Tag: Amit Mitra

First time in India – WB Govt launches Micro Business Credit Card

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West Bengal Chief Minister Ms Mamata Banerjee today launched the Micro Business Credit Card for medium and small businesses at the State Secretariat, Nabanna.

The Micro Business Credit Card, which is the first of its kind in India, will facilitate small and medium business entrepreneurs of the State. The introduction of this Credit Card will immensely benefit the entrepreneurs, particularly in the MSME sector.

The small and medium entrepreneurs will be able to avail cash credit or loan up to Rs 5 lakhs for their business activities, even without collateral security. The State Bank of India has extended support to the Government of West Bengal in this venture.

The State Finance Minister Dr Amit Mitra and the Panchayat & Rural Development Minister Mr Subrata Mukherjee were present on the occasion.

Incidentally, in his Budget speech in 2014, Dr Amit Mitra had noted that small and medium businesses were the largest employers in the State, and said that to ease their woes in getting bank credit, the government would facilitate the launch of a micro business credit card (on the lines of the Kisan Credit Card).

Excerpts of WB CM’s speech:

  • We must concentrate on small things. Small grows into big. We must take care of the small.
  • No one becomes a big industrialist in a day.
  • This is the first time Micro Business Credit Card is being launched in India. I congratulate all.
  • I congratulate my Finance Minister Amit Mitra for this bold step.
  • We believe in keeping the process simple and hassle-free.
  • To do business we have to keep all doors open.
  • Just because I am involved in small agricultural marketing hub, does not mean I cannot promote big business.
  • We have given Kisan Credit Cards to 65 lakh people in three years.
  • 65 Lakh Kisan Credit Cards have already been distributed.
  • 3.2 crore people out of 9 crore people in Bengal get rice at Rs 2 per kilo.
  • Till Rs 5 lakh, no guarantee is required in this Micro Business Credit Card scheme.
  • Today Business Credit cards are being given to that Kisans can start businesses. No guarantees would be required till 5 Lakh rupees.
  • It is my duty to help the people to progress.
  • If you are determined to work hard, you will reach the heights of success. My best wishes are with you.
  • We have made a fund of Rs 200 crore for business and a simplified clearance process.
  • We will start facilitation and clearance centers in Bardhaman, Durgapur, Asansol and other places to speed up the clearance process.

WB CM inaugurates third edition of the Asansol Industry & Trade Fair 2015

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The third edition of the Asansol Industry & Trade Fair 2015 was inaugurated by West Bengal Chief Minister Ms Mamata Banerjee today. The Fair will continue till February 6, 2015.

The Industry & Trade Fair is being held at Polo Ground, Asansol Stadium and is being organised by the Asansol Chamber of Commerce.

State Finance Minister Mr Amit Mitra and Labour Minister Mr Moloy Ghatak were present on the occasion.

It is expected that 300 stalls from all segments like automobiles, machinery, consumer durables, furniture, garments, real estate, solar power, electrical & electronics, kitchen appliance, hospitality, education healthcare and many more will participate in the Fair.

The Fair will be a unique platform to enhance marketing capabilities and competitiveness, showcase brands and competencies, interaction with potential buyers and promote brands & products in front of tentative buyers. It will prove to be a sophisticated platform for conducting business on a National and International scale. It will provide an excellent opportunity to assess opinions from clients and determine market potential.

Excerpts of the Chief Minister’s speech on the occasion:

• I thank the Asansol Chamber of Commerce to involve common people in this Trade Fair.

• The Adivasi people are here, the Kanyashree girls are here, everybody should be involved in good works.

• A big industrial hub is coming up at Balagarh.

• The Asansol-Durgapur, Bardhaman, Bankura, Purulia zone is very important for industry.

• We will conduct core committee meetings at every year for industry separately for these zones.

• The Panchami Coal reserves and steel industry in Durgapur will create huge employment opportunities.

• There are industries related to coal, steel, power in these areas.

• WB Govt. has made new industry, Land, PPP policies, permissions are now easily available to set up industries in the State.

