Bengal’s biggest-ever business jamboree began on a positive note with Union finance minister Arun Jaitley and CM Mamata Banerjee assuring each other, and industry captains present at the Bengal Global Business Summit, that they would set aside political differences to achieve economic growth.
Kickstarting the summit, Banerjee said, “Political differences will not block the road to development. In a federal structure, strong states make the Centre strong.” Jaitley responded by saying, “Cooperative federalism has made way for competitive federalism. We have to compete to fulfil the people’s mandate. States have to compete for the best share of the pie. We at the Centre are keen on inter-state parity.” He suggested that if Bengal did not do enough, other states would march ahead in inviting investments. Offering his prescription for Bengal’s industrial growth, Jaitley emphasised on manufacturing and infrastructure development. “Almost every state is realizing the importance of creating an investment-friendly environment by cutting down red tape and ensuring a climate that leads to profitable returns. Only then will investment lead to greater investment,” Jaitley said. He emphasized that the eastern part of India had to grow rapidly to be on a par with western India.
Banerjee’s expectations to garner Rs.1 lakh crore worth investment in Bengal were almost met on the first day of the meet itself with companies, including state-run SAIL, committing Rs.93,000 crore.
The Centre proposed to spend a huge amount for the deep sea port in Sagar. The Hiranandani Group also proposed to set up offshore liquefied natural gas (LNG) terminals.
The CM assured industrialists that land availability was not a problem. “We have 7,500 acres of land in our industrial estates, of which 3,500 acres is readily available. We have a land bank, land map and land-use policy.” Promising support to Bengal and the investors, Jaitley said the Centre would make good any loss the state incurs from rolling out the Goods and Services Tax. “You will not lose a rupee. In fact, Bengal being primarily a consuming state, will mostly benefit.” He said an even bigger gain would be the huge amount that the Centre would pay Bengal after auctioning coal blocks by way of cess.
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