Bihar IT Policy 2024: Boosting Investment, Employment, and Development

The Government of Bihar has unveiled the Bihar IT Policy 2024, aimed at transforming the state into a thriving hub for IT, IT-enabled Services (ITeS), and Electronics System Design and Manufacturing (ESDM) sectors. This policy is designed to foster investment, generate employment, and accelerate overall development within these sectors and data centers.

Best-in-Class Fiscal Incentives

The Bihar IT Policy 2024 offers an array of attractive fiscal incentives to encourage businesses to set up and expand their operations in Bihar. Here’s a detailed look at the key incentives:

1. Fixed Capital Subsidy

• 30% Subsidy: Investors can avail of a 30% subsidy on fixed capital investment up to ₹30 Crore. This subsidy covers expenditures on land, building, plant, and machinery.

2. Interest Subvention Subsidy

• 10% Interest Subvention: Businesses can receive a 10% interest subvention on loans, applicable to 50% of the project cost or up to ₹40 Crore, whichever is lower, for a period of five years.

3. Lease Rental Subsidy

• 50% Subsidy: Companies can benefit from a 50% subsidy on lease rental amounts for five years, making it easier to manage operational costs.

4. Energy Bill Subsidy

• 25% Reimbursement: The policy provides an annual reimbursement of 25% of the energy bill for five years, helping to reduce the cost burden associated with high energy consumption.

5. Employment Generation Subsidy

• 100% Reimbursement: Employers can receive a 100% reimbursement of their contributions towards Employee State Insurance (ESI) and Employee Provident Fund (EPF), up to ₹5,000 per employee per month for five years.

6. SGST Reimbursement

• 100% Reimbursement: The policy also includes a 100% reimbursement on net State Goods and Services Tax (SGST), further incentivizing businesses to operate within Bihar.

Tailor-made Packages for Mega Projects

In addition to the above incentives, the Bihar IT Policy 2024 offers tailor-made packages for mega projects. These packages are available for projects with an investment exceeding ₹100 Crore or those generating a minimum of 1,000 direct employment opportunities. This initiative aims to attract large-scale investments and create substantial job opportunities in the state.

Conclusion

The Bihar IT Policy 2024 is a robust framework designed to boost the IT, ITeS, and ESDM sectors in Bihar. By offering substantial fiscal incentives and support, the state government is paving the way for significant economic growth and employment generation. Businesses looking to invest in Bihar will find a conducive environment with ample opportunities for expansion and success.