In a significant development, the Cabinet approved the Bihar IT (Information Technology) Policy 2024 on Monday, aiming to create a conducive environment for the development of IT, ITES, and ESDM industries while fostering job creation. Under this policy, IT, ITES, and ESDM units with a minimum fixed capital investment of five crore rupees will receive a 30% one-time support, capped at a maximum of 30 crores. The government will also provide interest subsidy on term loans taken from RBI-registered banks or financial institutions by eligible units. The actual interest rate or up to 10%, whichever is lower, will be eligible for reimbursement.
Government to Offer Lease Rental Subsidy
The policy extends support to IT units operating from leased offices or commercial spaces. A 50% rental incentive on annual lease amounts for IT units established in Bihar will be granted for a period of five years. The unit’s operational base must be located within the state to qualify.
Subsidies on Electricity Tariffs
In a move to further encourage the IT sector, the government will grant subsidies on annual electricity tariffs for IT units. A continuous 25% reimbursement on the annual electricity bill for a period of five years will be provided. The government will also offer subsidies for job creation, with 100% reimbursement on the amount deposited in EPF and ESI by the employer.
Maximum limit for this incentive is set at five thousand rupees per employee per month, applicable for a maximum of five years. Mega units with investments exceeding 100 crores or those creating a minimum of a thousand direct IT jobs in the state will receive a tailored package.
Benefits Across Various Sectors
The policy opens avenues for investments in sectors such as IT products, software and services, knowledge process outsourcing, call centers, software development centers, chip manufacturing and design, computer peripherals and office equipment, semiconductors, servers and storage devices, communication and networking equipment, automotive electronics, medical electronics, industrial electronics, telecom electronics, solar photovoltaic cells and panels, animation, LED, web designing, embedded software, defense electronics, IT platforms, drone manufacturing, e-waste recycling, among others.
Approval for 636 Acres Industrial Corridor
Apart from these measures, the Cabinet has granted approval for providing over 636 acres of land in BIADA for the Industrial Corridor. Industrial manufacturing clusters will be established on this land, with provisions for utilizing Biyada for the conservation of water resources.
In addition, 47.15 crores have been sanctioned for the construction of educational campuses and internet facilities in 38 government engineering colleges and 46 polytechnic colleges across the state.
Approval for 108 Posts in Homoeopathic Medical Colleges
The government has sanctioned 108 posts for the dispensaries of Homoeopathic Medical Colleges in 12 districts of Bihar, including Buxar, Kaimur, Jehanabad, Jamui, Sheikhpura, Lakhisarai, Supaul, Kishanganj, Lakhisarai, Araria, Banka, Shivhar, and Arwal.
