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Bihar is one of India’s fastest-growing industrial states. Bihar is primarily a producer and processor of agricultural products. Bihar is one of the most powerful agricultural states in the country. It is India’s fourth-largest vegetable producer and the eighth-largest fruit producer. Some of the state’s fastest-growing industries include food processing, dairy, sugar, manufacturing, and healthcare. The state has a major source of low-cost industrial labor, making it a suitable location for a variety of businesses. The major small and large agro-based industries are located here.
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What is the economic condition in Bihar?
Bihar’s Gross State Domestic Product (GSDP) increased at a CAGR of 13.27 percent. The net state domestic product (NSDP) per capita in Bihar has risen dramatically. Between 2016 and 2021, the state’s per capita NSDP increased at a CAGR of 13.41 percent (in Rs.) at current prices. Between October 2019 and March 2021, Bihar received US $50.62 million in foreign direct investment, according to the Department for Promotion of Industry and Internal Trade (DPIIT). In 2020, the state’s total merchandise exports totaled US $1,661.13 million. Exports totaled US $1,160.72 million in 2020-21.
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The best business opportunities in Bihar:
1. The Sugar Industry
2. Edible Oil Plant
3. Chemical Industry
4. Honey Industry
5. MDF Furniture Manufacturing
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Details about the above mentioned business opportunities:
The Sugar Industry
The state administration has chosen to privatise the state-run sugar mills in order to improve the sugar industry in Bihar. The sugar business has been positively impacted by the state’s climate, which is ideal for growing high-quality sugarcane. The overall area under sugarcane cultivation is 2.30 lakh hectares, with a total sugarcane production of 13 million M.T. One can definitely invest in Bihar’s sugar industry.
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Edible Oil Plant
In the recent decade, the use of vegetable oil has grown tremendously. From 13 kilos in 2001 to 16.4 kilogrammes in 2011, global per capita consumption has increased significantly. Oilseeds are readily available in Bihar due to their favourable climate. As a result, for a larger scale business in Bihar, edible oil mills are the ideal option. Araria, Banmankhi in Purnia District, Bauxer, and Lakhisarai in Munger District are a few of the mills.
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Chemical Industry
The chemical manufacturing sector of India ranks ninth in the world. The Indian chemicals industry was worth $178 billion in 2019 and is anticipated to be worth $304 billion by 2025, growing at a 9.3 percent CAGR. India's chemical industry is extremely diverse, with over 80,000 commercial products. It can be broadly classified into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilizers. Bihar has established a well-developed infrastructure. Bihar offers specific tax breaks to new investors and entrepreneurs.
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Honey Industry
Bihar is one of India’s biggest honey-producing states. Muzaffarpur, Vaishali, Sitamarhi, Champaran, Madhepura, Katihar, and Begusarai are the primary beekeeping regions. Bihar is one of India’s biggest honey-producing states. Muzaffarpur, Vaishali, Sitamarhi, Champaran, Madhepura, Katihar, and Begusarai are the primary beekeeping regions. Bihar is the only state that has the ability to generate about 40,000 MT of honey with a market value of $44.2 million every year. Investing in the honey sector is a wise decision.
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Manufacturing MDF Furniture
According to a recent estimate, the Indian furniture market would grow at a CAGR of 12.91 percent from 2020 to 2024. So, in the near future, starting a wooden or MDF furniture manufacturing firm in India will be a profitable manufacturing business concept.
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About Entrepreneur India
Entrepreneur India, a monthly industrial magazine that focuses on new development, innovations, and adventure prospects, attempts to improve the process of choosing the ideal project for the conceptual framework. By providing information about the right ventures to reasonably deduce, it enables business decisions for pioneers, energetic business visionaries, women business visionaries, financial sponsors, NRIs (Non-Resident Indians), new organizations, and specialists intending to start their venture with fewer complications.
Please visit our website at https://www.entrepreneurindia.co/ for more information.
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