While speaking to media during his ‘Janata Durbar’ on Monday, Bihar Chief Minister Nitish Kumar dedicated the Economic Times Business Reformer of the Year award to the people of Bihar and all those cabinet colleagues and bureaucrats who worked tirelessly for the last four years to bring about the changes now witnessed by the state.

“Its not my personal achievement…The credit goes to the people of Bihar, my cabinet colleagues, the bureaucracy and all those who contributed in the forward march of the state,” he said.

He recapped that the state had registered negative growth to the tune of 5.5% during 2003-04 and the plan outlay was just Rs. 2,500 crore. For the five years from 2004-05, the growth rate jumped to above 11% and the plan outlay has reached a respectable Rs. 16,000 crore. Mr. Kumar claimed that all these were achieved by judicious investments and systematic infrastructure development work.

Earlier, while accepting the award, Mr. Kumar had called for corporates to come and invest in the state. He argued that the much-publicized inclusive growth in the country is possible only if India Inc is willing to invest in the state.

Mr. Kumar utilized the opportunity to guarantee one and all that his government is ready to provide safety and assured that ‘you will return safely from Bihar and would love to visit Bihar again and again’. He also reminded the corporate world that the state is extending tax concessions and various benefits to potential investors.

Without naming his predecessor, he said, “Bihar was never a case of bad governance; it was a case of absence of governance. I earnestly appeal to the corporate world to do something for a poor state like Bihar.”

According to the global market exchange rates, India is the 11th largest economy in the world. It is also the fourth biggest by purchasing power parity or PPP. After Independence, it was in the 1990s that saw the face of Indian economy shaping for a better future.

India has become the hub of international investment which is directly effecting the employment and labour market in the country. During the last few months, when the developed countries faced the hiccups of recession, the Indian employment market was still on a hiring spree. The financial year ending is expected to push more and more people for job changes and better opportunities.

The main reason of slow growth in the first few decades after Indian independence was due extensive regulation and extreme socio-democratic policies. Public ownership, undue protection, and resistant to change made sure that the bureaucracy did not let the international players and Indian private companies spread their operations within the country. However, since the scenario has changed now, GDP is increasing slowly but steadily to reduce the fiscal deficit of the country. At 10.4% , it is estimated to be among the top five in the world.