The Bihar Post

Nitish promises tax holidays to industrialists as Modi ignores Special Category demand to Bihar

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PATNA: The eastern Indian state of Bihar has introduced a new industrial policy to woo investors on a large scale by offering them many concessions.

The new industrial policy to be effective from tomorrow announces tax exemption to industrial units for five years and total reimbursements of stamp duty.

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The government also declared to bear 10 percent of the interest of bank loan taken by the investors to set up their plants.

The new announcement comes as the Narendra Modi government at the Centre is yet to consider state government’s demand for granting Special category status to Bihar which, if granted, would have given tax holidays to the industrial units.

“Earlier there were different policies for investments in different sectors like information technology, tourism, healthcare etc but now all investment proposals will have the investment benefits from new industrial policy,” Bihar cabinet secretary Brijesh Malhotra was quoted as saying in Hindustan Times today.

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Bihar headed by chief minister Nitish Kumar still looks for big ticket investors despite rolling out red carpet for them for the past on decade.

Right after coming to power in Bihar for the first time in 2005, Kumar had invited the top industrials to invest in Bihar, promising all helps.

Subsequently, top industrialists like Mukesh Ambani, Ratan Tata and Sunil Bharti Mittal among others visited the state to know about the situation on the ground.

A decade after paying a visit here, they are yet to show interest in Bihar!

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