WB Govt to appoint advisors for implementing infra projects

WB Govt to appoint advisors for implementing infra projects

Posted on August 5, 2015 | by admin2 | Leave a Comment

After returning from London, chief minister Mamata Banerjee has stressed on completing all ongoing projects in the state before the end of the financial year. The state finance department is engaging sectoral transaction advisers who will coordinate with different state and municipal level development agencies to help them find private partners to execute the projects on PPP model.

According to Nabanna officials, the finance department wants six transaction advisers for PPP projects in the state for different infrastructure sectors. The most important sector will be physical infrastructure that includes construction and transportation.

Urban (municipal) infrastructure sector includes water supply , treatment and distribution, drainage and sewerage and solid waste management. The third sector is industrial and related infrastructure like area development and commercial development, power and telecommunication infrastructure and the fourth sector is social infrastructure that includes non-construction activities like health, education, environment and ecology .

The state finance department will be the nodal agency for implementation and development of infrastructure projects under the PPP format. Officials said that the sectoral transaction advisers who will be selected will assist the government and state level agencies in executing the projects within a fixed time frame.

This is an excerpted version of the story that appeared in The Times of India on August 5, 2015

Bengal growth story not highlighted on national scale: Amit Mitra

Posted on July 27, 2015 | by admin2 | Leave a Comment

Interview of Dr Amit Mitra, Hon’ble Industries & Finance Minister, West Bengal

Q: Is Bengal suffering from a perception issue?

Dr Mitra: Bengal’s reality has changed a lot. It is not being shown on national scale. Bengal’s GDP is growing at 10%. The state is surging ahead in every field, be it agriculture, services or industry. Our slogan is “Come to Bengal, Ride the growth”.

Q: Is WB Govt suffering from communication issue?

Dr Mitra: Media channels are the main source of communication. Some local media channels do not want to show the Bengal growth story.

Q: What is the sales pitch of Bengal in UK?

Dr Mitra: We will highlight all the macroeconomic parameters. Investment proposals worth Rs 84000 crore are already underway. If you take our statistics that I have submitted in the State Legislative Assembly, there will be a lot of heads turning.

Changi airport and SAIL are taking up projects which will not only help in infrastructure but also generate employment. We have land in 38 industrial parks. 4500 acres of land are ready for industries. All departments together have 100000 acres of land which can be put to judicious use.

We have an analytics park coming up at Kalyani. AIIMS-like hospital and several universities in the pipeline too. All this is coming up on government land. We have cleared 7500 acres of private land which is vested and already in the market. The largest technology park of the Central Govt is coming up in Kolkata.

Five tea estates belonging to State Government, which were lying closed for a long time, have been given out in transparent, competitive manner. The transition of the tea estates also saw 100% employee retention. Haldia Petrochemicals is receiving 95% capacity even as stake sale process is underway.

We have applied our minds and are moving ahead at a fantastic pace regarding the issue of land and SEZ. Research shows that SEZs are not sustainable in India which have become a playground for real estate.

Bengal is a power-surplus State now. NTPC is taking up power projects in the State. Bengal is water-surplus State, thanks to the Jal Dharo Jal Bharo project.

The MoUs that will be signed in London are across the board and will encompass all major small and large industries.

Q: Will you change your FDI policy?

Dr Mitra: We will not change our policy. Let me be clear because it is our commitment to the people. We have a mall in the heart of Kolkata which is the highest rated mall in India. So who is against business houses setting up shop? We welcome companies to enter Bengal.

We have eased the process of doing business. One of the biggest problems was mutation. WB CM has put a 30 days limit for the process.

West Bengal Government received award from Central Govt for e-taxation. We are the only State in India to go cheque-free in taxation.

Kanyashree is a revolutionary programme where 22 lakh girls have been registered for financial assistance to pursue education and got appreciation from United Nations as well.

Videocon to set up mobile making unit in Bengal

Posted on June 26, 2015 | by admin2 | Leave a Comment

The Videocon Group will invest approximately Rs 50 crore to set up a mobile handset making facility in West Bengal. This was announced after senior functionaries of the company met West Bengal Finance and Industries Minister, Dr Amit Mitra at Nabanna.

According to Anirudh Dhoot, Director, Videocon, the assembly unit will come up at its existing facility at the IT Township of Salt Lake, on the north eastern part of the city.

Another Rs 100 crore, sources said, will be spent in ramping up its Phulbari facility in Jalpaiguri district. The facility located in north Bengal caters to computer peripherals and assembly of devices.

According to sources, around Rs 25 crore has already been invested in the facility. The remaining amount will be spent towards expanding the facility and include manufacturing of mobile accessories and peripherals like batteries and chargers.

West Bengal’s debt repayment burden to multiply: Amit Mitra

Posted on May 27, 2015 | by admin2 | Leave a Comment

West Bengal’s annual debt repayment burden would grow sharply in coming years as maturity dates of the loans taken by the previous Left Front government were drawing closer, state Finance Minister Amit Mitra said.

Replying during the Question Hour in the Assembly, Mitra said during 2015-16, the debt repayment amount would be Rs 8,877 crore, which is set to rise to Rs 9,781 crore in the next financial year.

