An organisation of Indian expatriates from West Bengal, the Non-Resident Overseas Association of Bengal (NROAB), is in talks with the state government and a local chamber of commerce to establish a body for the creating and channelisation of investments here.
The average yearly remittances from Bengalis abroad amounts to approximately Rs 40,000 crore, NROAB President Nilangshu Dey said, which was separate to commercial investments that had been made by the individuals in West Bengal. “However, non-resident Indians (NRIs) from West Bengal need guidance to invest here. We have initiated dialogue with the West Bengal Industrial Development Corporation and the Bengal Chamber of Commerce to set up a special NRI cell,” Dey said.
Similar cells existed in Kerala, Punjab and Gujarat which boast of large numbers of NRIs, he added.
Although potential investors are looking at long-term opportunities, possibly to hedge the current political instability in the state, food-processing, renewable energy, engineering and education are the likely sectors that could see funds from abroad. “Already about 25 firms have been opened by NRIs in West Bengal with a combined investment upwards of Rs 300 crore,” Dey said. NROAB is organising the Prabashi Bangiya Sammelan early next year in Doha to promote West Bengal as a investment destination for NRIs from here. The event is likely to be attended by state industries minister Nirupam Sen.
