Kolkata, Nov 5 (PTI) Industry leaders and business chambers on Thursday welcomed the West Bengal Investment Promotion Policy, unveiled by the Suvendu Adhikari-led government, saying its focus on land availability, time-bound clearances, employment-linked incentives and manufacturing can help attract fresh investments, while stressing the need for effective implementation and settlement of pending incentives.
The Confederation of Indian Industry said the policy places employment generation at the centre of the state’s industrial development agenda. Several of its recommendations, including a GIS-enabled land bank, SGST-linked incentives, EPF reimbursement and open access, have found a place in the policy, it said.
The Bengal Chamber of Commerce said the creation of a Dedicated Assured Incentive Fund was the single biggest relief for industry, as it would provide a committed funding mechanism for sanctioned incentives.
The mechanism addresses a key investor concern regarding certainty in the realisation of approved incentives, the chamber said.
Bharat Chamber of Commerce president Naresh Pachisia said the policy reflected the new government's emphasis on building investor confidence, adding that its effectiveness would depend on timely implementation.
He noted that the state faced considerable liabilities arising from borrowings from the Centre and the market, but said the proposed incentives, particularly electricity duty and lease rent subsidies, could help create a more industry-oriented ecosystem.
Jupiter Wagons Ltd Managing Director Vivek Lohia said the policy addresses three critical considerations for investors - land, speed of approvals and incentives linked to employment - and aligns the state with the national agenda of Atmanirbhar Bharat and Make in India.
The Kolkata-based company plans to make an additional investment of Rs 3,000 crore in West Bengal, he said, adding that its integrated defence manufacturing facility in Purulia reflects confidence in the state's industrial environment.
Lohia said anchor investments could help develop MSME supplier ecosystems and position Bengal as a manufacturing hub for eastern India.
Ambuja Neotia Group Chairman Harshvardhan Neotia said the emphasis on a unified single-window clearance system, predictable timelines and transparent industrial land allocation could help businesses plan and execute projects with greater certainty.
He also welcomed the employment-linked incentives, support for women's participation through EPF reimbursements and provisions for research and development.
Himadri Speciality Chemical Ltd CMD and CEO Anurag Choudhary said the policy could provide fresh impetus to industrial growth, particularly through its focus on brownfield expansion, industrial corridors, and manufacturing.
The company, which has manufacturing facilities at Mahistikry, Singur and Kolkata, sees opportunities to expand its capabilities and strengthen its research initiatives in the state, he said.
Keventer Group Chairman and Managing Director Mayank Jalan said the policy's emphasis on execution and innovation addressed a key concern of investors - the timeline for project approvals and implementation.
The proposed one-stop portal, with specified timelines and designated officers at different stages of application and sanction, would provide greater certainty to investors, he said.
Jalan also welcomed the focus on food processing, women's employment and customised incentives for strategic and mega projects.
Laghu Udyog Bharati, while welcoming the policy's proposed employment-linked incentives, SGST assistance, interest subvention and support for technology upgradation, urged the state government to consider clearing pending incentives "legitimately due to existing entrepreneurs under previous industrial policies". Its West Bengal (South Sambhag) president K K Seksaria said a structured and staggered disbursement mechanism for such dues would help restore confidence among existing businesses.
From the real estate sector, Merlin Group Chairman and CREDAI West Bengal president Sushil Mohta said the policy was a good beginning but urged the government to give due importance to the sector in subsequent announcements.
He said real estate played an important role in supporting service-oriented industries such as IT/ITeS, retail and logistics, besides meeting demand for housing and commercial infrastructure.
Progressive reforms in land laws and urban development policies were necessary to facilitate planned urbanisation and attract greater investment, Mohta said.
Primarc Managing Director and former CREDAI Bengal president Siddharth Pansari said industrial expansion and employment generation could create demand for homes, offices, retail spaces and supporting infrastructure, opening up opportunities for real estate beyond Kolkata.
The focus on easier land availability and faster clearances could also give fresh momentum to investment, he said.
Jupiter International Ltd CEO Dhruv Sharma welcomed the proposed land-related incentives, infrastructure support and streamlined single-window mechanism, saying time-bound approvals could address concerns of manufacturers looking to establish or expand operations.
He particularly welcomed the waiver of cross-subsidy and additional surcharge on green power sourced within West Bengal until March 2030, saying it could encourage sustainable industrial growth.
(This story has not been edited by THE WEEK and is auto-generated from PTI)