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| Bengal must fight its past to get investors, say experts |
| BS Reporter / Kolkata Jul 13, 2009, 00:46 IST |
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West Bengal would have to fight its negative image to get investors, felt experts.
"There is a war for drawing investments to individual states and states need to benchmark themselves not against countries in the region like China and Taiwan, but against other states in the country," said Michael Boneham, president and managing director of Ford India Private Ltd(FIPL). Talking about Ford's India experience, Boneham said that while the company was in the process of setting up a plant in Tamil Nadu, the ruling party changed in the state assembly elections. "The transition for us was seamless though," he pointed out while talking at a American Chamber of Commerce in India(AMCHAM) session on investment potential of West Bengal.
Experts pointed out the need for open and transparent industrial policies.
Ronen Sen, former Indian ambassador to the US said, "Everyone realises that there is a huge potential in West Bengal. The IT industry is doing well, but the problem of Bengal lies in its perception that it's not investor friendly". He added, "When a foreign investor evaluates investment options in a state, it starts by looking at the experience of the domestic companies, and in a state where Indian companies are walking out, the picture is grim."
It was high time that West Bengal stopped talking about potentials and started working on the ground. It has to rise above its parochial political differences to work for the common good.
As for example, West Bengal had not ammended the Agriculture Produce Marketing Committee (APMC) Act, said Bibek Debroy, economist and professor, Centre for Policy and Research. "Foreign Direct Investment in retail could benefit the farmers of the state which needs an efficient supply chain to arrest a 30 per cent wastage of its agricultural produce," Beth Payne, US consul general in Kolkata.
When asked about his party's definite stance on the issue, Partha Chatterjee, leader of Opposition in the state Legislative Assembly and general secretary of All India Trinamool Congress(AITMC), did not have a ready official position to state.
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