An Overview
The industrial environment in Kolkata is highly favorable for fresh investments. Ideal location and availability of skilled and unskilled human resources are the major advantages for setting up of a new industrial unit. The Government of West Bengal has liberalized its industrial policy and offers attractive incentives for growth of industrial activities in and around the city. The incentive scheme of the government includes Capital Investment Subsidy, Waiver of Electricity Duty, Waiver of Stamp Duty and Sales Tax Deferment/Remission etc.
Kolkata is well connected by rail, road and air with major parts of the country and abroad. The city has become an important industrial hub of the country providing enormous opportunities for the investors and job seekers. Kolkata provides sufficient key facilities like power, water, road network and communication. The city’s growth in industrial sectors like Jute, Textile, Leather, IT, Electronics and medicines has drawn international attention. Various plans and projects are being carried out to revamp the industrial scenario of the city.
Industrial Policy
A well revised economic policy by the Government of West Bengal aims to resolve vital issues of industrial development, rehabilitation of sick units and generation of employment opportunities and protection of the legitimate interest of the labour.
The approach of the State Government towards industrial development is summed up in the following words of the Chief Minister in his recent address to the Bengal Chamber of Commerce & Industry (BCCI).
"We are all for new technology and investments in selective sphere where they help our economy and which are of mutual interest. The goal of self-reliance, however, is as needed today as earlier. We have the State, the private sector and also joint sector. All these have a role to play."
The new economic policy has created an atmosphere for large industrial growth in the capital of the state of West Bengal. A good number of Non-Resident Indians (NRIs), MNCs directly or through foreign Governments and Indian Industrial Houses have, in the recent past, shown special interest in coming to West Bengal either for setting up new industries or for expansion of existing industrial units. Kolkata is now a major cyber destination providing better services in IT sector.
Salient features of Policy
- The Government of West Bengal welcomes foreign technology and investment, as may be appropriate, or mutually advantageous.
- In major industries like power, the State Government considers the role of the Public Sector as critical for containing energy prices. However it also welcomes private sector investment in power generation.
- The Government of West Bengal has already taken the initiative in substantially improving the social infrastructure facilities like development of Satellite Township, housing, health, education, water-supply, hotels, etc.
- Based upon the available opportunities and potential of this region, the State Government has identified certain segments of industries, among others, as thrust areas for special attention.These are: Petrochemicals and Downstream Industries, Electronics & Information Technology, Iron and Steel, Metallurgical & Engineering, Textiles, Leather and Leather Products, Manufacture of Basic Drugs, Chemicals and Pharmaceuticals and promotion of tourism etc.
- In the case of sick/closed units in the Private Sector, the policy of the State Government is to see that such units are reopened and rehabilitated appropriately at the earliest either through the existing management or through induction of new promoters.
- In the field of industrial relations, the State Government has over the years evolved a system of tripartite negotiations and understanding both at the unit and industry level and such long-term agreements have been successfully implemented in the industries like engineering, jute, tea, textiles, etc.
Areas of Industrial Growth in Kolkata
- Petrochemicals
- Electronics and Information Technology
- Textiles
- Leather
- Food & Vegetable Processing
- Edible Oils
- Aquaculture
- Medicinal Plants
- Rubber
- Palm Oil
- Basic Drugs, Chemicals & Pharmaceuticals
- Mineral based industry
- Gems
- Jewelry
- Touris
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