Muted response to West Bengal industrial event, no big-ticket deals signed

While star industrialists like Mukesh Ambani, Sajjan Jindal, L N Mittal and Uday Kotak have been key faces at previous events, this year's conclave mainly had industrialists from Kolkata

If the Bengal Global Business Summit (BGBS) is about star industrialists committing investments in West Bengal and a platform for the state to showcase itself as an investment destination, the Bengal Business Conclave is a junior edition.

This year, the state government decided not to go ahead with the annual BGBS, which had become a norm, and instead opted for an offsite location, around 190 km from the state’s capital, to which it will ferry investors and foreign dignitaries from 20 countries and the United Nations for the annual industrial congregation.

Given the background of a slowdown and the fact that there was BGBS-like event this year, no big ticket proposals were announced on the first day of the Summit. While star industrialists like Mukesh Ambani, Sajjan Jindal, L N Mittal and Uday Kotak have been some of the key faces at BGBS, this year's conclave was mainly about industrialists from Kolkata.

A convention centre, Dighasree, was constructed at short notice in Digha, in the Purba Medinipore district of the state to host the event and arrangements were made to ferry attendees from Kolkata to Digha early morning. Digha is a mid-sized coastal town and a favourite weekend getaway for Bengalis.

Locals curiously stared at the buses and vehicles carrying the attendees and some tried to get a glimpse of the Dighasree premises from outside.

Although state chief minister Mamata Banerjee tried to restrain herself from criticising the Centre over its economic and social policies like bank merger, Citizenship Amendment Bill and NRC, glimpses of her mood were evident when she addressed the dignitaries and industry captains.

“We all know what is the state of the economy. I am not here to criticise (the Centre) but what to do? Reality bites,” were part of her opening remarks as she proceeded to showcase her state as an industry-friendly destination.

Drawing parallels between the UPA government and the present dispensation on parameters such as GDP, FDI and industrial growth, she said, “Unemployment rate is the highest in 45 years but in West Bengal we have reduced it by 40 per cent.”

Her displeasure with NRC also echoed in her address. “We don’t discriminate against and divide people in the name of religion, caste or creed. Kolkata and West Bengal are cosmopolitan. Not a single person from this state can say they are discriminated against,” she said.

In fact, the state’s finance minister, Amit Mitra, while inviting Nurul Majid Mahmud Humayun, the industries minister from Bangladesh, said, “Many of us trace our origins from there.”

The Centre has included Bangladesh, apart from Pakistan and Afghanistan, in the list of countries from where immigrants belonging to minority religions will be given citizenship of India.

However, laying the context of the event, Banerjee said, “We have landbanks in the state, manpower, skilled workforce, several policies for you to invest in.”

More connectivity with foreign lands has been an industry demand for long and Banerjee took it upon herself to ask the foreign delegation to increase the number of flights to and from the state.

“Please give us some more international flights from Kolkata. Now we are giving fuel subsidy as well,” she said.

In the style of her district meetings, Banerjee also solved queries and concerns of investors.

“We have a shipbuilding project and want to expand it, but there are some concerns,” said Umesh Chowdhary, vice chairman and managing director of Titagarh Wagons.

The chief minister responded by calling senior officials and ordering them to sort the matter out.

“I am very happy. I made a request just now and got a solution,” Chowdhary beamed.

The delegation from Bhutan and Bangladesh also took the opportunity to use the podium to ask for investment from the attendees in their countries.

At the end of the day, some investment commitments from Amazon, ITC and others were received and some MoUs signed. While Titagarh Wagons is setting up an aluminium metro coach manufacturing line and shipbuilding unit, ITC is setting up a personal care unit and Amazon Internet Services is partnering with micro enterprises in the state.