Business
How Adani’s Rs 30,000 crore Bhagalpur power project will change Bihar’s fortunes forever
Ahmedabad/New Delhi, Nov 7: The 2,400 MW Bhagalpur Power Project, being developed by the Adani Group with an outlay of Rs 30,000 crore, marks a turning point in Bihar’s economic story — bridging its energy gap, reviving industry, and creating opportunities for its 13.5 crore citizens.
For the first time in decades, the state is witnessing a wave of serious private investment.
The plain fact is that for over half a century, Bihar has remained on the margins of India’s industrial story. Despite its demographic strength and strategic location, the state has struggled to attract private investment or build a sustainable industrial base.
The data tell a sobering truth: Bihar’s per capita GDP stands at barely $776, while its per capita power consumption — 317 kilowatt hours (kWh) — is the lowest among major Indian states.
In contrast, Gujarat consumes over 1,980 kWh per capita and has a GDP per capita of $3,917.
This is not a mere coincidence. Power and prosperity move together. Where there is reliable electricity, industries grow, jobs are created, and incomes rise.
Where there isn’t, human potential migrates — literally. Bihar today supplies nearly 34 million workers to other states; its youth are forced to seek livelihoods elsewhere because industry within the state has no power to thrive.
It is against this backdrop that the Bhagalpur (Pirpainti) Power Project, being developed by the Adani Group with an investment commitment of Rs 30,000 crore, takes on historic significance. It is not just a project — it is Bihar’s opportunity to plug into India’s growth grid and finally claim its share of industrial progress.
Bihar has seen little private industrial activity in half a century. In the past five years alone, it has recorded virtually no new large-scale projects. The state’s dependence on agriculture remains high — nearly 50 per cent of its working population is engaged in farming, forestry, or fishing, while only 5.7 per cent are employed in manufacturing.
The 2,400 MW Bhagalpur Power Project, originally conceived by the Bihar State Power Generation Company Ltd (BSPGCL) in 2012, was revived by the government in 2024 through a transparent e-bidding process after earlier attempts failed.
Four credible bidders — Adani Power, Torrent Power, Lalitpur Power Generation, and JSW Energy — participated. Adani Power emerged as the lowest bidder at Rs 6.075 per kWh, a tariff lower than comparable bids in Madhya Pradesh (Rs 6.22–Rs 6.30 per kWh).
Notably, no land transfer was involved. The land, acquired over a decade ago for the project, remains fully owned by the Bihar government, leased at a nominal rent under the Bihar Industrial Investment Promotion Policy 2025. After the project term, it reverts automatically to the state.
In an era where investor confidence depends on transparency and governance, the Bhagalpur model stands out as a template for responsible investment — balancing public ownership with private efficiency.
Bihar’s electricity demand has grown sharply in recent years, but supply has not kept pace. The state’s installed generation capacity of about 6,000 MW lags behind its peak demand of 8,908 MW (FY25), forcing it to import power from the national grid.
According to the Central Electricity Authority (CEA), the demand is projected to almost double to 17,097 MW by FY35. Without new generation projects, the state risks widening its energy deficit — limiting industrial expansion, weakening job creation, and constraining overall growth.
The Bhagalpur project can help fill this critical gap. By adding 2,400 MW to Bihar’s grid, it will supply nearly one-fourth of the state’s projected additional power needs over the next decade, according to people close to the development.
Moreover, infrastructure investments of this magnitude generate vast employment. As housing and infrastructure expert V. Suresh notes, every Rs 1 crore invested in infrastructure creates 200–250 man-years of employment across 70 trades.
By that metric, the Bhagalpur project alone could create millions of man-days of work — offering Bihar’s unskilled and semi-skilled workers local opportunities in construction, logistics, operations, and allied services.
According to people in the know, a reliable power supply will also open the door to downstream industries, expansion of manufacturing zones, and the development of logistics and transport corridors—unlocking Bihar’s potential in food processing, textiles, engineering, and MSMEs.
Bihar’s challenge has never been its people — it has been its power. The Bhagalpur project signals a crucial shift in the state’s development trajectory: from subsidy-driven survival to investment-led growth. It embodies what Bihar needs most — confidence from credible investors, infrastructure that scales, and energy that empowers.
For too long, Bihar’s youth have left home to light up other states’ factories and cities. The Bhagalpur project could finally begin to reverse that flow — bringing power, purpose, and prosperity back to where they belong.
Business
Piyush Goyal highlights India’s growing strengths as global hub for talent, innovation

New Delhi, Oct 3: Commerce and Industry Minister Piyush Goyal on Saturday said he highlighted India’s growing strengths as a global hub for talent, innovation and business services, and the potential for deeper India-US business partnerships.
During his US visit, the minister met several global leaders and CEOs.
“Met Greg Case, CEO of Aon, and discussed the company’s operations in India and the opportunities for further expansion,” Goyal posted on social media platform X.
He also met Paul Grewal, Chief Legal and Global Affairs Officer at Cognition, and exchanged views on leveraging Cognition’s pioneering AI solutions and deepening its presence in India.
“Highlighted how India’s rich engineering ecosystem and dynamic startup culture provide a strong launchpad for building and deploying next-generation technologies for the world,” said Goyal.
During an engaging interaction with the Institute of Chartered Accountants of India (ICAI) leadership and members from Chicago, Michigan, and Ohio Chapters, the minister discussed the expanding opportunities in the India-US economic partnership and “highlighted how India’s economic momentum, marked by record FDI inflows and strong GDP growth, reflects PM Narendra Modi’s vision of a confident, self-reliant and globally competitive India”.
“Chartered Accountants have a pivotal role in strengthening this partnership by helping businesses navigate cross-border taxation, regulatory compliance and financial governance, while making Indian enterprises investment-ready for global capital,” the minister noted.
Goyal also delivered the keynote address at the USIBC Roundtable in Chicago.
“Discussed venture investment, commercialisation, and corporate partnerships to help Indian and US startups scale across markets. Explored opportunities to deepen India–US innovation linkages and foster the next generation of high-growth enterprises,” Goyal said.
He met Juan Ricardo Luciano, Chair of the Board and CEO of Archer Daniels Midland (ADM).
They discussed avenues to expand ADM’s presence and investment opportunities in India.
“With our rapidly expanding food processing sector, modernising agricultural value chains, and massive consumer base, India offers tremendous potential for sustainable growth and long-term collaboration,” said Goyal.
Business
Dharavi Experience Centre will build trust among area residents: CM Fadnavis

