Bihar Industrial Investment Promotion Policy (Textiles & Leather), 2022
बिहार औद्योगिक निवेश प्रोत्साहन योजना (वस्त्र और चमड़ा), 2022
The state cabinet, chaired by Chief Minister Nitish Kumar on May 26, 2022, approved the proposal to implement the Bihar Industrial Investment Promotion Policy (Textiles and Leather), 2022.
In this policy, big concessions have been announced for the industries investing in the textile and leather sector in Bihar.
Focus on Employment
Focus is on providing employment to the youth along with the industrial development of the state.
Bihar’s Textile and Leather Policy includes provision of many incentives including capital grant, employment grant, power grant, freight grant, patent grant, skill development grant, etc.
Bihar will give tough competition to Bangladesh and Vietnam
Industries Minister Syed Shahnawaz Hussain said at the launch of the policy that in the coming times, Bihar will give tough competition to Bangladesh and Vietnam in the textile sector. He said that the companies which will invest, they will get a big market of about 54 crore population of many neighboring countries like Nepal, Bhutan including the northeastern states.
- State Industries Minister Shahnawaz Hussain said that through this policy, Bihar will be established as a hub in the field of textile and leather industry.
- The textile and leather policy provides for a wide range of incentives including capital grant, employment grant, power grant, freight grant, patent grant, skill development grant.
- There are provisions like interest subvention on loan, reimbursement of SGST, waiver of stamp duty, registration, exemption on land conversion.
- The state government will provide a grant of up to Rs.10 crore to entrepreneurs and investors who want to invest in the textile and leather industry in Bihar.
- Apart from this, the government will also provide a salary support of three thousand to five thousand rupees per month for 5 years.
- 30% transport subsidy will be given to the respective units for export.
- Under the new policy, a grant of Rs. 10 lakh per annum will be given on freight movement for five years.
- A grant of 50 percent of the registration expenses will be given on patenting your products, subject to a maximum of Rs. 10 lakh.
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