With the change in the socio-political scenario and the improving socio-economic condition, Bihar has today joined the league of the fastest growing states in the country. It had an unprecedented growth rate during the last few years, thus catching up with the all India average.
In fact, India's so called poorest state has posted impressive GDP growth in the recent times. As per the economic survey of 2009-10, Bihar grew at a remarkable rate of 10.74 percent from 6.35 percent (2008-09). Bihar's economy continued to exhibit a high growth rate in 2010-11 as well, wherein the state grew at a rate of 14.8 percent during 2010-11. Thus Bihar's economy has grown at an annual rate of 11.36 percent between 2004-05 and 2010-11.
As with previous years, the economy has grown primarily due to high public investment. However, a major shift has been registered in the thinking and investment pattern of the people of the state. The attitude of the consumers in Bihar has undergone a major transformation over the last few years. The Bihari consumer today can be divided into a number of categories: some want to lead a life full of luxury and comfort and for Moreover, the middle class in Bihar has provided a big boost to the consumer culture during the recent past and it is expected that their buying behaviour will continue to change in the coming future. The rapid growth of the service sector has led to the increase in the per capita income of the people, which in turn, has led to a steep rise in the purchasing power of the people of Bihar.
But at the same time, a consumer from Bihar is highly aware about the product, price, quality and the options available to him. A product is purchased keeping all these factors in mind. Today, price is not the only consideration as it was a few years back when prices played a major role in the buying behaviour. Marketers are trying hard to capture these consumers using attractive offers and deals.
For years, Bihar was ignored by the major market players, including top industrialists, investors and business persons. But thanks to the initiatives taken by the government of Bihar and its people that Bihar has surfaced as an important state as far as investment is concerned. What is more important to note here is the fact that the companies and brands have become sensitive towards the consumers of all age groups, gender, economic and social background. The road ahead is long but Bihar is riding fast. The hope for change and a better future is clearly visible in the eyes of the people.