The correct answer is: High poverty rate.
Bihar is one of the poorest states in India, with a poverty rate of over 40%. This is due to a number of factors, including low levels of education, poor health care, and lack of employment opportunities. The high poverty rate has a number of negative consequences for the state, including low levels of economic growth, high levels of crime, and social unrest.
Lack of infrastructure is another major challenge for Bihar’s economy. The state has a poor road network, inadequate electricity supply, and limited access to water and sanitation. This lack of infrastructure makes it difficult for businesses to operate and for people to get around. It also makes it difficult for the state to attract investment.
Limited natural resources is another challenge for Bihar’s economy. The state does not have significant reserves of oil, gas, or minerals. This means that it has to import these resources, which makes it more expensive to produce goods and services.
Excess industrialization is not a major challenge for Bihar’s economy. The state has a relatively low level of industrialization. This is due to a number of factors, including the lack of infrastructure, the high poverty rate, and the limited natural resources.
In conclusion, the high poverty rate is the major challenge for Bihar’s economy. The state has a number of other challenges, but the high poverty rate is the most pressing.