Patna: In order to accelerate the industrial sector in Bihar and attract investors, Industries Minister Syed Shahnawaz Hussain has announced a reduction in the rate of land lease in industrial areas. Bihar Industries Minister Syed Shahnawaz Hussain said on Wednesday that the state government's decision to reduce land lease rates in industrial areas from 80 per cent to 20 per cent was "historic" as it would further accelerate the pace of industrialization in the state. He said that in 15 out of 54 industrial areas, the lease rates have been reduced to 20 per cent.

Shahnawaz Hussain said there are 12 areas where land lease prices have been reduced by 60 per cent. "In a meeting of the state cabinet chaired by Bihar CM Nitish Kumar on Tuesday, it was decided to reduce the land lease rates of industrial areas from 80 per cent to 20 per cent."

He claimed that setting up industries in 54 industrial areas of Bihar Industrial Area Development Authority has now become easier. He said: "It's a historic decision. There is a proper environment to set up industries in Bihar and investors from all over the country are coming forward to set up their businesses in the state.'' Shahnawaz Hussain said that land lease rates have been rationalised in many industrial areas of BIADA. He also said that there is no shortage of industrial land in Bihar. "After the government transferred 2,900 acres of land of closed sugar mills to Biada, there is a large land area to set up industries in the state and after this decision, the price of industrial land has now come down drastically. "

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