Bihar Unveils Lucrative IT Policy 2024 to Boost Tech Sector Growth

Bihar, Aug 5 (KNN) The Government of Bihar has announced its new Information Technology Policy for 2024, aimed at significantly boosting investment, employment, and development in the IT/ITeS and ESDM sectors, as well as data centres across the state.

The policy, unveiled by the Department of Information Technology, introduces a range of best-in-class fiscal incentives to attract tech companies and foster growth in the region. 

One of the key highlights is the Fixed Capital Subsidy, where companies can avail up to 30 per cent subsidy on fixed capital investments, including land, building, plant, and machinery, capped at Rs 30 crore.

In addition, the policy offers an Interest Subvention scheme. Under this, a 10 per cent interest subvention is offered for up to 50 per cent of the project cost or Rs 40 crore, whichever is lower, for a period of 5 years. 

This aims to ease the financial burden on companies investing in the state.

To further support businesses, the policy includes a Lease Rental Support program. 

This provides a substantial 50 per cent subsidy on lease rental amounts for a 5-year duration, making it more affordable for companies to establish their presence in Bihar.

Recognising the high operational costs in the tech sector, the policy introduces an Energy Bill Subsidy. 

This offers annual reimbursement of 25 per cent of energy bills for 5 years, helping companies to manage their electricity expenses more effectively.

The policy also places a strong emphasis on job creation through its Employment Generation Incentive. 

This includes full reimbursement of the employer's contribution towards ESI and EPF, up to Rs 5,000 per employee per month, for 5 years.

Furthermore, the policy includes provisions for tailor-made packages for mega projects with investments exceeding Rs 100 crore or those generating a minimum of 1000 direct jobs. 

This flexibility allows the government to attract large-scale investments that can significantly impact the state's economy.

"This comprehensive policy demonstrates Bihar's commitment to becoming a key player in India's tech landscape," said a senior official from the IT department. 

"We're confident these incentives will attract major investments and create substantial employment opportunities in the state", he added.

Interested investors can reach out to the government via email at invest.it@bihar.gov.in or contact senior officials directly for more information. 

(KNN Bureau)