Constitution of State Investment Promotion Board

(1) A State Investment Promotion Board shall be constituted under the chairmanship of the Development Commissioner, in which the Principal Secretary of Industries, Finance, Commercial Taxes, Environment and Forest, Energy, Labour Resources, Urban Development and Housing and Revenue and Land Reforms shall be members. The Principal Secretary, Industries Department shall be the Member-Secretary of the Board. The State Government shall nominate five members in this Board, in which two members shall be representatives of industries. (2) The functions and powers of the State Investment Promotion Board shall be as follows: (a) All proposals presented by the Secretariat of the State Investment Board shall be approved by it or appropriate decisions shall be taken on the proposal; (b) The State Board shall meet at least once in a month; (c) It shall provide guidance and advice to the Department on the Bihar State Industrial Investment Policy; (d) The State Board, in every meeting, shall also review the work progress of the Secretariat of the State Board for investment promotion and shall provide appropriate guidance to ensure action on investment proposals at a rapid pace; (e) If the responsibility prescribed under this Act has not been discharged by the competent authority, then the State Investment Promotion Board shall recommend action against the competent authority.