Bihar IT Policy 2024: State Govt To Reimburse 100% Of Employer Contribution In ESI/EPF, Upto Rs 5,000/Employee Monthly For 5 Years

New Delhi: The Nitish Kumar government in Bihar has introduced the Bihar IT Policy 2024 with an aim of job creation among the youth. The Bihar IT Policy 2024 promises to generate thousands of employment opportunities that will encourage Bihar professionals currently working in the IT sector outside the state to return home and contribute to the state's growth.

Under this IT Policy, companies, investors, and employment generators investing between Rs 5 to Rs 30 crore will receive a substantial 30% subsidy from the Bihar government. This financial incentive aims to attract substantial investments, fostering a thriving IT ecosystem within the state. 

Alternatively, there will be a 10 percent Interest Subvention Subsidy upto 50 percent of project cost or Rs 40 crore for 5 years and annual reimbursement of 25 percent of energy bills for 5 years.

In addition to the investment subsidy, the Bihar government is providing further support by offering a Rs 5,000 subsidy for ESI/EPF deposits made by the investing companies on behalf of their employees. 

Bihar Deputy CM Tejaswi Yadav has tweeted, "The government will also provide an employment generation subsidy of maximum amount of Rs 5,000 per worker, per month, for 5 years, in the ESI/EPF account of the employees of the employer companies."

Good news!

For the first time in #_____, Mahagathbandhan Govt has introduced _____ __ ______ ____ which is really a great news for Students, youth, entrepreneurs, industrialists & everyone who wants to see __ sector's growth in Bihar, creating jobs,_ pic.twitter.com/dNJqiIV1Ls — Tejashwi Yadav (@yadavtejashwi) January 11, 2024

The Bihar Government under its Employment Generation Subsidy will give reimbursement of 100 percent of the employer contribution of ESI and EPF upto Rs 5,000 per employees per month for 5 years, Yadav shared.

"On opening a company in Bihar, the govt will also give 50% lease rental subsidy i.e. payment of rent and 25% of the company's electricity expenses," he wrote.

For those ready to make larger investments ranging from Rs 100 crore to Rs 1000 crore, the Bihar government said that it has provision of a "Tailor Made Package" in collaboration with investors and IT companies.