The Hindu Business Line : WB, IFC urge Bihar to focus on big houses

PATNA: The World Bank (WB) and International Finance Corporation (IFC) have advised Bihar's NDA Government to mobilise investment from large industrial houses and big industrialists for speedy economic growth of the state.

“Much focus is required to be put on the big industrialists and traders primarily to attain the dream of a developed state,” said a joint report of the WB and IFC, submitted to the Deputy Chief Minister, Mr S K Modi who also holds finance portfolio.

The report was made after extensive interaction with hundreds of small, medium and big industrialists and traders, by the economists of the two global financial institutions.

Small-time traders with annual turnover of below Rs 50 lakh constitute 81 per cent of tax-paying traders in the state, Mr Modi said.

The total number of such registered traders is 43,127. The revenue generation by such small-time traders was a mere 0.87 per cent of the total revenue generation of the state's traders. The tax returns of this segment were also a mere, Rs 30 crore a year , Mr Modi said. - PTI

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