Bihar is promoting MSMEs and launching different schemes to help them grow. It launched two major schemes in the past five years. It includes Mukhya Mantri Udyami Yojana (MMUY) and Bihar Laghu Udhyami Yojana (BLUY). MMUY launched in 2018. While BLUY launched in 2023. According to the Secretary Department of Industries, Bandana Preyashi, these two schemes helped promote MSMEs the most in five years. Let us look at the details of MSME’s current performance in Bihar below.
Bihar Promotes MSMEs By Disbursing Rs. 2,900 Crores To 74,540 Beneficiaries In Total
Bihar is promoting the growth of MSMEs in the state through its different schemes. The state launched two famous schemes, MMUY and BLUY. Under the first scheme, MMUY disburses Rs. 2,697 Crores to 34,441 beneficiaries. It disburses Rs. 200 crores to 40,099 beneficiaries. The financial help from the government also helps small and medium enterprises grow.
It is bringing a lot of investments in manufacturing units. Apart from that, it is also helping the state build an ecosystem. Bihar has given a lot of valuable things to the economy. Thus, the help that MSME of Bihar is receiving will add to their success in building the state as a manufacturing hub for a lot of things. The state is not only assisting the MSMEs, it is also assisting the lower income groups. According to the Bihar Laghu Udyami Yojana, one member from every poor family with an income less than Rs. 6,000 per month will get job opportunities.
The beneficiaries get Rs. 2 Lakhs in three installments to set up a micro-level business. Thus, it helps in creating employment and also promotes the concept of self-employment. The term is a necessity of the generation. In a country where there is unemployment, there are a lot of consumers ready to consume the goods and services as well. Thus, the unemployed can move towards self-employment. Apart from that, it also helps in generating employment after their micro business starts expanding.
With these initiatives and Bihar Business Connect 2023, the state received MoUs worth Rs. 50,530 Crores in investment. Other than these two major policies, the Bihar government implemented different policies for different industries that boosted their business over time. It includes policies like Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021, and Textile and Leather Policy 2022. Around 481 applications received the clearance. Not only running MSMEs, but the startups in the state are also getting equal support. From 2023-24, more than 255 startups received Rs. 11.92 crores seed funding in total.