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Bihar Industrialists, Merchants Seek Special Package From Finance Commission
Delegations of the Bihar Industries Association (BIA) and Bihar Chamber of Commerce (BCC) on Thursday submitted separate memoranda to the 13th Finance Commission seeking a special package to the state to revive its economy and enable it achieve the national GDP rate.
Patna, (Bihar Times): Delegations of the Bihar Industries Association (BIA) and Bihar Chamber of Commerce (BCC) on Thursday submitted separate memoranda to the 13th Finance Commission seeking a special package to the state to revive its economy and enable it achieve the national GDP rate. The memorandum said that "if India has to succeed, Bihar must prosper. For that to happen, the regional imbalance will have be ended through a special package." It said the package should be similar to the ones given to north-eastern states and Jammu and Kashmir so that Bihar reach the double digit GDP. The BIA delegation was led by president K P Jhujhunwala. Other members of the delegation were S N Ashraf, Sunil Kumar Singh, Ram Lal Khetan and S K Patwari. Click On "Full Story" For More... By ugesh sarkar, Section Business Posted on Tue Dec 16, 2008 at 03:08:58 AM EST
Bihar needs Rs 40,000 crore in the next 15 years with central tax rebates to stimulate investments, the delegation said adding that new infrastrucute development projects for creation of national highways, an expressway link to a major port and a dry port in a neighbouring state, increasing power supply to Bihar from 800 MW to 6,500 MW immediately and 9,600 MW by 2012 and a special package for industrial power consumers are some of the measures required for the development of Bihar.
The state industrialists also demanded creation of Special Industrial Renewal and Development Capital Fund to the tune of Rs 500 crore to revive central government public sector undertakings and SSIs. It sought creation of a venture capital fund to provide equity and seed money to entrepreneurs as also creation of an ethanol hub in Bihar to utilise its high-yielding sugarcane and maize varieties. The Bihar Chamber of Commerce delegation was headed by its president O P Sah. It sought compensation for low credit-deposit ratio maintained by banks in Bihar which has caused a flight of Rs 3,922-crore capital from the state. It also demanded revival of Bihar State Financial Corporation and Bihar Industrial Credit and Investment Corporation by giving them grant-in-aid to prop up industries besides revival of at least 50 per cent sick SSIs. Source: Bihar Times 13/Dec/2008
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