Latest news with #4thCIIEastIndiaSummit
Time of India
a day ago
- Business
- Time of India
Bihar moving towards $1.1 trillion economy due to infra devpt in last 2 decades: Minister
Patna: The infrastructure and other development in Bihar in the last two decades under the leadership of CM Nitish Kumar has led the Confederation of Indian Industry (CII) predict more than double the growth in the state, which will have a $219-billion economy by 2030-31, state industries minister Nitish Mishra said on Wednesday. The CII released the report on Tuesday. "The CII estimates Bihar's economy to more than double by 2030-31 and reach $219-billion levels (the optimistic scenario). Over a longer horizon, the economy is expected to reach the size of $1.1 trillion by 2046-47," said the report titled 'Bihar: A US$1-trillion Economy', released at the 4th CII East India Summit in Mumbai. Expressing happiness on the CII vision document, Mishra said this document will become a guide for the all-round industrial and economic development of Bihar. "We are seen as a struggling and poor state, compared to the developed ones. But if we see the state's journey in the last two decades, Bihar has everything now, like a good infrastructure and governance model, which are the prerequisites for the industries to invest anywhere. We have already signed MoUs worth Rs1.81 lakh crore. The CM's announcement on Independence Day regarding the industrial incentives and policy will bring more investments to Bihar," Mishra said, adding the state can be seen as becoming the most attractive destination for investors, not only within the country but also globally, in the coming years. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo He added India is the fourth largest economy in the world today and is moving towards $5 trillion. "In this sequence, Bihar is also moving forward and will contribute to the nation's development. This is not a dream, but a goal to be realized with our policies, plans and the energy of the youth. The biggest strength of Bihar is its youth. The new generation of the state will take Bihar to new heights of development with its energy, talent and innovation. Industrial investment, skill development, infrastructure strengthening and entrepreneurship will get a new direction through this vision document," he hoped. 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.
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Business Standard
2 days ago
- Business
- Business Standard
Bihar economy expected to grow to $1.1 trillion by 2046-47: CII report
Bihar's economy is likely to grow to $1.1 trillion by 2046-47 considering the huge underlying potential of the state, according to a report released on Tuesday. In the immediate term, the state's economy is estimated to grow more than double at $219 billion by 2030-31, in an optimistic scenario, industry body CII said in its report. "CII estimates Bihar's economy to more than double by 2030-31 and reach $219 billion levels (the optimistic scenario). Over a longer horizon, the economy is expected to reach the size of $1.1 trillion by 2046-47," said the report titled "Bihar: A $1-trillion Economy," released at the 4th CII East India Summit here. According to the report, Bihar is emerging as a unique opportunity for investors buoyed by rapid economic transformation, demographic advantage, and policy-driven dynamism. The state is one of the fastest-growing states in the country. In 2023-24, Bihar recorded a GSDP of Rs 8.54 lakh crore, growing at 14.4 per cent at current prices, surpassing India's growth rate of 12 per cent for the corresponding year, it said. This surge is the result of sustained structural improvements underpinned by policy reforms, expanding infrastructure and a deliberate pivot towards industrial growth. Traditionally known for its rich agricultural base, Bihar is now strategically shifting its focus towards agro-based industries, IT and IT-enabled services (ITES), textiles and leather sectors, manufacturing and healthcare among others, the report stated. In 2016, the state launched the Bihar Industrial Investment Promotion Policy for promoting industrial development in the region. The policy was further amended in 2020 and extended till 2025 to make it more investor-friendly, CII said in the report. The policy offers a wide range of incentives, including capital subsidies, power and rental rebates employment generation and skill training grants, SGST reimbursements and land subsidies. Besides, the state government has also been very proactive in terms of notifying policies for other emerging industries such as biofuel, logistics, startups, IT, tourism and exports among others, as per the report. In addition, the single-window system, digital land records, and pro-business reforms are enhancing the ease of doing business, while the Startup Bihar initiative is nurturing grassroots innovation, CII said in its report. Stating that Bihar's economy has several comparative advantages that underpin the target of $1 trillion by 2047, the report said, adding that the state is blessed with abundant natural resources, including fertile land, minerals, and water. These resources offer immense potential for various industries, such as agriculture, food processing, and manufacturing, it said. Moreover, the majority of the state remains a rural economy with a 12 per cent urbanisation compared to 35 per cent at the all-India level. This presents a huge economic opportunity for the state to plug in, it said, adding that this also would mean a growing consumer market. Also with nearly 58 per cent of the state's 12.7 crore residents under the age of 25, it has the youngest population among Indian states. This creates a vast, trainable, and cost-elective workforce -- critical for industries, the report added.
