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It's BackTo Business As Neighbours Woo BengalBy akansha, Section Business
Promising an investor-friendly environment, the Bihar government is all set to woo private players from West Bengal for investment in its food-processing sector.
At a programme organised by the Confederation of Indian Industry in Kolkata on Friday, the principal secretary of industries department, Government of Bihar, A K Sinha said Bengal has tremendous potential for churning out private investors. With Bihar's new food-processing policy, the Nitish Kumar government intends to open its door to the inbound state investment. "The investment scenario in Bihar has changed in the past few years. In Bihar, we have come up with a liberal food processing policy that is beneficial for investors. We want private players in Bengal to invest in our state," said Sinha. Source: The Indian Express It's back to business as neighbours woo Bengal click On "Full Story" For More...
According to Sinha, benefits like 100 per cent exemption for set up, 80 per cent VAT reimbursement, 40 per cent capital subsidy and other government incentives are bound to attract investors from Bengal.
At present, Bihar has received 41 proposals worth Rs 500 crore in its food-processing sector at present. The roadshow that kicked off in Bengal will now be heading to cities like Varanasi, Ranchi and Bhubaneswar along with other districts in the region. In India, the annual turnover of the food-processing sector is more than 80 million tonnes. Though the country's GDP over the year has crossed the trillion-dollar mark, the contribution of agriculture to the GDP is less than 20 per cent.
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