PATNA: Export-Import Bank of India has said Bihar was sitting on an
untapped export potential worth US $ 900 million which, if harnessed
judiciously, could propel the value of merchandise exports from the
state to US $ 2 billion in the short term.
In the year 2017-18, the merchandise exports from the State was valued
at US $ 1.35 billion, of which the major contribution came from
petroleum products at 66%, followed by buffalo meat 6.1%, other grains
5.1%, non-basmati rice 5% and pharmaceutical formulations and organic
material 3.7%.
Presenting the findings of a study commissioned by the industries
department, at an interactive meeting with stakeholders, Export-Import
Bank of India General Manager Lokesh Kumar said, “The potential is huge
and opportunities are big. US $ 2 billion goal is achievable once we
start believing in it and create the enabling environment.”
Textile and garment sector occupies the highest slot in the list of 81
items, identified as product champions, with 24 types of products,
followed by pharmaceutical ingredients and animal products that could
give a leg-up to the endeavour to expand the export basket from the
State.
The study, compiled by Jahanwi Singh, Chief Manager, Export-Import Bank
of India, has recommended the setting up of inland container depots
(ICD), a crucial and persistent demand by local industry leaders,
establishment of custom clearance office at the existing ICD facility in
Patna, augmenting warehouse and cold chain infrastructure and setting
up SEZs in Patna, Bhagalpur and Muzaffarpur.
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