West Bengal has secured investment commitments of over ₹2,19,000 crore at the 2018 edition of the Bengal Global Business Summit (BGBS), said Mamata Banerjee, Chief Minister, on Wednesday.
“Nearly 50 per cent of the commitments made in the 2017 are underway. These are fresh proposals,” the Chief Minister said, during the closing ceremony.
West Bengal had drawn investment commitments of ₹235,000 crore in 2017; more than ₹250,000 crore in 2016; and ₹243,000 crore in 2015.
According to Amit Mitra, West Bengal Finance and Commerce and Industries Minister, gross capital formation in the country was abysmally low, and in this context, Bengal had done well to draw investments.
This year’s edition of the investors’ meet saw manufacturing and infrastructure emerge as the top draw. Nearly 72 per cent of the commitments, or ₹156,811 crore, came from these sectors. This includes a ₹12,000 crore commitment by the State government towards infrastructure development.
Mitra, however, did not give a detailed break-up. MSMEs remained the second major draw, at 24 per cent, with commitments worth ₹53,000 crore. Hospitality and tourism, IT and ITes, health, education and skill development were the other preferred sectors.
“Nearly 20-lakh jobs will be created when these commitments and MoUs materialise,” said Mitra. A variety of MoUs relating to technology transfer, academic collaborations and skill development were also signed.
Adanis commit ₹750 crore
The major investment commitments received on day two of the summit included Pranav Adani, Director of Adani Enterprises.
Adani plans to invest ₹750 crore in the next five years, but did not provide any details. The group has already invested a similar amount in the State as capex in its edible oil refining and packaging unit .
“Given an opportunity we will replicate the Mundra port project here in Bengal. We are also present in renewable, power and transmission sectors. We have created 4,500 direct-indirect jobs in Bengal,” said Pranav.
Apart from Adani, ITC Ltd is expected to set up a hotel under the Fortune brand in Andal on land belonging to Bengal Aerotropolis Projects Ltd.
City-based industrialist Sanjay Budhia, MD, Patton Group, along with Embassy Industrial Parks – a JV with Warbug Pincus and Embassy Group – will develop industrial and logistics parks at an estimated cost of ₹1,000 crore. To start with, a 50-acre plot at Uluberia would be developed at a cost of ₹400 crore.
Logistics support provider Tirupati Vessel has announced a ₹250-crore RoRo (roll-on-roll-off) service, which will be flagged off next month. It would move 500 trucks a day resulting in decongestion of city roads.
Cab-hailing service Ola has committed to invest ₹300 crore (in a phase-wise manner) to providing vehicles to unemployed youth.
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.