News18
3 days ago
- Business
- News18
Bihar economy expected to grow to USD 1.1 trn by 2046-47: CII report
Agency: Last Updated: Mumbai, Aug 19 (PTI) Bihar's economy is likely to grow to USD 1.1 trillion by 2046-47 considering the huge underlying potential of the state, according to a report released on Tuesday. In the immediate term, the state's economy is estimated to grow more than double at USD 219 billion by 2030-31, in an optimistic scenario, industry body CII said in its report. 'CII estimates Bihar's economy to more than double by 2030-31 and reach USD 219 billion levels (the optimistic scenario). Over a longer horizon, the economy is expected to reach the size of USD 1.1 trillion by 2046-47," said the report titled 'Bihar: A USD 1-trillion Economy," released at the 4th CII East India Summit here. According to the report, Bihar is emerging as a unique opportunity for investors buoyed by rapid economic transformation, demographic advantage, and policy-driven dynamism. The state is one of the fastest-growing states in the country. In 2023-24, Bihar recorded a GSDP of Rs 8.54 lakh crore, growing at 14.4 per cent at current prices, surpassing India's growth rate of 12 per cent for the corresponding year, it said. This surge is the result of sustained structural improvements underpinned by policy reforms, expanding infrastructure and a deliberate pivot towards industrial growth. In 2016, the state launched the Bihar Industrial Investment Promotion Policy for promoting industrial development in the region. The policy was further amended in 2020 and extended till 2025 to make it more investor-friendly, CII said in the report. The policy offers a wide range of incentives, including capital subsidies, power and rental rebates employment generation and skill training grants, SGST reimbursements and land subsidies. Besides, the state government has also been very proactive in terms of notifying policies for other emerging industries such as biofuel, logistics, startups, IT, tourism and exports among others, as per the report. In addition, the single-window system, digital land records, and pro-business reforms are enhancing the ease of doing business, while the Startup Bihar initiative is nurturing grassroots innovation, CII said in its report. Stating that Bihar's economy has several comparative advantages that underpin the target of USD 1 trillion by 2047, the report said, adding that the state is blessed with abundant natural resources, including fertile land, minerals, and water. These resources offer immense potential for various industries, such as agriculture, food processing, and manufacturing, it said. Moreover, the majority of the state remains a rural economy with a 12 per cent urbanisation compared to 35 per cent at the all-India level. This presents a huge economic opportunity for the state to plug in, it said, adding that this also would mean a growing consumer market. Also with nearly 58 per cent of the state's 12.7 crore residents under the age of 25, it has the youngest population among Indian states. This creates a vast, trainable, and cost-elective workforce — critical for industries, the report added. PTI IAS TRB TRB view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
Time of India
3 days ago
- Business
- Time of India
Bihar economy expected to grow to $1.1 trillion by 2046-47: CII report
Mumbai: Bihar's economy is expected to grow to USD 1.1 trillion by 2046-47, considering the state's huge underlying potential, a report by industry body CII said on Tuesday. In the immediate term, CII estimated the state's economy to grow more than double to USD 219 billion by 2030, in an optimistic scenario. "CII estimates the Bihar's economy to more than double by 2030-31 and reach USD 219 billion levels (the optimistic scenario). "Over a longer horizon, the economy is expected to reach the size of USD 1.1 trillion by 2046-47," said the report titled "Bihar: A USD 1-trillion Economy," released at the 4th CII East India Summit here.
News18
3 days ago
- Business
- News18
Bihar economy expected to grow to USD 1.1 trillion by 2046-47: CII report
Agency: Last Updated: Mumbai, Aug 18 (PTI) Bihar's economy is expected to grow to USD 1.1 trillion by 2046-47, considering the state's huge underlying potential, a report by industry body CII said on Tuesday. In the immediate term, CII estimated the state's economy to grow more than double to USD 219 billion by 2030, in an optimistic scenario. 'CII estimates the Bihar's economy to more than double by 2030-31 and reach USD 219 billion levels (the optimistic scenario). 'Over a longer horizon, the economy is expected to reach the size of USD 1.1 trillion by 2046-47," said the report titled 'Bihar: A USD 1-trillion Economy," released at the 4th CII East India Summit here. PTI IAS MR First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
