West Bengal’s thriving economic landscape garners int’l interest

Simontini Bhattacharjee | MP | 23 Aug 2023 | New Delhi: The highly anticipated seventh edition of the Bengal Global Business Summit (BGBS) is poised to transcend boundaries with over 50 countries and 14 partner nations participating in the event. 

Distinguished by its broad global reach and intensive discussions, the Summit has already captivated international attention, drawing diplomats, representatives, and business leaders from around the world. 

Amit Mitra, former minister and Special Advisor to West Bengal Chief Minister Mamata Banerjee, unveiled the state’s remarkable economic progress during a pre-event gathering with diplomats in the national Capital on Tuesday. 

The event facilitated a dynamic exchange of ideas and perspectives, setting the stage for impactful deliberations during the forthcoming Summit. Diplomats and representatives from an impressive array of countries graced the gathering, including 10 European Union (EU) nations, eight countries from Eastern Europe, all Asian countries, Latin American nations, Middle Eastern countries, African nations, East-Asian states, South-West Asian countries, and other neighbouring countries of India. 

This collective engagement showcased the global appeal of West Bengal’s economic prowess. During his media interaction, Mitra highlighted the significant strides West Bengal’s economy made, particularly in the industrial sector. Notably, attendees were captivated by the state’s financial growth trajectory and the burgeoning industrial landscape. 

A significant highlight of the diplomatic gathering was the discussion of around 10 pivotal topics that could be game-changers for West Bengal’s economic landscape. The focus points spanned various sectors, exemplifying the state’s multi-faceted growth strategy. 

Firstly, the mining sector, encompassing coal, Coal Bed Methane (CBM), and shale gas, emerged as a prominent theme. West Bengal’s mineral production ranks third in India with coal extraction being the dominant contributor. 

With an impressive 11 per cent share of the national coal reserves, West Bengal boasts untapped potential in this sector, prompting manufacturing companies to invest in mining tools and machinery. 

Secondly, the possibility of discovering natural gas in different parts of the state was deliberated upon, with ONGC officials expressing optimism. Furthermore, GAIL’s efforts to lay gas pipelines in Kolkata and adjoining areas were discussed as a significant stride toward cleaner energy adoption. Mitra also presented the exponential growth of Micro, Small, and Medium Enterprises (MSMEs) in West Bengal. 

The state’s MSMEs secured loans worth Rs 1.28 lakh crore from state banks in the current fiscal year, thereby contributing not only to GDP growth but also generating substantial employment opportunities. The Government of India’s assessment underlines that a single crore INR investment in an MSME generates 37 jobs. 

The state’s commitment to technological innovation was underscored by the mention of the Silicon Valley Hub in Kolkata, a technology hub under construction that encompasses IT/ITeS, data centres, e-commerce, IoT, AI, R&D, and more. Prominent names like TCS and Reliance’s Jio are set to establish their presence here, fostering job creation and global digital transformation. 

Among other key discussion areas, the cement and leather industries garnered attention. With 9 cement hubs and a thriving leather hub producing industrial gloves worth $193 million, West Bengal showcased its diverse economic potential. Mitra projected the state’s GDP to reach an impressive Rs 17 lakh crore for the year. 

The Reserve Bank of India (RBI) has acknowledged West Bengal as the fourth-largest economy in the nation in terms of net value addition. The state’s vibrant exports, including $1.2 billion in gold jewellery this year, further underpin its economic dynamism. In a testament to the Summit’s inclusive nature, representatives from 15 participant countries shared their insights on prospects, fostering a global exchange of ideas and aspirations. 

The Bengal Global Business Summit 2023 is poised to be a milestone event, bringing together nations, leaders, and visionaries to chart a course for sustainable economic growth, innovation, and collaboration. 

The spotlight on West Bengal’s economic achievements reinforces its stature as a promising hub for investment and development on the global stage. 

https://www.millenniumpost.in/bengal/west-bengals-thriving-economic-landscape-garners-intl-interest-530222