The state government is likely to introduce an exit policy reclaim its vacant industrial land. If government sources to be believed, the proposed policy could fetch up to 200 acres of industrial land, which can be used productively.
The state government has received investment proposals worth more than Rs. 3 lakh crores. However, the scarcity of industrial land proves to be bottleneck for the administration. "This is why, we want to introduce an exit policy," said Bihar Industrial Area Development Authority (BIADA) MD Deepak Kumar, "Currently there is no provision in BIADA's regulation under which an entrepreneur can surrender his land and get back the money. However with the new exit policy, we want to give them an option." He added, "We have formed basic principles for the proposed policy, which will be put before the BIADA Board for deliberation." The board meeting is scheduled to be on 8th February.
Kumar stated, "It is a real irony that on one hand the new investors are facing land problems. At the same time we have several acres of vacant land, which are being blocked for any productive use. We want to change this situation and ensure the full use of our resources. The nitty-gritty of the policy have been finalised after detailed discussions with the trade bodies."
According to the sources at BIADA the proposed policy can fetch 200 acres of industrial land. One of the officials stated, "At present, we have almost 100 acres of vacant land in different industrial parks. Apart from this, there are various closed units in these industrial parks, which can get us at least another 100 acres. It will be beneficial for both BIADA and entrepreneurs."
The state government is also working on a new transfer policy for industrial land. At present, one entrepreneur cannot transfer his/her lease to someone else. However, due to the acute shortage of industrial land, the state government has decided to change its norms. Under this new policy, an entrepreneur can transfer his/her deed after paying a certain sum to BIADA.