Nitish Kumar announces 'special economic packages' for investors to promote investments in Bihar
Nitish Kumar
on Saturday announced several "special economic packages" for the investors.
Independence Day 2025
Modi signals new push for tech independence with local chips
Before Trump, British used tariffs to kill Indian textile
Bank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency
The CM announced the government's decision in a social media post.
In a post on X, he wrote, "Our government has set a target to provide jobs and employment to one crore youths in the next five years. The government is encouraging those setting up industries and pursuing self-employment in the state by providing various facilities."
"Now, entrepreneurs setting up industries in Bihar will be given a special economic package. To encourage private sectors to set up industries in Bihar, the government has decided to provide a special economic package," he added.
All these facilities will be provided to entrepreneurs for setting up industries within the next six months. In addition, several other provisions have been made to significantly assist entrepreneurs setting up industries in the state. A detailed notification in this regard will be issued separately, the CM said.
Live Events
"The special economic packages for the investors/entrepreneurs include: The incentive amount provided for capital subsidy, interest subsidy, and GST will be doubled. Land will be arranged in all districts for setting up industries, and industries providing more employment will be given land free of cost. Disputes related to the land allocated for setting up industries will be resolved on a priority basis," Kumar added.
"In 2020, under the Seven Resolves-2 initiative, our government fulfilled the target of providing government jobs and employment to 50 lakh youths. Now, our government has set a target to provide jobs and employment to 1 crore youths in the next 5 years. The objective of this initiative by the state government is to promote industries in Bihar, ensure that the youth of Bihar become skilled and self-reliant, have access to maximum employment opportunities, and secure their future," the CM said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
22 minutes ago
- The Hindu
Saudi Arabia, South Africa look at India's food tech to boost production
Saudi Arabia and South Africa with high production of dates and agriculture produce respectively are seen banking on Indian innovation in food tech to achieve food security in their nations and boost production. 'Africa's food and beverage industry, valued at $313 billion, is projected to reach $1 trillion by 2030, offering immense opportunities for jobs, prosperity, and integration into the global economy,' Labane Gideon, Consul General of South Africa in Mumbai. 'With agriculture still accounting for over 60% of Africa's value chain, compared to 22% globally, investments in value-added processing and branded products are critical to unlock this potential,' he said while speaking at Anuga FoodTec India and Anuga Select India 2025 expo organised by Koelnmesse India in Mumbai. 'South Africa, with a strong food processing industry and key exports including wine, fruit juices, and food additives, recognises India as a vital partner' he said adding 'We are more interested as Africa and especially South Africa in the technological aspect of agriculture as far as India is concerned because we are still slightly lagging behind when it comes to that.' Majed Al-Otaibi, Charge d'Affaires, Royal Embassy of Saudi Arabia said Saudi Arabia is a long- standing partner of India and The Kingdom as the home to more than 37.1 million palm trees, producing around 1.1 million tons of dates annually is seeking partnership to bringing the dates to every corner of the globe. 'Nations, businesses and investors are invited to join this journey,' he said adding ' We are exploring all kinds of opportunities between our two countries and we are exchanging all the experiences and also we are exploring more and more opportunities.' Meanwhile, India's food processing & ingredients sector growing at 8.8% CAGR, is projected to double by 2030, while food-tech outpaces global benchmarks at 14% CAGR, according to experts. Rising demand for clean-label, functional, and health-conscious foods is driving AI, IoT, and digital traceability adoption across the F&B value chain, they said. With India's food processing sector projected to be among the fastest-growing industries in the coming years, the government has permitted 100% Foreign Direct Investment (FDI) in the F&B segment. Reflecting on the opportunities in India's food processing and ingredients sector Nilesh Amritkar, Managing Director, Envirocare Labs said, 'India's food processing and ingredients sector is expanding at a healthy 8.8% CAGR and is set to double by 2030, establishing our country as the food factory of the world, from farm gate to global plate.' 'At the same time, India's food-tech ecosystem in areas like hardware, software, AI, cold chain, and precision processing is expected to outpace global benchmarks at over 14% CAGR by 2030. This shows how innovation is no longer important; India is now exporting food technology to the world,' he said. 'Even with challenges such as tariffs, sanctions, and 50% export loading restrictions, our industry has demonstrated 100% resilience by rerouting supply chains and diversifying markets. Strong policy support including PLI-like schemes, Make in India, Mega Food Parks, NIFTEM institutes, and MoFPI programs like PM-FME is creating the right ecosystem for growth, entrepreneurship, and R&D-led innovation,' he added. Speaking at the event Seetharaman Raghupathi, Executive Director, National Dairy Development Board (NDDB) said the White Revolution 2.0 initiative aimed at establishing 75,000 new cooperatives by 2028–29, would further boost the growth of India's dairy sector ensuring food security. Milind Dixit, Managing Director – India & SAARC, Koelnmesse Pvt. Ltd., said, 'With the global food processing market projected to surpass $4 trillion by 2030 and India expected to emerge among the top three markets worldwide, these shows [Anuga FoodTec India and Anuga Select India 2025] provide an invaluable platform to access next-gen technologies, embrace sustainable solutions, and build long-term collaborations.'
