West Bengal ready to ease industrial policy to attract investors

West Bengal ready to ease industrial policy to attract investors

Between 2011 and 2015, West Bengal attracted investments worth Rs.86,424 crore from both large and medium industries

Deepak Kumar | The Dollar Business

The West Bengal government on Monday said that it is ready to tweak its industrial policy to ensure business-friendly environment for potential entrepreneurs, industrialists and foreign investors. Addressing the Investment Roadshow on Bengal Global Business Summit 2016 in New Delhi on Monday, West Bengal’s Minister of Commerce & Industries Amit Mitra said, “Please feel free to tell us through your studies, what else we can do within the framework of the industrial policy. We (are) even willing to tweak the industrial policy for everyone. West Bengal has been devoted to taking industry-friendly measures in the state and the results have started to come, he said, adding that between 2011 and 2015, the state has attracted industrial investments worth Rs.86,424 crore from both large and medium industries. Debashis Sen, Principal Secretary, Urban Development, West Bengal, who was also present on the occasion, said that the state government has also planned to set up six industrial townships focusing on various sectors including healthcare, gems and jewellery and textiles. “If you look at the index of industrial production, 2013-14, India is at -0.1%, although it has improved last year, (while) West Bengal’s is 6.3%,” Mitra said. In terms of Gross Value Added (GVA) growth, West Bengal outpaced the country’s average of 7.5% and registered the growth rate of 10.48%. “During 2014-15 (Quarter-I), West Bengal's Gross State Domestic Product grew by 8.9% compared to 5.7% nationally; and industry sector rose by 6.28% compared to 4.2% at the national level,” said the Federation of Indian Chambers of Commerce and Industry (FICCI). This phenomenal growth was triggered by several factors, including the massive hike in the state’s planned expenditure. The government has increased the annual expenditure by 310% to Rs.44,074 crore from earlier Rs.14,165 crore. West Bengal’s capital expenditure growth witnessed a complete turnaround. “Under the previous government, it grew by -26%. Between 2010-11 and 2014-15, capital expenditure industry grew by 601%,” Mitra said. According to Central Statistics, India’s per capita income went up by 6.1%, while West Bengal’s per capita income grew at 12.84% in 2014-15. Mitra also highlighted slew of initiatives taken by the state government to enhance ease of doing business and said that the new rules are now available online.  

September 07, 2015 | 6:07pm IST.

The Dollar Business Bureau - Sep 07, 2015 12:00 IST