Patna: In order to promote industrialisation in the state, Bihar government has decided to constitute a corpus of Rs 1500 crore that would be utilised to acquire land for setting up industrial units in the state. The corpus would be used to acquire 1000 acre land by the Industrial Department of the state.

The state government is all set to come up its new industrial policy by next month that would include the provision of the industrial corpus. The decision comes in the wake of problems being faced by the state in acquiring land for industrial units.

The new target of acquiring 1000 acre land is in addition to the 100 acre target given to all the district magistrates.

Apart from requirement of land for establishing power plants, the state needs to acquire 20, 000 acre of land for establishing other industries.

The state requires at least 800 acre land for the dozen proposals for setting up power plants.

Moreover, industrial parks are been developed for industries on 500 acre land in Begusarai and 1000 acre in Lakhisarai.
Muzzafarpur, Hajipur, Rohtas, Bhagalpur and Katihar already have industrial parks.

According to industrial policy of 2006, incentives were provided to small and medium industries. The policy continues till date.

As per the new industrial policy, exemptions have been proposed for industries investing more than Rs 500 crore in the state.