The exit policy of the government, which had been valid for six months, did not work for the state.
Unfazed, the state government is now planning to float a new, improved and permanent policy aimed at attracting entrepreneurs, who have got land allotted by Bihar Industrial Area Development Authority (Biada) but have not been able to start their units on it.
Sources said the new policy would be an improved version compared to the recently lapsed exit policy aimed at attracting industrialists.
“The industries department had launched the exit policy on May 1 this year and it was valid till October 31. During these six months, the Biada had given a chance to those who had got Biada land, but their businesses were not doing well, to come forward and surrender the land to the authority so that the land could be given to those in the waiting,” an officer with the department told The Telegraph.
He added that according to the policy, Biada had stated that it would facilitate the land return and will pay the industrialists the value of the land as per its present price from the time the unit has been operational after deducting the dues, if any.
“The aim is to come up with a healthy land return system so that there is no clash between the Biada and the industrialists and matters don’t land up in the court. However, very few turned up,” the officer said.
He added that the new policy would be a bit different from the exit policy.
“The new policy, like the exit one, would be centred around return of Biada land. One new thing will be that the policy, once framed, will be a regular feature unlike the previous one. Though the policy is still to be framed, there will be fresh sops and facilities for entrepreneurs, who want to return the Biada land. The fresh features will be attractive. The earlier policy didn’t find many takers despite having several facilities for industrialists. Hence, the new policy will have improved features to fit the bill of entrepreneurs,” another department officer said.
P.K. Agarwal, the chairman of Bihar Chamber of Commerce and Industries (BCCI), welcomed the move.
“We wanted the exit policy period to be extended but the state government didn’t agree to it. An extension would have lowered the chances of legal hassles as Biada could go ahead and cancel the land allotment if they feel that the project is not working on the land they have provided. But we also welcome the move to bring in a new policy,” he said.