Why in News?

=> Bihar Chief Minister Nitish Kumar launched the Investors Meet-cum-Bihar Textile and Leather Policy, 2022 at The Convention Building in Patna.

Key Points:

=> Addressing the conference, he said that the new policy will greatly benefit investors setting up industries in Bihar. The state will soon become a major textile hub of the country.

=> The textile and leather policy provides for a wide range of incentives including capital grant, employment grant, power grant, freight grant, patent grant, skill development grant.

=> There are provisions like interest subvention on loan, reimbursement of SGST, waiver of stamp duty, registration, exemption on land conversion.

=> The Chief Minister said that the main objective of the policy is to develop Bihar as a major potential investment hub for domestic and global investors in the region and to provide a variety of incentives to entrepreneurs starting textile and leather businesses.

=> Under the new policy, 15 percent of the cost of capital investment for plant and machinery will be given, subject to a maximum of Rs.10 crore. Apart from this, the grant of electricity charges will be two rupees per unit.

=> The employees working in the industry will be given a grant for a period of five years at the rate of Rs 5,000 per month.

=> 30% transport subsidy will be given to the respective units for export.

=> Under the new policy, a grant of Rs.10 lakh per annum will be given on freight movement for five years.

=> A grant of 50 per cent of the registration expenses will be given on patenting your product, subject to a maximum of Rs 10 lakh.