Bihar Government is now planning to cancel the approvals of the non serious investors. It will substantially bring down the level of proposed investment in the state from Rs 3 lakh crores to Rs 50,000-60,000 crores. According to the state government officials, this would put up a truer picture about the investment climate of Bihar.
"We have been trying our best for the industrialisation of the state," said Industrial Development Commissioner Naveen Verma, "and for that we have set up a State Investment Promotion Board (SIPB), which ensures quick approvals of the investment proposals. However, during the process many non serious investment proposals had also been approved, which exaggerated the amount of total investment." The state government is now planning to cancel the approvals for such proposals. Verma stated, "We are now formulating a policy to delist such investors. It will present a truer picture about the investment climate of the state." Till date, the SIPB has approved investment proposals worth almost Rs 3 lakh crores.
However, projects worth only Rs 5,000-6,000 crores actually came on the ground in last 6 years.