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Bihar has untapped export potential of $900 mn: Exim Bank

Nov '19
Pic: Exim Bank
Pic: Exim Bank
Bihar harbours an untapped export potential of $900 million and if realised, the shipment from there could exceed $2 billion in the short term, according to a recent study by the Export-Import Bank of India, which said the merchandise exports from the state in 2017-18 were worth $1.35 billion—a ‘remarkable improvement’ over the 2012-13 figure of $0.4 billion.

The bank organised an interaction with exporters in New Delhi on November 18 and released the working paper, 'Promoting Exports from Bihar: Insights and Policy Perspectives'.

The study, which examines Bihar's economic profile and outlines strategies for creating an enabling environment for exports at the state-level, recommends setting up of inland container depots (ICDs) in Muzaffarpur and Bhagalpur, besides establishing a custom clearance office in the existing ICD in Patna, increasing warehousing and cold chain infrastructure in the state.

It also suggests setting up of special economic zones (SEZs) in the districts of Patna, Muzaffarpur or Bhagalpur and providing freight equalisation support to exporters for reducing the cost to exports arising out of infrastructural deficiencies, according to a press release from the bank.

The study proposes better branding and marketing of products from the state with geographical indication tags.

Fibre2Fashion News Desk (DS)

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