Bihar Business Connect 2024: The two-day Bihar Business Connect 2024 witnessed investment deals equivalent to nearly half of the state government’s annual budget. While the 2023 Investors Meet secured MoUs worth ₹50,530 crore, this year’s event saw investments soar past ₹1.8 lakh crore.
In what is being hailed as the most successful global investors’ meet in Bihar’s history, corporate houses and private companies agreed to investments over three times higher than in 2023. The Bihar Business Connect, organized by the Nitish Kumar-led government, resulted in business proposals worth ₹1.80 lakh crore. During the two-day event in Patna, 427 companies signed MoUs amounting to ₹1,80,889 crore. By comparison, the previous year’s investors’ meet, held in December, saw MoUs worth ₹50,530 crore signed by 302 companies.
The significance of this investment for Bihar is underscored by the fact that the state government’s budget for FY 2024-25, including two supplementary budgets, stands at ₹3.57 lakh crore. At a press conference held on Friday, Vandana Preyasi, Secretary of the Industry Department, highlighted that 427 companies signed MoUs worth ₹1,80,889 crore. The renewable energy sector emerged as the largest beneficiary, with 17 companies pledging ₹90,000 crore in investments.
Since the implementation of Bihar’s IT Policy 2024, several national and international companies have shown interest in investing in the state. During the meet, many investors also finalized agreements with the Tourism Department to establish four-star hotels in Bihar.
Bihar Business Connect 2024 Highlights
Starting on December 19, the event saw participation from investors representing 80 countries. On the second day, during the inaugural session alone, MoUs worth ₹45,000 crore were signed with various companies. Chief Minister Nitish Kumar could not attend the event due to health reasons, but his message was read out by Energy Minister Bijendra Prasad Yadav. In his message, Kumar emphasized that the industrial development environment created in Bihar would significantly benefit the local population. He assured investors of full government support and facilitation.
Industry Minister Nitish Mishra stated from the stage that entrepreneurs have agreed to invest ₹1.80 lakh crore in Business Connect 2024, paving the way for substantial job creation in the state.
Budget for FY 2024-25
In February, Finance Minister and Deputy Chief Minister Samrat Chaudhary presented a budget of ₹2.78 lakh crore. Subsequently, in July, the government passed a supplementary budget of ₹47,512 crore, followed by another supplementary budget of ₹32,506 crore during the winter session in November.