In 2017-18, the amount would multiply to reach Rs 18,359 crore which, he said, would be a great burden on the state, Mitra said. According to him, this will happen as ten, 12 and 15 years loan were going to mature.

Mitra said that the state government was making provisions towards this and also by sticking to fiscal and revenue discipline. He said that one silver lining was that the state GDP was rising at a rapid pace while the debt/GSDP ratio was falling.

Attacking the Left Front, Mitra said that the loan burden as on March, 2015 as per revised estimates was Rs 2.74 lakh crore. When the Trinamool Congress came to power in May, 2011, the inherited debt was close to Rs 2 lakh crore.

In the first four years of TMC rule, the debt increased by Rs 82,946 crore, out of which Rs 76,346 crore were spent towards interest and principal repayment.

During the four years from 2011, the ruling government had borrowed only Rs 6,617 crore which was used for its own spending, Mitra said.

Pointing out that West Bengal was caught in a debt trap, Mitra said that he and the chief minister have discussed the matter with the UPA government and the present NDA government for amortisation of the debt repayment schedule, but there was no positive outcome from either of them.

The UPA government offered $10 billion to the IMF for tackling the Eurozone crisis, but ignored the cry of a federal state which was in deep distress, he regretted. He also accused the Left Front of breaching the borrowing limit under FRBM Act.

West Bengal government allots land for investment over Rs 1000 Cr

Posted on May 27, 2015 | by admin2 | Leave a Comment

The West Bengal Cabinet Tuesday cleared land to a number of investors ensuring an investment of Rs 1,004.25 crore with direct employment opportunities to 1,539 people in the state.

Announcing this after the state cabinet meeting here, state finance and industry minister Amit Mitra said all these land have been allotted to the investors within various industrial parks controlled by the WBIDC.

Altogether 14 units would come up over 97 acres of land under five industrial parks, he said. Mitra said CPF (India) Pvt Ltd and Prasad Seeds Pvt Ltd would set up their units under Vidyasagar Industrial Park at Kharagpur with an investment of Rs 550 crore and Rs 15 crore respectively.

Emami Cement Ltd would set up its Rs 418 crore unit at the Panagarh Industrial Park in Burdwan district, while Essar Oil Ltd under the same Park, also got its required land cleared for laying its proposed pipeline, he said.

Similarly, seven units would come up under the Gems and Jewellery Park at Ankurhati (Domjur) following allotment of land to the investors. Besides, two units would come up at Paridhan – the Garment Park, while another unit would come up at the Zari Hub at Sankrail in Howrah district, the minister added.

Vivek Gupta speaks on the Appropriation Bill & Finance Bill | Full Transcript

Posted on May 7, 2015 | by admin2 | Leave a Comment

Full Transcript

Sir, I thank you for giving me this opportunity. Sir, I stand here today to speak on these Bills and I can’t help but remember two ladies in my life. One is Mother Teresa and the other one is our Chief Minister. I start with a short quote from Mother Teresa.

“It is not how much we give, but how much conditions we put into giving.”

Hon. Finance Minister, Arun Jaitley ji, was very kind and gracious enough to include Bengal in the category of Special Package. We were all very happy in Bengal. But this happiness turned into gloom when we realised that these companies will have to pay MAT on it.

So, in effect, there will be no cash left in their hands which they can then reinvest in the business or reuse. The next point that I want to make is this. In Bengal, the Government is the biggest litigant and frequent changes in tax laws are not helping matters at all. In fact, even the international community says that frequent changes in tax laws is one of the biggest problems which they find when they want to either invest in India or come to India. There is always this uncertainty about India.

Sir, my next point would be that we are concerned about some sections in the Finance Bill and also reports in the media that the Government now proposes to tax all subsidies and incentives received. We don’t receive the subsidy or incentive, but the taxman is ready to take money, so we have to put money from our pocket. I would request the hon. Finance Minister, through you, if it is possible, to please clarify the stand on whether this tax on subsidy and incentive is applicable to individuals as well.

Sir, the last point is about giving powers to income tax people whereby they can send the people to jail. It is like stepping into dangerous waters, especially when there is no reciprocal arrangement. When they harass taxpayers, they do not face similar action. I would request that even harsher penalties be imposed on them when it is proven beyond reasonable doubt that they have harassed taxpayers.

With this, I thank you, Sir.

West Bengal will roar again like a Bengal Tiger : ASSOCHAM

Posted on January 14, 2015 | by admin2 | Leave a Comment

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.

Transparency in governance: WB Govt launches finance database system

Posted on December 13, 2014 | by admin2 | Leave a Comment

The state finance department has introduced an online centralized databank system for all statutory government bodies, corporations and authorities to keep an eye on their assets and liabilities and check whether they are carrying out regular financial audits or not.

A notification issued by the finance department on Saturday states that it was under consideration for some time to improve the present system of maintaining financial data in all government statutory bodies, such as corporations, undertakings and societies that have been set up under various government departments.

Transparency in governance

This move will further improve transparency and uniformity among the various government agencies. Through the system, the statutory government bodies will have to upload data on a quarterly basis on their total income, expenditure, assets and loan and on the financial and physical progress of the bodies.

All the administrative departments have been asked to ensure that all the statutory bodies upload the financial data by December 31 of this year so that the government can start keeping a track on their financial data online from the first day of the next year.