PATNA, Aug. 27 -- In a strategic move to accelerate Bihar's industrialisation and create 10 million jobs over the next five years, the state Cabinet, chaired by chief minister Nitish Kumar, on Tuesday approved the ambitious "Bihar Industrial Investment Promotion Package 2025" (BIPPP-2025), envisaging unprecedented incentives like free land allocations and hefty financial subsidies. The new policy comes amid speculation that it is timed to bolster the government's image ahead of the upcoming assembly elections, where economic development and employment are expected to be key issues. Chief secretary Amrit Lal Meena, briefing the media after the cabinet meeting, described the package as a "game-changer" aligned with CM Nitish Kumar's vision for rapid industrial growth. "This is part of our commitment under the Bihar Industrial Investment Promotion Policy 2016, designed to attract big-ticket private investments and make Bihar a hub for industries," Meena said, flanked by development commissioner Pratyaya Amrit, industries department's additional chief secretary (ACS) Mihir Kumar Singh and ACS (cabinet) S Siddharth. The BIPPP-2025, effective for investors applying by March 31, 2026, offers a bouquet of incentives to lure large-scale players, including Fortune 500 companies. Meena emphasised that the package's focus on "unparalleled financial concessions and free land" will create a conducive ecosystem for "rapid industrial development," directly tying into the government's pledge to generate massive employment opportunities for Bihar's youth. A standout feature is the provision for free land transfers at a nominal Rs.1 token amount, aimed at drawing big ticket investments. Accordingly, investors committing Rs.100 crore and creating 1,000 direct jobs will receive up to 10 acres of free land.Those investing Rs.1,000 crore or more qualify for up to 25 acres, scaled to the project's needs. The companies listed among the Fortune 500 will be offered up to 10 acres free of cost. For investors not qualifying under these categories can have a 50% discount on Bihar Industrial Area Development Authority (BIADA) land rates, ensuring broader accessibility. Meena expressed confidence that these measures will draw "big-ticket investments," transforming Bihar's economy and reducing migration by providing local jobs. The new policy also stipulates three flexible financial incentive packages to support the investors. As proposed, the investors can get interest subvention up to Rs.40 crore on term loans, plus up to 100% reimbursement of net SGST. Alternatively, they can apply for 300% reimbursement of approved project costs on net SGST over 14 years. Under the third option, investors can have a 30% capital subsidy on the total approved project cost. Additionally, export promotion has been supercharged, with incentives doubled from Rs.20 lakh to Rs.40 lakh per year for up to 14 years. Employment generation is incentivised with Rs.5,000 per month per employee plus up to 300% support on ESI and EPF contributions for textile units, and Rs.2,000 per month plus 100% ESI/EPF for other industrial units. The investors can have a financial incentive of Rs.20,000 per worker per month for skill development. The entrepreneurs would be given away up to 25% reimbursement (max Rs.1 crore) for environmental protection measures, and 20% (max Rs.6 lakh) for renewable energy usage. Complementing the package, the cabinet approved massive land acquisitions to expand industrial footprints. Over the past year, the government has greenlit the acquisition of 14,600 acres for 32 new industrial areas or parks across every district, with BIADA having acquired 8,000 acres since its inception. These sites are strategically located near expressways and high-speed corridors for seamless road and rail connectivity - such as near the Varanasi-Kolkata Expressway in Rohtas and Aurangabad, Amas-Darbhanga Expressway in Darbhanga, and Patna-Purnea Expressway in Purnea. Meena said that the cabinet also sanctioned Rs.408.81 crore for acquiring 242 acres to develop a FinTech City in Patna's Fatuha circle, adjacent to the Multi-Modal Logistic Park (MMLP) along the Amas-Darbhanga expressway. Modeled after Gujarat's GIFT City, it aims to handle containerized cargo, boosting exports and positioning Bihar as a financial tech hub. Further, the Infrastructure Development Authority (IDA), Patna, will acquire 1,927.5 acres plot worth Rs.797.1 crore across six districts for industrial expansion: Bhojpur, 249.48 acres (Rs.52.62 crore); Sheikhpura, 250.06 acres (Rs.42.16 crore); Rohtas, 492.85 acres (Rs.154.07 crore); Sheohar, 270.01 acres (Rs.105.27 crore); Darbhanga, 385.45 acres (Rs.376.07 crore); Purnea: 279.65 acres (Rs.66.91 crore)....