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The Associated Chambers of Commerce and Industry of India (Assocham) has urged the Union Government to give West Bengal a grant of Rs 20,000 crore.
D. S. Rawat, Secretary-General, Assocham, said on Tuesday the Centre should pay Rs 20,000 crore to the State Government to rescue it from the “emerging debt trap”. A detailed report in this regard has been submitted to the Planning Commission.
“We have requested the Central Government to pay this grant for overall revival of the State’s finances,” Rawat said here after a press conference to announce its strategy to revive the sick micro and small enterprises in the State.
According to Assocham, the State’s finances are dire owing to a huge annual debt burden. As on March 31, 2012, the State paid Rs 23,199.96 crore, including principal and interest. In FY13, the State’s tax revenue was estimated at Rs 31,222 crore, Assocham said.
Detailed Strategy
The industry body on Tuesday submitted its detailed strategy for revival of the sick 7,904 units in Bengal to the Industry and Commerce Minister Partha Chatterjee. While more than Rs 725 crore is blocked in these units, nearly one lakh people have lost their livelihoods, Assocham said.
Sunil Kanoria, Vice-President, Assocham, said the industry body has suggested that the State frame effective policies to resolve concerns of such sick units.
Meanwhile, Rawat said the State Government should take strict action against the deposit taking companies involved in “fraudulent” practices.
“We recommend that the Government must take strong action against those who are guilty. They must confiscate the assets of the company concerned and protect the investors. We will be writing to the State Government on the issue. But, the Government must act immediately,” he added.
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