Bengal sets out to drum up investments through marquee summit amid Covid-induced slowdown

Kolkata, Apr 19 (PTI) As country limps back from a Covid-induced economic slowdown, West Bengal, whose industrial glory started fing out in 1970s, is trying to drum up investments by holding its big-ticket Bengal Global Business Summit after a hiatus of two years, from Wednesday.

Although no one is quite sure of big industrialists from abro who may be coming to Kolkata's two day-day summit, a largish British contingent consisting mostly of Indian representatives of UK firms besides a Russian delegation, as well Indian business tycoons and CEOs such as ani group chief Gautam ani, ITC chief Sanjiv Puri, Tata Steel’s T V Narendran, Bajaj Auto's Sanjiv Bajaj, Kirloskar group's Vikram Kirloskar and Sunitha Reddy of Apollo Hospital, are slated to make an appearance.

state government has claimed that in earlier five editions of BGBS, investments to tune of Rs 12,35,578 crore were committed.

However, chink in armour remains actual investments me as against promises.

challenge for West Bengal, as well as for most states, is to translate promises into money on table given fact that Indian economy has been stressed from even before Covid pandemic struck. downturn induced by pandemic has only me industrial investments more scarce.

Credit growth to large industries grew by just 0.5 per cent in February this year, according to RBI data. situation of course was far worse last year when re was a negative growth.

Neverless, any attempt to showcase a state as an investment destination is necessary if it is to be sold as one, pointed out experts.

"Organising such an event holds importance. state will be able to showcase itself as a preferred investment destination among industry doyens, particularly when global supply chain has been disrupted due to coronavirus pandemic, and industries are trying to diversify ir operations in post-Covid era," economist and Javpur University Professor Ajitava Raychaudhuri told PTI.

"According to private investment data for large industries, West Bengal is at around 10th position or below among states. However, a reversal of trend in terms of investments has been noticed in last dece. Still, it is not among top five investment destinations. Overall, private investment trend in country shows a stagnating picture in manufacturing sector and our state is no exception," Raychaudhuri said. summit will have plenary sessions, sectoral sessions, business-to-government and business-to-business interactions, apart from providing digital space for exhibitions and networking. focus sectors are infrastructure, agriculture & allied activities, industries including micro, small, medium enterprises, and services such as health and education, tourism, IT& ITeS.

Anor economist and former professor of economics at Presidency University Debnarayan Sarkar told PTI that "if we see IEMs data, which cover only large-scale investment, not of small and medium enterprises, n big investments worth Rs 14,297 crore were reported implemented in West Bengal between 2017 and 2021." However, state's ranking "has been improving" in recent years as compared to what was in erstwhile Left rule, he said. According to latest data from Department for Promotion of Industry and Internal Tre, 812 Industrial Entrepreneurs' Memoranda with a total proposed investment of Rs 3,47,978 crore in 2021 have been reported implemented across states, he said.

Of total IEMs implemented across states in last year, actual investment reported was just Rs 1,967 crore for West Bengal, as compared to Gujarat (Rs 1,04,968 crore), followed by Odisha (Rs 89,167 core) and Maharashtra (Rs 45,855 crore), Sarkar said.

Sanjiv Paul, chairman - CII Eastern Regional Council and vice-president, Safety, Health and Sustainability - Tata Steel Ltd, ded: “It is heartening to note that West Bengal is first off blocks for conducting a global investment programme in 2022… With state’s Gross State Domestic Product placed at around Rs 14.44 trillion and average annual GSDP growth rate pegged at 12.62 per cent between 2015-16 and 2020-21, it has enormous opportunities as being leing investment and growth destination for business to consider setting up operations.PTI BDC RBT BSM JRC JRC JRC