New RE policy to attract ₹1.5 lakh Cr Investment, Generate Jobs: Bihar Energy Secy

Bihar's new renewable energy policy has the potential not only to attract investments worth ₹1.5 lakh crore but also generate huge employment opportunities across the state, Bihar's Energy Secretary Manoj Kumar Singh said.

Launched earlier this week, the policy for 'Promotion of Bihar New and Renewable Energy Sources 2025' aims to harness 23.96 gigawatt (GW) of renewable energy and 6.1 GW of storage by FY 2029-30 through non-conventional sources and energy storage potential of the state.

Other key objectives of the policy are promoting new and efficient techniques for development of RE and storage projects, increasing awareness for RE integration, and maximizing stakeholder participation for RE development among others.

Sharing his views with PTI, the secretary said, "This is one of the most progressive policies in the country. Bihar will not only lead in the clean energy sphere but also make significant contributions to India's commitment towards Net Zero. Besides becoming one of the most attractive investment destinations, it will generate huge employment opportunities as the next renewable hub of the country." Singh said Bihar is offering one of the most attractive policy regimes in the country and assures investors of policy support which will help them with good returns for their investments in the state.

When asked about the expected investments and job opportunities, the official said the policy has potential to attract investments of "₹1,50,000 crore and generate 1,25,000 jobs." Replying to another question on the benefits for investors, the secretary said the policy introduces a highly competitive suite of incentives designed to attract investors and developers from across the country. These include a streamlined single-window clearance system to fast-track project approvals and comprehensive financial benefits such as 100 per cent reimbursement of SGST, land conversion fees, and stamp duty on lease or transfer of land.

The policy also grants a 100% waiver on electricity duty for 15 years and provides long-term open access for 25 years along with full exemption from transmission and wheeling charges.

State utilities will bear the cost of transmission and distribution infrastructure up to 10 kilometers, with shared responsibility beyond that point.

"I urge national and international investors to invest in the state and avail the benefits of the policy. The entire policy is in the public domain. The government will fully support the investors to address their concerns," he added.