IEMs flood West Bengal despite political turmoil

Despite the political turmoil in West Bengal, the state received 206 IEMs (Industrial Entrepreneural Memorandums) involving an investment of Rs 44,390 crore in 2009.

Sector-wise, the maximum investment proposals came from the iron and steel sector, according to the West Bengal Industrial Development Corporation (WBIDC) annual report. Iron and steel was followed by the power sector, engineering, chemical and petrochemical, cement and allied industry.

Not just domestic, around eight foreign direct investment proposals received approval.

The global economic crisis in the second half of 2008, however, affected implementation of several projects.

“Given the situation, 262 industrial units in the organised medium and large-scale sector commenced production in the year 2009 involving an investment of Rs 8,493.43 crore resulting in employment generation for 23,451 persons.

Sector-wise projects implemented during 2009 reveals that chemical and petrochemical and allied industries received maximum investment, followed by engineering, agro-based and food processing, iron and steel,” the report mentioned.

Among the important projects implemented in 2009 are: Haldia Petrochemicals’s Super Max project (Rs 1230 crore), Hooghly Met Coke & Power (Rs 470 crore), IOC’s Haldia Refinery expansion (Rs 1369 crore), MCC PTA (Rs 1,920 crore).

Data on projects under implementation reveals that there are 97 major industrial projects currently under implementation at the state level involving an investment of Rs 1,62,047 crore, which are likely to be completed in 2010, 2011 or 2012.

The overall industrial growth as measured in terms of index industrial production with new base year 1999-2000 grew by five per cent in April-November 2009-2010 as compared to 3.9 per cent in the corresponding period of 2008-09.