Time of India
36 minutes ago
- Time of India
Anticipating GST changes, Ludhiana industry wants reforms expedited.
Ludhiana: As Prime Minister Narendra Modi unveiled what he called a "Diwali gift", major reforms to the Goods and Services Tax (GST), industrial and trade bodies are expressing cautious optimism. While they welcome the simplification, stakeholders insist that swift implementation, especially of refunds, is essential to prevent disruptions and revive consumption. In his August 15 Independence Day address, PM Modi revealed plans to overhaul GST by October, aimed at easing the tax burden on daily-use items and MSMEs. The long-standing four-slab system (5%, 12%, 18%, 28%) is being anticipated to be replaced by a streamlined two-slab structure with rates of 5% and 18%, and a special 40% rate on sin and luxury goods like tobacco and pan masala, as per reports of proposal having been sent to the group of ministers (GoM) and state finance ministers, ahead of the GST council's meeting. Industrialists and businessmen of Ludhiana expect that this reform could boost domestic consumption, exports, and market sentiment. "The prospect of two main GST rates are welcome, but delayed refunds could cripple operations. If we must wait for GST refunds on expenditure on raw materials, it's going to be tough," Avtar Singh Bhogal, vice-president, UCPMA, said, stressing that timely refunds would support purchasing power and curtail GST evasion. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Angelina Jolie and Brad Pitt's Daughter Shiloh Now Goes by a New Name After Dropping Pitt BigGlobalTravel Undo Upkar Singh Ahuja, president of the Chamber of Industrial and Commercial Undertakings (CICU), echoed the urgency. He warned that markets were already slow and showed signs of recession, with consumers delaying purchases in anticipation of GST relief. "Whatever changes are to be done, do them now, not wait until Diwali," he urged. "People are have stopped purchasing on big items anticipating lower GST and, thus, prices," he said. There have been long-standing industry demands for GST simplification, Harsimarjit Singh Lucky, UCMPA president said. He added that reforms would bring relief that would curtail evasion and simplify compliance. Sonu Nilibar, president of the Punjab Textile Merchant Association, said "A uniform 5% GST rate on garments would be a landmark reform. It will bring much-needed clarity, make goods affordable, boost consumption, and ease compliance. On behalf of trade, I warmly thank Prime Minister Modi for considering this long-awaited reform." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
36 minutes ago
- Time of India
Gurgaon RWAs seek reduction in GST on maintenance bills from 18% to 5%
Gurgaon: Essential security, water supply and sanitation should not be taxed like luxury services, said resident welfare associations, which, in an appeal to Haryana CM Nayab Singh Saini, have sought rationalisation of GST on monthly maintenance bills. They have also urged Saini, who has a finance portfolio as well, to push for cut in the levy from 18% to 5% and revise the exemption threshold from Rs 7,500 to Rs 10,000 per flat per month. The demand comes against the backdrop of PM Modi's Independence Day announcement that the GST regime would be simplified into a two-rate structure — 5% for items of common use and 18% for others. RWAs argued that the maintenance fees collected for basic services fall into the former category and must not be equated with luxury spending. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon | Gold Rates Today in Gurgaon | Silver Rates Today in Gurgaon "RWAs are not profit-making entities. The maintenance, which is collected, goes into basic services like water supply, sanitation, security, and lighting – all critical for urban living. Treating them at par with luxury services is unfair and burdens residents, particularly senior citizens and salaried families. The govt should align RWA services with the 5% slab and provide relief to middle-class families," said Ina Malhotra, president of National Medica Centre Cooperative House Building Society Ltd, who has also submitted the representation to the union finance minister Nirmala Sitharaman, who is chairperson of the GST Council. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo "We hope CM Saini will flag the issues in the GST Council's deliberations and ensure that society maintenance is recognised as an essential service," added Malhotra. Since its rollout in July 2017, GST on RWAs has remained a contentious issue. Contributions above Rs 5,000 per flat per month (later revised to Rs 7,500) attract 18% GST. The rate, residents have consistently opposed, saying it unfairly equates the upkeep of residential colonies with luxury services like gyms and clubs. Meanwhile, other associations are also preparing similar representations. Praveen Malik, president of the United Association of New Gurugram, said, "This tax structure is flawed at the very root. RWAs are end consumers; they act as facilitators between residents and service providers. Although the residents in our society do not fall into the GST ambit, as an RWA, we have to pay the taxes to service providers. Applying GST at 18% on essential community upkeep reflects a lack of understanding of how RWAs function. Revising GST will directly benefit end-users." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
