Patna, Sep 9 (KNN) Micro, Small and Medium Enterprises (MSMEs)  in the state have largely hailed the state government's approval to the Bihar Industrial Investment Promotion Policy (BIIPP) 2016, saying it will boost the pace of industrialisation and investment.

The Nitish Kumar Cabinet has given green signal to new industrial policy which has food processing and tourism as priority sectors among others.

Apart from this, the new policy has small machine manufacturing, IT, textile, plastic and rubber industry, renewable energy, health care, leather and technical education in the priority sectors.

Speaking to KNN India about the new industrial promotion policy, President of Bihar Industries Association (BIA) Ram Lall Khetan said that this is a good policy which should bring new investments in the state.

He said Bihar is appropriate place for food processing because it is a consuming state. Raw material is available for food processing industry here. So there is enough scope for food processing in Bihar.

Elaborating about the benefits of the policy, BIA president stated that 10 per cent of the interest of the loan given to MSMEs will be borne by the Bihar government and there are other incentives too for women and SC/ST entrepreneurs also.

Commenting on Startups, he said that apart from this government has come up with new startup policy which is very good. There are very few states in India having startup policy. The new entrepreneurs will be benefitted out of it.

“Government has also come up with the single window system act. It is like if you give one application then the clearance will be given within a month automatically,” he said.

Throwing light on the issue of power supply, Khetan said that the electricity situation has improved in the state as compared to earlier and it is improving day by day.

“We have high hopes with this new industrial policy. Nitish Kumar government is proactive for the MSMEs,” he added.

The old industrial incentive policy 2011 expired on June 30.

The policy promises rich incentives including reimbursement of stamp duty and land conversion fees. It would have provision for setting up private industrial parks. (KNN Bureau)