In a significant move aimed at bolstering the tourism sector, the Bihar state cabinet granted approval to the Bihar Tourism Policy 2023 on Tuesday. The policy is designed to attract more investments in tourism and elevate the number of tourists visiting Bihar.
According to the tourism department, the newly approved policy includes several financial incentives for potential investors. These incentives encompass a capital subsidy of 30% for investments up to Rs 10 crore, 25% for investments up to Rs 50 crore, and 25% for investments exceeding Rs 50 crore, with a maximum limit of Rs 25 crore. The subsidy distribution will occur in three phases: 50% at the commencement of commercial operations, 25% after two years, and the remaining 25% after five years.
Additional financial benefits under the policy include 100% reimbursement of land conversion fees, stamp duty, and registration fees for land purchase, sale, and transfer. Moreover, there is an 80% reimbursement of GST on commercial operation for up to five years, and 100% reimbursement of electricity tariff for new tourism units for five years.
For hoteliers and tour operators, the policy outlines a 5% reimbursement of the monthly remuneration paid to tourist guides, with a maximum monthly limit of Rs 5,000 per guide for up to two years. The policy also encompasses incentives for green certification, promotions of meetings, incentives, conferences, and exhibitions (MICE), along with other financial subsidies to encourage sustainable tourism practices.
The overarching goal of the policy is to develop fundamental infrastructure near tourist destinations in the state. It addresses the diverse needs of various stakeholders, intending to create employment opportunities at tourist destinations. The state tourism department secretary, Abhay Kumar Singh, expressed optimism that the policy would attract an investment of Rs 10,000 crore in the tourism sector.
In a related development, the cabinet also approved the construction of an alternative approach path with sheds and a bus depot near Vishnupad Temple in Gaya, with a sanctioned sum of Rs 62 crore for the project.
