DyCM elucidates Bihar's industrial policy before entrepreneurs

To encourage Information Technology, food processing, textiles, apparels and leather industries in Bihar, the state government would give 10 per cent interest grant on bank loans of those industries, Deputy Chief Minister Sushil Kumar Modi said here today.
He said the state government would also give grant on payments made to Employees' Provident Fund (EPF) and ESI (Employees' State Insurance) by those industries and would give of Rs 20,000 per person employed in such industry.
Addressing the inaugural session of "Yuva Udyami Sammelan" (young entrepreneurs' conference), he said loans totalling Rs 14,861 crore had been given by banks to service, trading and manufacturing sectors in 2016-17 while about Rs 17,000 crore would be given in the current financial year through various means.

He also said the government would solve the problem of land by providing floor space to non-polluting industrial units through multi-storeyed industrial parks in the state.
The DyCM, who also holds the Finance portfolio, said under the new industrial policy of 2016, 652 proposals of investments had been received in the past 15 months out of which 539 have been approved in the first phase.
These would result in capital investment of Rs 5,000 crore, he said adding that of the 72 proposals received for financial incentives, 55 have been approved and, of these, 14 units have been already set up or were in the last phase of being set up.

These include three cement factories worth Rs 1,002 crore, the deputy chief minister said at the conference which was attended by about 800 young entrepreneurs.
He also said that for encouraging start-ups, Rs 50 crore had been made available to the Bihar Startup Fund Trust for venture funds in 2016-17.
Under this scheme, the government would give a maximum of Rs 10 lakh for 10 years as interest-free loan.