• West Bengal is strong Manufacturing, Engineering, Small Scale, Textile and Cottage industries.

• Plans are there to start a Rs 3200 cr road project as well as a 1500 MW power project, 16 thousand to get jobs.

• Rs 40,000 cr to be invested in Durgapur Steel plant expansion. This will create employment opportunities as well.

 

Edited at 2.55 PM, January 29, 2014

Bengal’s debt conditions improve under Trinamool

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West Bengal’s public finance and debt conditions were under adverse conditions when Mamata Banerjee took over the Government. However under the leadership of Mamata Banerjee, Chief Minister of West Bengal and Amit Mitra, Finance Minister of West Bengal along with a dedicated teams of officials the situation has improved in the last 3 years.

Note: Figures for 2012-13 are Revised Estimates and for 2013-14 are Budget Estimates. The averages used in the RBI Publication include the estimates.

In the RBI publication “State Finances-Study of Budgets 2013-14”, the ‘Debt Sustainability Indicators’ and ‘Debt Servicing Indicators’ have improved  for Bengal.  The results are here for everyone to see:

economy files

The Debt-GSDP ratio was 44% in 2008-09 and 2009-10 has decreased sharply over the years. It stands at 40.1% in 2011-12, 37.5% in 2012-13 and at 34.6% at 2013-14.

economy files

Interest payment to GSDP ratio has fallen down from 3.8% (2005-06 to 2009-10) to 2.8% (2010-11 to 2013-14).

economy files

Interest payment to revenue receipts has also decreased from 37.9% (2005-06 to 2009-10) to 25.8% (2010-11 to 2013-14). Revenue receipts means the taxes, duties and fees levied by the government and also includes interests on investments made by the government or dividends earned by the state.

economy files

The growth of GSDP (g) is higher than the effective rate of interest (i), ie g-i >0. In WB, g-i, is now at 8.3(2010-11 to 2013-14) and has increased from 4.6 (2005-06 to 2009-10).  If GSDP grows at a higher rate than the effective rate of interest, then it reflects a better situation of public finance. The surplus has grown sharply over the years.

The revival of Bengal’s Public Finances

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West Bengal has gone through a significant transformation with the public finances. The state of the public finances was in a dilapidated condition when Mamata Banerjee took over as the Chief Minister of West Bengal.

Figures clearly show that the State’s fiscal measures have borne fruit:

  • Revenue Deficit (difference between budgeted net revenue and actual net revenue) which was 3.6% (2010-11) has declined over the years. It was 2.7% (2011-12) to 2.1% (2012-13) and is projected at 0.5% (2013-14). The Revenue Deficit has sharply fallen from Rs 21,578 crore (2009-10) to Rs 13,308 crore (2012-13) and to Rs 3,488 crore (2013-14).
  •  Gross Fiscal Deficit (difference between government’s expenditure and revenue expressed as a percentage of GDP/GSDP) which was 4.4% (2010-11) has also declined over the years. It was 3.3 % (2011-12) and in 2013-14, it is projected at 1.8%. In the non special category states, in terms of Gross Fiscal Deficit, West Bengal had second highest GFD (2011-12), while in 2013-14, 6 states are above WB.
  • The state’s own tax collection has increased historically. It was at Rs 22,000 crore (2011-12) and increased by more than 40% in 2012-13 and to Rs 39,100 crore (2013-14).
  • Capital Expenditure Disbursement (it is the expenditure on development of machinery, equipment, building and other infrastructure) a greater growth of infrastructure like roads, bridges etc) grew by 44% in 2012-13, from Rs 10,505 crore (2011-12) to Rs 15,137 crore (2012-13) and further to Rs 18,914 crore (2013-14).
  • The ‘Development Expenditure’ (as defined by RBI) has increased from 52% (2011-12) to 57% (2012-13 and 2013-14).
  • The ratio of own revenue generation to the revenue expenditure has significantly increased from 35.8% (2011-12) to 39.8% (2012-13) and to 45.2% (2013-14).

