Tag: Suresh Prabhu

Bengal Global Business Summit 2016 begins today

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The Bengal Global Business Summit 2016, West Bengal government’s annual investors’ summit will be inaugurated by West Bengal Chief Minister today at 11 AM at the Milan Mela Prangan in Kolkata.

Honourable Prime Minister of Bhutan, UK Labour Minister Priti Patel, Delhi Chief Minister Arvind Kejriwal, delegates from Japan, UK, US, Italy and 45 nations will be present on the occasion.

Japan is this year’s Partner Country.

Union Minister for Finance, Arun Jaitley, Union Minister of State for Coal, Power and Renewable Energy, Piyush Goyal, Union Minister for Road Transport and Highways and Shipping, Nitin Gadkari and Union Minister for Railways, Suresh Prabhu, are expected to be present on the occasion.

Mukesh Ambani of Reliance Industries is expected to join this year’s event.

N Chandrasekaran, CEO and MD of Tata Consultancy Services (TCS), Jyotsna Suri, chairperson of Bharat Hotels, Swati Piramal, vice-chairperson, Piramal Enterprises, Niranjan Hiranandani, co-founder, Hiranandani group, and Adi Godrej, chairman of Godrej Group are expected to be present as well.

According to the programme plan, there will be Plenary Sessions, addressed by national and international entrepreneurs of stature, who will share their thoughts and experiences, There shall be Sectoral Breakaway Sessions, with participation from leading industrialists of each sector

Also the summit will witness Business-to-business (B2B) and government-to-business (G2B) interactions along with opportunities for expositions and exhibitions.

Last year, Bengal Global Business Summit got West Bengal government proposals worth Rs 2.4 lakh crore.

Derek O’Brien speaks on the Appropriation (Railways) No. 2 Bill, 2015 | Full Transcript

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Full Transcript

Sir, this government is talking to us about cooperative federalism. But unfortunately, if you look at the way they are dealing with Railways, they are killing federalism.

Even the MP, who spoke first today, suggested to his Minister to complete the existing projects. Mr Railway Minister, your own MP from the back benches is asking you to complete the existing projects, I am also saying the same thing. Complete the existing projects in Bengal.

You keep telling us that you gave us so many thousand crores. But look at the percentage of the funds also and not just the numbers. You go on and on about SPVs – Special Purpose Vehicles. I am beginning to wonder whether SPVs are Special Purpose Vehicles or are they Suresh Prabhu Vehicles.

Your intention is good but you have a basic problem. You are suggesting setting up of SPVs for each project and after completion they will be dissolved. The problem is you want the States to fund SPVs.

Sir, West Bengal is a debt-stressed state, like Punjab and other states. We have increased our revenues by 105% in the last three years without increasing taxes. But we carry a legacy of debt-burden. The CPM had to go out of power because of that and we are paying the interest for the debt they incurred.

While you are talking about cooperative federalism, you have to keep in mind the debt-stressed states. I also want to refer to my neighbouring state Odisha. Please study what happened with POSCO and associated SPV there. It ran into several problems.

Sir, the message I want to leave you with is very simple. Like your MP said in the beginning, complete the existing projects. You have not announced any new projects. Fair enough. Do not deprive states which are debt-stressed. Try SPVs once or twice, it will fail in six months and you will come back to normal.

You keep saying you are increasing the allocation of money to States from 32% to 42%. In reality, you are not. Please Mr Railway Minister please do consider these points, that is my request to you.

Thank you, Sir.