Other features of Bihar

Bihar is a state in India’s eastern region. Patna is the capital of Bihar, and Magadha was the old name of Bihar. Because it is close to the vast markets of the east and the northern part of India, it has access to the ports of Kolkata and Haldia. It is easy to source raw materials and mineral reserves from neighboring states. These resources provide a special advantage to Bihar and lead to the development of several special features of Bihar.

Special features of Bihar

Economic features of Bihar

Between 2015-16 and 2019-20, Bihar’s Gross State Domestic Product (GSDP) increased at a CAGR of 13.27 per cent. Bihar’s per capita net state domestic product has increased significantly. Between 2016 and 2021, the state’s per capita NSDP expanded at a CAGR of 13.41 per cent (in Rs.) at current prices.

The state boasts a significant pool of low-cost industrial labor, making it a suitable location for various businesses.

Between October 2019 and March 2021, Bihar received US$ 50.62 million in FDI, 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 (till January 2021).

Recent developments in Bihar

• As part of the Saat Nischay Part-2 plan, the road-building agency committed in January 2021 to build bypass roads in 120 urban districts around the state to reduce traffic.
• The roads would be 708 kilometers long and would cost Rs. 4,154 crores to build.
• In December 2020, Mr Nitin Gadkari, Union Minister for Road Transport and Highways, inaugurated the three-lane 1.5-kilometre Koilwar Bridge in Bihar, a vital transportation link between Bihar and Uttar Pradesh. The bridge cost Rs. 266 crores to construct.
• Mr Ravi Shankar Prasad, Minister of Communications, Electronics, and Information Technology, claimed in October 2020 that in the next 6-7 months, 46,000 villages in Bihar would be connected by an optical fiber network.
• NTPC Ltd. synchronized a 660-MW unit of its supercritical thermal power plant in Bihar with the grid on September 27th, 2020, allowing the commercial generation of energy from it. NTPC built five units, each with a capacity of 660 MW, on 3,200 acres of land in the Patna district of India.
• Patna and Gaya handled 30,959 and 3,606 aircraft movements in 2019-20. Patna and Gaya took 45,25,765 and 2,37,452 passengers in the same period, respectively. The Patna airport handled 12,249 MT of freight cargo during the same period.

Key sectors of Bihar

• The Bihar government declared in May 2021 that it intends to finish wheat procurement based on the minimum support price (MSP) by May 31st, 2021. 
• To kick off the procurement exercise, the state government plans to acquire roughly 1 lakh metric tons of wheat through primary agriculture cooperative societies (PACS) and Vyapar Mandals.
• Mr Mansukh Mandaviya, Union Minister of State for Ports, Shipping, and Waterways, said in March 2021 that a riverine or inland port would be built on the banks of the Gandak River in the Saran district.
• According to the Union Aviation Ministry, the Darbhanga Airport in Bihar will be expanded under the UDAN Regional Connectivity Scheme in March 2021.
• In 2019-20, the state’s total horticulture crop production was predicted to be 20,676.37 thousand metric tonnes, with 1,175.98 thousand hectares under cultivation. The state’s complete vegetable and fruit output are expected to be 16,327.53 thousand metric tonnes and 4,256.21 thousand metric tonnes in 2019-20, respectively.
• Sugarcane is planted on about 6% of Bihar’s total cultivated land. Sugarcane production in the state was 182.85 lakh MT in 2018-19 (P). In Bihar, 11 sugar mills were operational during the 2019-20 sugar season. Bihar is expected to generate 220.50 lakh MT of sugar in 2019-20.
• Tourist arrivals from abroad and within the country totaled 1.093 million and 33.99 million, respectively, in 2019.

Industries in Bihar

Large industrial businesses like Reliance Industries have been engaging with the Finance Ministry to enhance investment prospects. Small scale enterprise development, improvements in Information Technology infrastructure, development of a software park, and the development of an expressway connecting the Purvanchal border to Jharkhand have all occurred in Bihar.

Conclusion

Bihar’s economy is one of India’s fastest-growing. It is service-based mainly, with agricultural and industrial sectors accounting for a considerable portion of the economy. Agriculture employs approximately three-quarters of Bihar’s people and is one of the special features of Bihar. Bihar is also a significant producer of sugar, vegetables and fruits in India. Apart from that, one of Bihar’s primary industries is building, which contributes to the state’s economy.