 

Note: The figures of 2010-11 and 2011-12 are actual figures while figures of 2012-13 are Revised Estimates and 2013-14 are Budget Estimates.

Source of data: RBI publications and State Budgets.

Bengal bags awards for e-governance and Kanyashree

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Actions speak louder than words. West Bengal has shown the way again. West Bengal Government has bagged prestigious National Awards for “Excellence in Government Process Reengineering” and “Outstanding Service in Citizen-Centric Service.” Bengal won Silver awards in both the categories, given away by the Central Government.

E-initiatives in Commercial Taxes:

The Finance Department of West Bengal has been awarded Silver Medal for the e-taxation project under the category of “Excellence in Government Process Reengineering”. The Finance Minister, Amit Mitra welcomed the decision. “The cutting edge use of e-taxation has revolutionized the ease of doing business and doubled tax collections here”, he added.

West Bengal’s tax revenues have gone up from Rs 21,000 crore in 2010-11, to about Rs 40,000 crore, which is historic.

Kanyashree Prakalpo:

The Department of Woman Development and Social Welfare, Government of West Bengal has been awarded Silver Medal for the “Kanyasshree Prakalpo” in the Category of “Outstanding Service in Citizen-Centric Service.”

The Chief Minister opened the Kanyashree Prakalpo, which consists of an annual stipend of Rs 500 for girls aged between 13 to 18, studying in school and providing one time grant of Rs 25,000 to unmarried girl between the age to 18 and 19 and who are undergoing study or training. About 11 lakh girls have already been enlisted and another 8 lakh sanctioned.

West Bengal will roar again like a Bengal Tiger : ASSOCHAM

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ASSOCHAM, India’s apex knowledge chamber, along with YES BANK, the fourth largest private bank of India, joined hands with the Government of West Bengal in the Bengal Global Business Summit, held on 7-8 January, 2015 in Kolkata.

The ASSOCHAM praised the growth story of Bengal in the last three years and said that the State’s economy will again roar like a Royal Bengal Tiger. The Chairman of ASSOCHAM Eastern council, Mr Sanjay Jhunjhunwala felt that Bengal will emerge as the new hub for finance and legal services.

Here is what the Mr Rana Kapoor, President, ASSOCHAM and also the CEO, MD of YES BANK said about the rise of Bengal:

  • The growth of Bengal GSDP in the last three years is higher than the National GDP.
  • Bengal’s economy is well poised to tap the huge investment potential.
  • There are opportunities of accelerated growth in sectors of agri-business, manufacturing, infrastructure, health, education and tourism in Bengal.
  • Business-friendly regulatory framework, easy finance and MSME focus will help the state immensely.
  • State’s industry and economy will soon revive the latent spirit with all the new initiatives taken.

On the sidelines of the Summit, Mr Rana Kapoor also talked about the expansion plans of YES BANK. West Bengal will be made the central hub of operations for 13 states in India and the number of branches will be increased from 15 to 50 in another fiscal.

Didi speaking at Bengal Global Summit

WB CM sets time frame for all projects at Bengal Global Summit

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There were many positive takeaways from the two-day Bengal Global Business Summit 2015 that drew to a close here on Thursday. While the proposed investment of a mind-boggling Rs 2.43 lakh crore was definitely the high point, Chief Minister Mamata Banerjee’s statement on land for industry drew the high-fives. Ms Mamata Banerjee thanked Captains of the Industry and her team for making the Summit a grand success.

Another positive outcome of the summit was that investments were not only sought and received for brick-and-mortar industries but for the crucial human resource development sector.

The Chief Minister announced the setting up of many state and private colleges, universities and technical and management institutes to create a pool of skilled manpower for industry and social sectors. She said that 10 lakh unemployed youths would be trained in technical skills within 10 years under the MoUs signed with various skill providers at the summit.

 

WB CM with industrialists at Bengal Global Summit
WB CM with industrialists at Bengal Global Summit

 

Once the proposed investments start fructifying in two to three years, more than 1 crore jobs would be created in Bengal. Land, Ms Banerjee stressed once more, would not be a problem. She mentioned Bengal’s land bank and said adequate land was available to set up smart cities and urban centres all over the state.

