Best Business Opportunities in Bihar
Bihar is the eastern state of India, bestowed with an exclusive location due to its proximity to the eastern and northern states of India. The GSDP (Gross State Domestic Product) of Bihar is forecasted to grow at a Compounded Annual Growth Rate (CAGR) of 13.17% between the years 2015-2016 and 2020-21. The state has huge availability of cost-effective labor, making it a suitable destination for setting up industrial units. The state has potential prospects for the following businesses:
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Ø Bio-degradable sanitary pad manufacturing: Inadequate menstrual hygiene and non-consumption of sanitary pads is a major health concern for women in the rural and poor households of Bihar. Considering monetary issues, un-awareness, behavioural problems, and various other contributors; 40 to 80% of females of reproductive age do not use sanitary pads during the menstrual cycle. The fact that in a backward state like Bihar, any small improvement in the condition could prove to be significant. The disposable sanitary pads available in the market are expensive, contain chemicals, pose health risks, and are not eco-friendly.
Thus, setting up low-cost manufacturing units to produce eco-friendly pads by using organic materials can prove to be a lucrative idea. Not only it is an environmentally compatible prospect, but also offers a cost-effective, healthy, and natural alternative to the regular pads. The huge availability of cost-effective labour in the state is an added advantage.
The skilled and efficient team of NPCS with a well-defined plan assures higher gains. We offer all the necessary information as per project requirements.
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Ø Maize-processed products: Bihar is one of the largest cultivators of maize in the country. The maize output in the state doubled from 10.64 to 21.26 lakh tonnes between the years 2005-06 and 2013-14. Maize can be utilized in several forms by converting it into various products such as corn flakes, corn starch, cereals, ethanol, and such others by grinding, alkali process, cooking, boiling, and fermenting. It has several industrial applications making it a lucrative crop in the state. As there is a huge potential for the production of both high and low value-added maize products in Bihar. The rising demand for processed foods, cheap availability of labour, fewer processing units, and availability of raw materials make it an ideal destination for manufacturing maize-based products.
Ø Textile manufacturing units: Silk is one of the significant products of Bihar, for textile manufacturing units. Bhagalpuri (Tassar) silk is a unique product of Bihar and has huge prospects to fetch premium rates. Known as the ‘silk city’, Bhagalpur is popular for its exclusive variety of silk. The silk is made from the cocoons of Antheraea Mylitta silkworms, thriving in the wild forests of Terminalia tree species. The reason why Bhagalpuri silk is distinct from other silk varieties is the fact that it is eco-friendly and a limited number of silkworms are utilised for silk production. Therefore, at times it is also referred to as ‘peace silk’.
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Bihar also has a large number of weaver communities and dealing with fabric and garments is a source of their livelihood. Thus, the state has ample availability of skilled and semi-skilled labour for textile manufacturing units. Also, a large number of female youth can be employed in the textile units by offering favourable opportunities such as stitching, sewing, cutting, and other tailoring processes. The renowned Bhagalpuri sarees, kurtis, shawls etc. can be made from Bhagalpuri silk. Thus, textile manufacturing units can be set up to produce various Bhagalpuri silk based fabrics.
NPCS is one of the established brands in the corporate world providing integrated technical consulting. Having analysed the market for, ‘Business Opportunities in Bihar’, executing the same would be a beneficial venture.
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