Marking a turnaround in investor sentiment, West Bengal has "under process" Rs 78,263 crore investment and garnered proposals for another Rs 1.2 lakh crore, State Finance and Commerce Minister Amit Mitra said today.
The upsurge is a result of government's pro-active approach towards business and industry with leading firms setting up shop, Mitra said, adding that the momentum would gather more pace in the coming days.
"All are turning towards West Bengal. We have Rs 78,263 crore worth of investment under process which means that these are at various stages of completion. We also have Rs 1.2 lakh crore fresh investment proposals," Mitra said at an investment roadshow here.
Speaking at FICCI, where he used to work as its Secretary General before taking the plunge into active politics, he said both large and medium sized business houses have evinced their interests in investing in West Bengal.
He said huge investment opportunities exist in West Bengal in various sectors such as manufacturing, MSME, food processing, textiles, urban infrastructure and housing, IT software and hardware.
Mitra also invited business community to actively take part in the two-day "Bengal Global Business Summit" to be held in Kolkata from January 7.
Highlighting some of the initiatives that the government has taken to ramp up industrial activity including creation of a 3,000 acre of land bank, he said to overcome siltation in the existing ports, a 18.5-metre deep sea port at Sagar Island is being jointly developed by the state and the Centre.
The state has also doubled its tax collections from Rs 21,000 crore to Rs 40,000 in 2013-14, he said adding the aim was to reach Rs 45,000 crore in the current financial year.
Industrialists having presence in West Bengal said the state has a stable law and order situation, and a pro-active government, among others positive aspects.
Puneet Dalmia, Managing Director, Dalmia Bharat Cement, said his experience of dealing with the state government was extremely positive. He is setting up a 1.5 million tonne per annum cement plant in the state with an investment fo Rs 600 crore.
"What we saw is totally different. Government is incredibly fast and decisive. We never had a better experience. We operate in 14 other states," he said.
Utsav Parekh, Director of Bengal Aerotropolis, which is building near Durgapur a greenfield airport in which Changi Airport of Singapore has 33 per cent stake, said Changi's maiden investment in any greenfield project was a testimony of its faith on the state. West Bengal Chief Minister Mamata Banerjee recently visited Singapore to lure investments.