She also invited hospitality players to invest in unexplored tourist destinations in Bengal. The proposed Kolkata-Siliguri corridor could be turned into an industrial corridor and would change the face of Bengal, she felt.

That WB CM means business was evident from her announcement that she would set up a core team of top bureaucrats and Finance Minister Dr Amit Mitra to monitor the implementation of MoUs signed at the summit and pursue the letters of intent received from investors.

An administrative calendar would be chalked out, setting deadlines for implementation of various stages of a project and a time frame for granting clearances and permits for every proposal. The next edition of the summit would be held on January 8 and 9 next year, she announced.

We are creating more than one crore employment opportunities through Bengal Global Business Summit: WB CM

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The Bengal Global Business Summit 2015 was a huge success with the State roping in huge investments from all around the world. With representatives of business houses from more than twenty countries participating, besides the Indian industry captains, the summit proved to be an eye-opener for those who visited the state for the first time.

It was expected that about 100 people will attend each of the Breakaway Sessions. More than 200 people attended the sessions.
9 Breakaway Sessions were held today.

The 1st session was for Manufacturing. The 2nd session was for Health, Education & Skill Development. The 3rd Breakaway Session was for Food Processing, 4th session for Housing, 5th one was for MSME. The 6th Breakaway Session was held for Infrastructure and Energy. The 7th session was for Financial Services. While the 8th Breakaway Session was for Tourism and Entertainment, the last session was for IT and Hardware.

The Chief Minister addressed the Closing Session of the Summit.

Highlights of the Chief Minister’s speech at the Closing Session

  • Response has been excellent, fabulous and fatafati.
  • Congratulations to all delegates, officials, and captains of industry for such a great response.
  • We are touched by your response. This summit will go a long way and be a turning point.
  • There has been a flood of EoI, MoU.
  • It is unfair to compare Bengal with other States. We have legacy. We do not have financial independence.
  • Bengal’s economy has turned around in last three years. It is a No. 1 model.
  • Credit must go to the nine core groups in various sectors.
  • Investment commitment worth Rs 1.2 Lakh crore were received in last three years of which Rs 83,000 are in process.
  • In last two days we received investment worth Rs 2.4 lakh crore. This is huge. I bow before you. I salute you.
  • The auditorium is packed. This is the energy. This is the dedication.
  • NTPC is investing Rs 20,000 crore. Essel group is investing Rs 15,000 crore. Subarna group is investing Rs 1000 crore.
  • From Samsung to NASSCOM, TCS to Infocom are investing. Within 2-3 yrs we can create more than 1 cr employment opportunities.
  • We have an employment bank. Our labour is cheap. We are setting up polytechnic and ITI. We want pvt players to adopt it is.
  • Land is available. We are providing skill development to 10 lakh youth.
  • Earlier government was a loadhsedding-government. Now there is no loadshedding in Bengal.
  • If there is no industry in Bengal, how come so many people are here today? How are new hotels coming up in Bengal.
  • I always think positive. If you have a vision, you can accomplish your mission.
  • Our government started e-governance for transparency and good governance.
  • Our government provides social justice. We believe in social governance.
  • We allotted 4000 acres of land within a second at Kulti. Land is not a problem. We have a land bank, land use policy.
  • There is a direct connection between CMO and BDO. We have completed more than 80 block level meetings.
  • Political killings by Maoists have stopped in Jangalmahal. There is peace there.
  • We started 14Y clearance. Mutation problems addressed in 21 days. Bengal will give surplus power to other states.
  • Everything is available in Bengal. You just do your business with a heart.
  • We have an administrative calendar. We have achieved 99% of our tasks.
  • From today we will start an administrative calendar for the proposals of Bengal Global Summit. WBIDC will be nodal agency.
  • Bengal is giving free medicines to rural people. Bengal is the first State to have fair price medicine shops and cord blood bank.
  • 45 new colleges coming up. 8 new universities have been set up. If anyone is interested to set up medical college, we will help you.
  • We have started township policy. We have identified land. Land is not a problem.
  • There is so much potential for the growth of urban development.
  • We are against SEZ. But if you want to set up IT Parks, we will provide all assistance.
  • There is so much tourism potential in Bengal. Eco-tourism is coming up. There is scope in entertainment industry.
  • Think about today. Look towards tomorrow. Bengal is the gateway to SE Asia, Bangladesh, Nepal, Bhutan.
  • A second Goa can come up in Bengal.
  • Bengal has huge scope for hospitality sector. There are a lot of areas to explore.
  • Eco-park, where we hosted the dinner yesterday, was set up in just a year.
  • We announced PPP Policy. Industry is coming through PPP.
  • We are setting up agri-marketing hubs. There is a lot of demand. You can come to Bengal and fulfill the demand.
  • I convey my best regards to your countrymen, your family members. The whole world is my sweet family.
  • Bengal Global Summit 2016 will be held on 8-9 January, 2016. Please do book your schedules now.
  • Bengal is delighted by your august presence. It touches our hearts.

