The West Bengal Government on Saturday announced its draft investment and industrial policy. Policy documents will be put up on the West Bengal Industrial Development Corporation’s Web site for suggestions.
Along with the industrial policy, the drafts of two other policies – textile and micro, small and medium enterprises – have also been made public.
“The draft policy would remain open to the general public for suggestions till June 30. All three policies will be uploaded on the West Bengal Industrial Development Corporation’s Web site,” Chief Minister Mamata Banerjee told reporters at Writers’ Buildings this evening.
Industrial Policy
Meanwhile, State Commerce and Industries Minister Partha Chatterjee said the State Government has stressed on developing industrial parks and hubs under a public-private-partnership model.
Land allocation and incentive details — two key concerns that have been raised by industry captains in different forums — have also been included in the draft.
Textile Policy
According to State Finance Minister Amit Mitra, the textile and MSME policy assures investors of various benefits with capital investment subsidy, stamp duty exemption while buying land, being the main ones.
Some other benefits include subsidy on capital investment; interest subsidy on term-loan; electricity duty waiver; registration duty waiver; entry tax reimbursement on plant machineries and VAT reimbursement.
Industry body FICCI welcomed the Bengal Government’s move to frame a textile policy as it would help the State textile industry growth.
“…There was a need for a policy roadmap which will revive, modernise and broad base the West Bengal textiles industry and integrate it with the global market,” Sidharth Birla, Senior Vice-President, FICCI, said in a statement.