market access for Bihar’s exporters.

The launch of the Bihar Export Promotion Policy 2024 heralds a new era of economic growth and prosperity for the state, signaling its readiness to embrace the opportunities of the global market. With its ambitious vision and strategic initiatives, Bihar is poised to emerge as a frontrunner in India’s export landscape, contributing significantly to the nation’s goal of achieving USD 2 trillion in exports by 2030.

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