West Bengal wins in attracting biz proposals but actual realisation falls back

twithstanding ecomic downturn and frequent run-ins with Centre, West Bengal mand to garner investment proposals of Rs 2.84 lakh crore during 2019 but jury is out on actual realisation.

opposition has been pointing to dearth of jobs despite hefty investment claims by state government in last few years. During fifth edition of Bengal Global Business Summit, state, which has been leaving stone unturned to boost its pro-business im, received overwhelming response from corporate titans anuncing huge investments in state.

During two-day event held in February 2019, nearly 86 MoUs were signed while some of major corporates, including Reliance Industries, GECL, JSW Group, ITC Ltd, DP World, Flipkart, and Coca Cola, anunced ir plans and future projects in state.

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ITC, hequartered in Kolkata, proposed to make fresh investments of Rs 1,700 crore in near future, taking its recent total investments to Rs 5,700 crore in state. During event, Reliance Industries which h pumped in Rs 28,000 crore in state across its projects said that group firmed up furr investment of Rs 10,000 crore.

Swedish home furnishings giant IKEA also anunced that it would explore possibility to set up a store in eastern metropolis while during year, world's largest e-commerce giant Amazon opened its fifth and largest fulfilment centre in West Bengal which would double its stor capacity in state.

Chief minister Mamata Banerjee anunced ar 100 acres of land for 'Silicon Valley' in New Town have been acquired and companies like Capgemini, Tech Mahindra, Cognizant and Indian Statistical Institute have applied to set up facilities re. Some of companies which h alrey taken up land in proposed hub are Reliance Jio, TCS and RP Sanjiv Goenka Group's First Source.

IT major Wipro h anunced to build a second campus in Kolkata, proposing to invest Rs 500 crore that will create 10,000 jobs. With Rs 2.84 lakh crore of investment intent, last edition of BGBS witnessed highest (in terms of value) ever business proposals since Mamata Banerjee-led government kicked off branding process of state.

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In 2018, state h netted over Rs 2.19 lakh crore of investment proposals. However, chink in armour remained realisation of se business anuncements though Banerjee claimed over 50 per cent of over Rs 10 lakh crore of investment proposals, received by state in earlier four editions of summit, were under implementation.

She also said state has created "investors' friendly atmosphere” and was able to change perception with loss of man-days and t allowing any strikes and workers’ unrest.

However, deviating from its annual investors' summit, state government, earlier this month, organised 'Bengal Business Conclave' in coastal town of Digha with a focus on regional cooperation and strengning ties with partner countries and international chambers. During recent event, Harshavardhan Neotia, chairman of Ambuja Neotia Group, anunced plans to build a five-star hotel in state, while proposal of constructing ar four-star accommodation in partnership with Hyatt was also me.

Wagon maker Titagarh Wagons vice-chairman and managing director Umesh Chowdhary said that his company has received a contract from Pune Metro for aluminium coaches, which are being built with Italian techlogy at Uttarpara in Hooghly district. In June this year, Banerjee anunced that from w on investors' summit would be held in every two years.

"Every year state government would anunce huge investment proposals. It was important to follow up proposals and give m sufficient time to be implemented before going for fresh proposals," Banerjee h said on floor of state Assembly.

Her statement came against backdrop of BJP which emerged as main opposition party in state, accusing TMC government of "failing" to bring in eugh investments in state thus creating a dearth of jobs. opposition Congress and BJP mocked Banerjee and said anuncement was a sort of confession that state government has "failed" to attract any investment in state.

Amid all this slugfest, Banerjee anunced that state got clearance from Narendra Modi government for Deocha Pachami Harinsingha Dewanganj coal mines - world's second largest coal block with an estimated reserve of 2,102 million tonnes - located in Birbhum district.

She said mining project has potential of generating nearly one lakh jobs in Birbhum and neighbouring districts, and ded that it would also involve investments worth Rs 12,000 crore in intermediate run.Recently, Banerjee anunced work on Deocha-Pachami would commence shortly and would take a period of two years.

However, a pale of gloom descended on corporate world as three industry captains ITC Chairman Y C Deveshwar, Birla Group patriarch Basant Kumar Birla and Williamson Magor Group patriarch Brij Mohan Khaitan died during year.

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