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July 13, 2014

Environment conducive for industries in Bengal: WB Industry Minister Amit Mitra

Environment conducive for industries in Bengal: WB Industry Minister Amit Mitra

The West Bengal Finance Minister Dr Amit Mitra sends a message of industry-friendly environment in the State to investors.

Here is what he said:

  • The Trinamool Congress Government has paid Rs 1 lakh crore as debt repayment and interest in three years.
  • If the Centre had granted a moratorium or formulated a structural debt repayment plan, West Bengal would not have had so much of difficulty in repaying its debts.
  • We need the Central government to write this off through financial instruments and this would save us Rs. 1 lakh crore [as debt repayment in the three years that the Trinamool Congress has been in power in the State].
  • With this money [Rs 1 lakh crore], we could have made hospitals, schools, colleges, and roads. We hope that the legitimate demand of the people of West Bengal will be listened to by the Centre.
  • The state`s tax revenue receipts in 2014-15 is expected to be Rs 45,413 crore against Rs 21,128 crore in 2010-11.
  • West Bengal was identified as a debt-stressed State along with Kerala and Punjab. For the financial year 2013-14, Rs 28,000 crore was cut from our treasury as debt repayment and interest.
  • When we came into office in 2011, we were faced with over Rs 2 lakh crore as debt that had accumulated since the previous government`s regime. In the first year, all our tax revenue had gone as debt repayment. This year, we will be paying more than Rs 45,000 crore as debt repayment.
  • There are over 3,000 acres of land available under the West Bengal Industrial Development Corporation and the West Bengal Industrial Infrastructure Development Corporation.
  • The financial consultant appointed for Singapore`s Changi Airport has declared Bengal`s industrial policy the best.
  • Every department in the State government is collaborating with one another to boost industries.
  • Direct investment worth Rs 3,200 crore has been brought in by this government.
  • The Investment brought in generated 4,500 direct employments and 10,000 indirect employments.
  • Our focus would be on reducing the documentation process required to start a new business to three pages. We have already brought down the required number of pages from 99 to seven. I am now pushing for three pages of documentation to start new businesses.
  • An integrated financial management system is being planned to put in place a technology-backed mechanism to track monetary movements in government coffers.
  • Industry wants ease of doing business and lowering of transaction costs. The integrated financial management system will be ready in three to four months and every rupee of the government will be caught in the system.
  • Our government`s demand to get this central debt waived is legitimate.
  • The Shakambhari Gagan Group will invest Rs 851.68 crore in Madandih, Purulia, under Shakambhari Ispat & Power, to set up an integrated steel plant and captive power plant. It has already acquired 175 acres and has applied for clearances under 14Y for holding land beyond the ceiling.
  • UAL will set up an autoclaved aerated concrete block manufacturing unit in Bagnan, Howrah. The estimated cost of the project is close to Rs 96.47 crore.
  • The Emami Group will invest Rs 500 crore each in a cement grinding and captive power unit in Raghunathpur, Purulia and a hospital and nursing college in Rajarhat.
  • Shyam Infra, Vikram Solar and Utkarsh Tubes & Pipes plan to pump in Rs 2,000 crore, Rs 500 crore and Rs 152.67 crore, respectively.