Kolkata, Nov 5 (SocialNews.XYZ) West Bengal Chief Minister Suvendu Adhikari will announce the state government's new industrial policy on Thursday, with a focus on 'ease of doing business' by removing unnecessary government regulations for investment proposals and ensuring quick approvals.
At the same time, state secretariat insiders aware of the contents of the new industrial policy said there will be proposals to resurrect the state’s incentive policy for investors, which was done away with during the previous Mamata Banerjee-led Trinamool Congress regime, in a more structured and comprehensive manner.
“The draft industrial policy had been designed as per the policies adopted by industrially developed states,” a state secretariat insider said.
The state cabinet cleared the draft industrial policy on October 28. Now the final industrial policy will be announced on Thursday afternoon after an administrative review meeting at the state Secretariat 'Nabanna'.
The new industrial policy has been drafted by a group of ministers, and industrialists, industry associations, and economic experts were also consulted.
“Since the state government wanted the new industrial policy to be more structured and comprehensive, making a balance between various factors like investors’ interest, employment generation possibilities and the interest of the other stakeholders like landowners whose land will be acquired for industrial projects, the deadline for announcing the same was postponed again and again,” said sources in the West Bengal Industrial Development Corporation (WBIDC).
Initially, it was announced that the new industrial policy would be announced on August 15 on the occasion of Independence Day. However, that did not happen, and the deadline was postponed repeatedly.
Finally, on October 28, the draft industrial policy received the state cabinet nod, and it was announced that the policy would be formally announced on Thursday.
As regards the proposed incentives to be announced for investors in the new industrial policy, state secretariat insiders said the focus would be on attracting investment to backward areas so that industrial projects developed there can be linked to socio-economic development in the area.
"The incentives can be in the form of waiver of electricity tariff for the initial years of project implementation and operations, state government bearing a certain percentage of interest on loans taken by the entrepreneur concerned, and reimbursement of the company’s contribution in employees' provident fund, among others," a state government official said.
After taking charge as the ninth Chief Minister of West Bengal in May this year, Suvendu Adhikari announced that a comprehensive new industrial policy will be formulated and announced within the current year to facilitate big-ticket investment in the state.
Accordingly, a group of ministers was entrusted with the task of drawing up the new policy in June,
Before the announcement of the new industrial policy, the Chief Minister had claimed that the policy had been prepared with a focus on creating an ideal investment ambience in the state, removing red-tapism in approvals, and ensuring massive employment generation.
Source: IANS
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