The Nitish Kumar-Tejaswi Yadav duo initiated a big move to attract much needed investment into cash-strapped Bihar, with a two day event to attract big business to India’s third largest state. But has the under-developed state the required magnetism?
Bihar is set for a two-day global investor meeting, Bihar Business Connect-2023, that took off in the State Capital Patna on Wednesday, 13th morning.
According to Sandeep Poundrik, assistant chief secretary (industries), about 600 investors from 16 nations, including 200 from Bihar, are likely to participate.
The event not only attracts international investors but also highlights the achievements of young entrepreneurs from Bihar who have earned a name for themselves both nationally and globally.
During the meeting, Memorandums of Understanding (MoUs) worth 31,000 crore would be signed. Entrepreneurs from the United States, Taiwan, Japan, Germany, the United Arab Emirates, Saudi Arabia, Russia, the Netherlands, and Hungary are expected to attend.
Adani, Britannia, Micromax Biofuels, Tiger Analytics, and Godrej, as well as textile huge companies Oswal and Rupa, will be among the participants. The summit’s goal is to emphasize Bihar’s strategic edge in major industries such as textiles, food processing, information technology, and biofuels.
The government is working hard to provide “plug and play” infrastructure in order to attract businesses and offer them with a simple environment. This program demonstrates Bihar’s dedication to economic growth and development.
Over 200 Bihar entrepreneurs are expected to participate, including important people such as Prashant Kumar, the company’s head of artificial intelligence for the world’s markets. Kumar, who is originally from Saharsa, is the best-selling author of “Made in Future” and the founder of Entropia. He indicated an interest in investigating opportunities in his home state.
Mahesh Kumar, the founder and CEO of Tiger Analytics, a global pioneer in artificial intelligence and analytics, is another notable the participant. Kumar, who has his office in the United States, highlighted the close relationship with the Government of Bihar, expressing confidence about utilizing AI solutions for the state.
Dheeraj Pandey, CEO of DevRev Inc USA, and Hasmukh Ranjan, CIO of Advanced Micro Devices (AMD) in the United States, are also in attendance. Pandey, a graduate of St. Michael’s High School in Patna and IIT-Kanpur, is interested in promoting artificial intelligence and design to automate software and customer engineering methods.
The Bihar government’s most recent investor conference was held in Delhi in 2022, under the leadership of Chief Minister Nitish Kumar. Significant investments have been reported since then, notably Ambuja Cements Ltd’s business in Barh and Lulu Group International’s plans for a food processing unit and a shopping mall in the state.
The Bihar Business Connect-2023 platform promotes partnership, innovation, and economic growth by bringing together local talent and global knowledge to build the state’s wealthy future.
The success of this event could be a turning point along Bihar’s road to becoming an economic powerhouse, some say.
The Bihar government — which has been offering ready-to-move infrastructure setup, along with subsidies, tax exemptions and hassle-free land lease for investment — expects major investments in information technology, food processing, agriculture, telecommunications, textile and leather, and hospitality sectors.
The meet is to be attended by Bihar Chief Minister Nitish Kumar, his deputy Tejashwi Prasad Yadav, and state industry minister Samir Kumar Mahaseth among other political leaders. Some of the leading business leaders scheduled to attend the meet are Pranav Adani from Adani Group, Kamal Jaiswal (Nahar Group of Industries), Rajesh Agrwal (Micromax Ventures), Tushar Jain (High Spirit Commercial Ventures), Mahesh Kumar (Tiger Analytics), and Rakesh Swami (Godrej Group) among others.