Bihar has immense potential for Bio-Industries keeping in mind the vast agricultural land and the increasing per hectare produce. A large proportion of population depend upon agriculture for their livelihood. Keeping this in mind Bihar Government is providing immense incentives to Biotechnology Companies investing in Bihar. An initial grant of up to Rs 15 lakhs is given to Investors coming up with units in Bihar.
Investors presently enjoy following benefits
These biotech units are exempted from the provisions of Contract Labour Act 1970, in so far as non-core activities are concerned
100 percent Tax exemption in stamp duty and registration fee in case of lease, sale and transfer.
50 percent of the cost incurred in the project Report Preparation is reimbursed by Bihar Government once the production in the units begins.
If the Entrepreneur obtains technical knowledge from any National research center / laboratory or institution to establish or to expand his industry, 30 percent of the Fees paid would be reimbursed by the Government.
100% exemption for seven years in luxury tax for seven years.
100% exemption in electricity duty for seven years.
100% exemption in conversion charge.
100% exemption in market Fee for seven years.
Government provides land at concessional rate, wherever suitable land is available for developing housing and recreation facilities for personnel working in Biotech field in designated areas
Property transaction in the designated biotechnology park shall be exempted from stamp duty. There shall be no stamp duty on lease and financial instruments of units located in such parks.
For each job created by the Biotech-Industrial units Govt. Â may provide a maximum of Rs. 40,000/- or two month salary whichever is more in their second year of operation.