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September 16, 2013

Investments pour in Bengal

Investments pour in Bengal
Industry in Bengal is growing at a faster pace than the national average i.e. 3.12%. In Bengal, Industry grew by 6.24%
West Bengal has realised the highest ever industrial investment this year compared to that of in the past five years. This comes to fore on a day when the Bengal Chief Minister Mamata Banerjee held a meeting with industrialists in Mumbai to woo them to set up industries in the state.
According to the latest report on the country’s industrial scenario released by the Department of Industrial Policy and Promotion under the Union Ministry of Commerce and Industry, from January-July, West Bengal has realised a net industrial investment of Rs 1,331 crore. This comes from 18 industrial units that have been either set up newly or are expansions of the existing ones. The investment figure is only up to the month of July and thus has the prospects of going up further by the end of the year.
In 2009 the state had recorded an investment of Rs 632 crore, in 2010 Rs 1,163 crore, in 2011 Rs 325 crore and in 2012, the investment figure stood at Rs 962 crore.
At the beginning of its third year, the Trinamool Congress government has surpassed the previous records with five months still left in the calendar.
Moreover, another 41 investment proposals worth Rs 1,744 crore are pending. The Trinamool Congress government assumed power in Bengal in May 2011. Notably all these investments have just come from the small-scale industries which the Trinamool Congress Govt. is also promoting as par its current Industrial policy. Most of the investments were from leather, textile, readymade garments and the food or food processing sectors. And with Reliance Cements project in Purulia, big ticket investments have also started to come up in the state.
West Bengal’s economy is looking up. Statistics bear this out. The state GDP grew 7.6 per cent in 2012-13, as opposed to the national figure of 4.96 per cent. Growth in industry, agriculture and services all outpaced national growth rates.
According to the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, between January and July 2013, Bengal has realized the highest ever industrial investment. There are still five months to go in 2013. Forty-one investment proposals worth Rs 1,744 crore are pending. This year will break records. The Sajjan Jindal Group’s steel plant, Anil Ambani’s Rs 600 crore cement venture in Raghunathpur (Purulia), The JV between Singapore’s Changi Airport and Bengal Aerotropolis for a new airport in Andal (near Durgapur), which is to get its final clearances in a few weeks, are all in a line, which are among the big-ticket investments in the state. The big story in the coming months will be the disinvestment in Haldia Petrochemicals. Six bidders – three from the public sector and three from the private sector – are participating in an auction conducted by Deloitte. It is a thoroughly professional arrangement. The politicians are not interfering.
The chief minister is not showing undue interest. There is not even a hint of cronyism.
This is what business wants. This is what business is getting in West Bengal. This is what business in coming to appreciate about the Trinamool Congress-led government. Land, which used to be problem in the state, will no more be a problem as West Bengal Chief Minister Mamata Banerjee herself stepped in to reassure industry that land would not be a problem if they have a good investment proposal. Addressing the members of the core committee on industry, she said: “Land will not be a problem if you have serious proposals on hand… we have enough land in various districts.”
The core committee is a government-industry interface announced by Mamata Banerjee at her first industry summit in June 2013. She has recently begun chairing its meets held every two months with the scope expanded to include several other Ministries. The initiative, taken in May 2013 was seen as a renewed bid on Mamata Banerjee’s part to regain industry confidence. The chief minister also assured that the state government would ready this month, its industry policy. The policy draft has already been circulated and comments have been received. She also highlighted the need for skill development programme for the youth, seeking industry support for this endeavour.
Source : Trinamool Leads –