Bihar unveils lucrative IT Policy 2024 to boost tech sector growth

Bihar, August 5 (KNN) The Bihar government has announced a new Information Technology Policy, 2024, which aims to significantly increase investment, employment and development in IT/ITeS and ESDM sectors as well as data centres across the state.

The policy, announced by the Department of Information Technology, introduces a range of best-in-class fiscal incentives that aim to attract technology companies and stimulate economic growth in the region.

One of the highlights of the programme is the Permanent Capital Subsidy, under which companies can avail subsidy of up to 30% for permanent capital investment, including land, buildings, plant and machinery, up to Rs 300 million.

In addition, the policy offers an Interest Subvention Scheme. Under this, a 10 per cent interest subsidy is offered up to 50 per cent of the project cost or Rs 40 crore, whichever is lower, for a period of 5 years.

The aim is to reduce the financial burden on companies investing in this country.

To further support businesses, the policy includes a rental and leasing support programme.

This provides a substantial subsidy of 50% on land rent for a period of 5 years, making it more affordable for businesses to set up operations in Bihar.

Recognising the high operating costs in the technology sector, the policy introduces a subsidy on energy bills.

The program provides annual compensation of 25 percent of electricity bills for 5 years, helping businesses manage their electricity costs more effectively.

The policy also places great emphasis on job creation through the Employment Generation Incentive Programme.

This includes a full refund of employer contribution towards ESI and EPF, up to Rs 5,000 per month per employee, for 5 years.

Further, the policy includes provisions for tailor-made packages for mega projects with investments exceeding Rs 100 crore or generating at least 1,000 direct jobs.

This flexibility allows the government to attract large-scale investments that can have a significant impact on the country’s economy.

“This comprehensive policy demonstrates Bihar’s commitment to becoming a key player in the Indian technology market,” said a senior IT department official.

“We are confident that these incentives will attract significant investment and create significant employment opportunities in the state,” he added.

Interested investors can contact the government at [email protected] or reach out to senior officials directly for more information.

(KNN Office)