Bihar Disburses ₹2,900 Crore to 74,540 Beneficiaries to Promote MSMEs

The Bihar government has taken significant steps to boost Micro, Small, and Medium Enterprises (MSMEs), which play a vital role in the state’s economic development. A top official from the Industries Department revealed that approximately ₹2,900 crore has been disbursed to nearly 74,540 beneficiaries under two key schemes aimed at promoting MSMEs.

The Mukhya Mantri Udyami Yojana (MMUY), launched in 2018, and the Bihar Laghu Udyami Yojana (BLUY), introduced in 2023, have been pivotal in fostering innovation and supporting the entrepreneurial potential of the state. According to Bandana Preyashi, Secretary of the Department of Industries, a total of ₹2,697 crore has been disbursed to 34,441 beneficiaries under the MMUY scheme since its inception. Similarly, ₹200 crore has been disbursed to 40,099 beneficiaries as the first installment under BLUY.

The Bihar Laghu Udyami Yojana (BLUY) focuses on providing job opportunities to individuals from economically weaker families, where monthly income is less than ₹6,000. Under this scheme, the state government provides ₹2 lakh to each beneficiary in three installments to help them establish micro and small industrial units.

Preyashi also highlighted the state government’s efforts to create an enabling environment for MSMEs through the provision of infrastructure such as land, roads, electricity, and water, making it easier for entrepreneurs and investors to thrive. She further emphasized that Bihar is receiving both large-scale investments and is fostering the development of MSMEs at the grassroots level to benefit the rural economy.

During the Bihar Business Connect 2023, 278 companies signed MoUs, committing investments worth ₹50,530 crore. The state government is also implementing policies such as the Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021, and the Textile and Leather Policy 2022 to attract investments and promote industrial growth.

Additionally, the Bihar Industrial Area Development Authority (BIADA) has allotted plots to 427 units, with an investment size of ₹6,145 crore, creating over 35,000 employment opportunities across the state. In the current financial year, 149 units have received stage I clearance for proposed investments of ₹3,950.48 crore under the Bihar State Investment Promotion Board.

Bihar has also secured approval from the Government of India to establish a multi-sector Special Economic Zone (SEZ) in Nawanagar and Kumarbagh. Efforts are also underway to set up Export Promotion Councils (EPCs) in Bihar to help local exporters expand their businesses to international markets.

In addition, Chief Minister Nitish Kumar laid the foundation stone for a ₹1,600 crore cement grinding unit of Ambuja Concrete North Private Limited, a subsidiary of the Adani Group, in the Warisaliganj block of Nawada district. This project is expected to generate 1,250 jobs and meet Bihar’s growing infrastructure needs. The Adani Group has also announced plans to invest an additional ₹5,500 crore in sectors such as cement manufacturing, logistics, and agro-industry, generating 40,000 jobs across the state.

Disclaimer: The information provided in this article is based on news updates and reports gathered from various internet sources. While every effort has been made to ensure the accuracy and reliability of the information, we encourage readers to verify the details independently before making any decisions.