WB expects more investment offers, int'l participation of tech fims: Mitra

Mitra said that there are several policies in process in new areas which is expected to be announced at the summit and some of them have already been approved by the cabinet

West Bengal anticipates a greater influx of investment offers and increased international participation from technology-focused entities in the forthcoming Bengal Global Business Summit, according to Principal Chief Advisor Amit Mitra, who spoke at a media briefing on Wednesday.

"West Bengal's drive towards capital expenditure has resulted in the creation of physical infrastructure, benefiting the entrepreneurs in the state. The state has invested around Rs 11,113 crore in physical infrastructure in financial year 23," he stated.

Mitra also revealed that several new policies are in the process of being formulated, with an expectation that they will be announced at the summit. Some of these have already been approved by the cabinet.

He further highlighted that West Bengal has successfully reduced both the fiscal deficit and revenue deficit, achieving a balanced approach with capital expenditure, which stood at Rs 34,000 crore for FY23.

Scheduled for late November, the summit aims to gather corporate leaders, business delegations, entrepreneurs, and academics from around the world to explore and understand the industrial ecosystem of West Bengal.

In addition to these developments, Mitra noted that the banks in West Bengal have lent Rs 1.28 trillion to the micro, small and medium enterprises (MSME) sector in FY23, an increase from the Rs 1.02 trillion extended in FY22.