It will be easy to set up an industry in Bihar… approval will be given within 30 days, a big decision of Chief Minister Samrat

Now it will be easy to set up industries in Bihar. Businessmen will not have to run here and there for all the necessary approvals related to investment. In fact, Bihar Chief Minister Samrat Chaudhary announced on Tuesday that it will now be mandatory to give all necessary approvals related to industry and investment within 30 days. The Chief Minister said that if the concerned department is not able to take a decision within the stipulated time limit, then the application will be automatically considered approved.

Chief Minister Samrat Chaudhary says that the objective of this initiative is to accelerate industrial development in Bihar, create employment opportunities on a large scale and strengthen the economic self-reliance of the state. CM said that the process of setting up industries in Bihar has been made easier and more convenient than before. He said that the government is committed to making all the processes related to setting up industries transparent, time-bound and investor-friendly.

Know what is the objective of the government?

CM Samrat says that the aim of the government is to create a better environment for investors by eliminating administrative complexities and unnecessary delays related to setting up industries. He further said that under the Bihar Industrial Investment Promotion Act, 2016, the State Investment Promotion Board (SIPB) Secretariat has been given the status of ‘Single Nodal Agency’. Besides, it has also been given extensive administrative and legal powers.

Steps taken towards becoming a self-reliant and developed state

The government claims that under the new system, once the technical scrutiny and recommendation of the investment proposal is completed, the competent authority will have to give approval within 30 days or within the stipulated time frame. This provision will not just be an administrative instruction, but will be legally binding. The Emperor expressed confidence that this initiative will further strengthen Bihar’s progress towards becoming a self-reliant and developed state.

No provision for reconsideration

The Chief Minister said that if any department or competent authority is unable to take a decision within the stipulated time frame, the SIPB Secretariat will issue ‘deemed clearance’ (approval) to protect the interests of investors. Such approval will be binding on all concerned departments and there will be no provision for reconsideration.