 

The Summit ended with a standing ovation and the performance of the National Anthem.

Investment Bengal

Bengal receives Rs 83,000 crore investment in 3 years

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West Bengal is all ready to host the Global Business Summit on 7- 8 January, 2015. There has been a turnaround of sorts after the new government took office in May, 2011.

The State revenues have gone up from Rs 21,000 crore to about Rs 39,000 crore, a growth unprecedented in the history of India.  Industry leaders, not only from Bengal or India, but from places like Singapore, Japan, Malaysia, USA and UK are expected to attend the summit.

There are strong reasons for such enthusiasm, because actions speak louder than words.

Dr Amit Mitra, State Finance, Commerce and Industry Minister, said:

  • Contrary to general perception, West Bengal is riding on growth path. The state has attracted Rs 83,212 crore investment between April 2011 and December 2014
  • Tata group company TCS is building 40-acre campus to house 20,000 IT professionals
  • Tata Metaliks also plans to expand capacity, while Tata Hitachi Construction Machinery Co plans investment in R&D and up gradation work
  • State-run NTPC is setting up the largest power plant having 1,300 MW capacity with an investment of Rs 10,000 crore
  • Matix Fertilisers and Chemicals’ plant near Panagarh in West Bengal will use coal-bed-methane (CBM) as feedstock for its Rs 5,500 crore fertiliser unit
  • L&T is deeply engaged in state building highways, while the Shapoorji Pallonji Group received the permission to set up 20,000 apartments for LIG and MIG group
  • Anil Ambani-led Reliance Group is investing Rs 600 crore for its cement plant on 100 acres of land
  • Orissa Cement and Emami Group are also investing Rs 600 crore each for setting up cement facilities in the state

 

Despite the propaganda by a section of the media and Opposition, the surge of development will continue unabated in Bengal, under the leadership of Mamata Banerjee.

Fourth

Tributes paid to victims of Peshawar attack at Kolkata Children`s Film Fest inauguration

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Mourning the terror attack in Peshawar, Pakistan where 132 school students were killed, the fourth edition of Kolkata International Children’s Film Festival was inaugurated by state Finance, commerce and Industries Minister Amit Mitra on Sunday.

Around 180 films from over 25 countries would be screened at the film festival from December 21-28 with the focus country as Iran.

The movie “Kaphal-Wild Berries”, which won the Golden Lotus for Best Children’s Film at the 61st National Awards, was screened at the inaugural film.

The director of the movie, Batul Mukhtiar, along with the five child artists of the film were present as guest during the inauguration. “We try to screen good children films at the festival for the children. This year six films by the children of Purulia, where we conducted a workshop, will be screened here,” Chairman of Shishu Kishore Academy Arpita Ghosh said.

Along with the children films, documentaries on sports and music personalities as well as a special screening of ‘Silent Heroes’, an adventure of speech and hearing challenged youths would also be shown at the festival.

The screenplay of Ritwik Ghatak’s children movie “Bari Theke Paliye” would also be published this time.