"Investors from all across the nation have submitted their proposals to the tune of Rs. 40,000 crore. Sugar mills that had been declared dead years ago are being revived and institutes like Indian Institute of Technology (IIT) are making their entrances in the state," Gavai said adding a B-School named after Chandragupta Maurya on the pattern of Indian Institute of Management (IIM) was also on the drawing board in Bihar.

Recounting the major events of 2007, particularly the flood, the Governor said even the nature was testing the endurance power of Bihar.

"More than 5 lakh homes were washed away in the flood. Food-grains worth over crores of rupees were destroyed pushing Bihar several steps backward while sidetracking it from various schemes that were meant to put the state on the path of development. These adversities, however, failed to dampen the spirit of Bihar where economic prosperity is finally beginning to appear attainable," the Governor said.

Gavai also praised the NDA government in Bihar for checking crime rate in the state.

"There is no doubt crime has gone down in Bihar but we are still far from claiming a success. The state government is taking on the criminals and corrupt officers head on thus creating an atmosphere that is conducive to business and education," he said.

During the occasion, the Governor also honored 11 soldiers from Bihar for their brave and courageous acts to defend the country.

Meanwhile, the float presented by the Information and Public Relations Department won the first place prize on look and theme with actors reenacting the Sepoy Mutiny of the 1857.

The second and third place was awarded to the state Tourism Department and COMFED respectively.