Bihar gets investment proposals worth Rs 63,000 crore, almost half in ethanol sector
The cumulative worth of proposals for setting up ethanol units before the Bihar State Investment Promotion Board (SIPB) is almost half of the total proposed investment amount, according to the industries department data.
While investment proposals worth Rs 63,008 crore were received till November 10, proposals worth Rs 30,747 crore were for setting up 164 ethanol units. The first ethanol unit in the state started functioning in Purnia this April. The Rs 105-crore plant by Eastern India Biofuels Pvt Ltd was the first one developed since the Centre gave a go-ahead to Bihar’s ethanol production and promotion policy.
The centre increasing the mixing of ethanol in petrol from 10 to 20 per cent opened floodgates for investment in such units in Bihar where 17 of its 38 districts grow maize, used mainly for ethanol production. Besides ethanol, startups in food processing, textile, health and tourism sectors have given a major boost to the industrial growth of late, according to the data.
The industries department data showed Bihar had realised an investment worth Rs 3,341 crore so far. Four ethanol units worth Rs 409 crore have become fully functional. The state got the highest investment worth Rs 1,368 crore through the realisation of 178 food processing units. Four cement units worth Rs 503 crore also started functioning. A total of 390 units have started functioning in the state.
Besides, the growth of startups in the last two-three years, mainly in food processing, tourism, health services and the IT sector was a welcome sign for the state, which badly needs investment in its core areas of strength. The state government giving Rs 10 lakh interest-free loan for 10 years as seed money was a big draw among prospective investors.