Mumbai, Oct 2: Maharashtra Chief Minister Devendra Fadnavis on Friday said that the ‘Dharavi Experience Centre’ will not merely showcase blueprints of the redevelopment project but allow the area’s residents to directly experience their future homes, neighbourhoods, and workplaces.
In an interaction with the media, he stated that this initiative will help curb rumours, misconceptions, and incomplete information, creating an atmosphere of trust around the redevelopment.
CM Fadnavis inaugurated the state-of-the-art ‘Dharavi Experience Centre’, which offers physical and digital previews of the Dharavi Redevelopment Project plan, rehabilitated homes, industrial spaces, and upcoming social infrastructure, built near the BKC in the PMGP Colony’s H Block.
The event was attended by Adani Group Managing Director Pranav Adani, BMC Commissioner Ashwini Bhide, Mumbai Slum Rehabilitation Authority (SRA) CEO Dr Mahendra Kalyankar, Dharavi Redevelopment Project CEO and SRA Secretary Vipin Paliwal, Adani Navbharat Developers Private Ltd (the Special Purpose Vehicle executing the redevelopment project) CEO Anil Sardana, among others.
After inspecting the centre, Fadnavis said: “Dharavi is not just a slum; it is a major economic engine. A significant economy thrives here through Kumbharwada’s pottery industry, leather business, food processing, plastic recycling, and various micro, small, and medium enterprises. The redevelopment plan respects these industries and focuses on providing them with better, well-planned workspaces. This is an effort toward comprehensive urban transformation while preserving Dharavi’s existing social, cultural, and economic identity.”
He added that this serves as an ideal example of the urban transformation taking place across the country under the leadership of Prime Minister Narendra Modi.
The Chief Minister noted that the ‘Dharavi Experience Centre’ will provide real-time information to everyone on how the Dharavi redevelopment project will look, what Dharavi is today, and how its structure will evolve in the future. This centre will play a crucial role in addressing the questions and confusion among Dharavi residents regarding their future post-redevelopment. He expressed confidence that by offering information on homes, roads, open grounds, social amenities, and employment opportunities all under one roof, the centre will be valuable for citizens, stakeholders, and urban planning researchers across the country.
The Dharavi Experience Centre highlights the journey from Dharavi’s present to its future transformation through modern audio-visual and digital technology. During his visit, CM Fadnavis also launched a special song titled “Dharavi Ka Kal”, sung by renowned singer Shankar Mahadevan, portraying the changing face of Dharavi, and released the book “Mere Sapno Ki Dharavi”.
Business
Markets extend weekly losing streak as FII selling, global risks weigh

Mumbai, Oct 2: Indian equity markets extended their losing streak to an eighth consecutive week on Thursday as benchmarks fell about 3 per cent each amid persistent foreign fund outflows, elevated US bond yields and geopolitical concerns.
Nifty 50 closed at 22,421.95, a decline of 3.1 per cent against the previous Friday’s closing of 23,140.5.
Similarly, Sensex declined 2.7 per cent to 71,909.7 compared with 73,895.7 a week earlier.
Broader markets also declined with midcap and smallcap indices falling 3.5 per cent and 3.3 per cent, respectively.
Sector-wise, BSE IT index was the only gainer, rising 0.2 per cent over the week.
In contrast, auto sector was the worst-performing sector, falling 5.5 per cent followed by consumer durables, down 5.3 per cent. FMCG and metal indices declined 4.2 per cent each, while energy, healthcare and realty indices fell between 3.3 per cent and 3.6 per cent. While banking, capital goods and power indices declined 2.4 per cent, 2.4 per cent and 2.6 per cent, respectively.
The latest decline marks the longest weekly losing streak for the benchmark indices in nearly 25 years.
Moreover, foreign institutional investors (FIIs) continued to sell Indian equities, while domestic institutional investors (DIIs) provided some support, cushioning the decline.
According to market experts, investor sentiment remained weak due to persistent geopolitical tensions, elevated crude prices, foreign fund selling and concerns over monetary policy.
Crude oil prices remained above $100 a barrel amid continued geopolitical tensions, while the US 10-year Treasury yield remained elevated, adding to pressure on emerging-market assets.
They further noted that the southwest monsoon ended with a 13 per cent rainfall deficit, raising concerns over agricultural output and food inflation.
The recent increase in minimum support prices for key rabi crops has also added to expectations of a cautious monetary policy stance, according to the experts.
Moreover, the Reserve Bank of India’s Monetary Policy Committee is scheduled to meet next week, with the policy decision due on October 7.
In addition, the coming week will also mark the start of the second-quarter earnings season.
The near-term market outlook could remain sensitive to global yields, crude oil prices, foreign fund flows and geopolitical developments, while the upcoming earnings season will provide further direction to equities, according to analysts.
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