Kolkata, 28 October (H.S.) : The West Bengal cabinet on Wednesday approved the state's new industrial policy. Chief Minister Suvendu Adhikari is slated to formally announce the policy at the Nabanna state secretariat on November 5. The core objective of the comprehensive policy is to attract large-scale investments through transparent land allocation, robust investment incentive frameworks, and power tariff subsidies.

The Chief Minister has assured that the state government will proactively operate on the industrial front, transforming West Bengal into a premier investment hub and a preferred industrial destination for investors nationwide within the next year. The policy framework had previously received clearance from the Group of Ministers (GoM).

To draw significant capital, the new policy proposes a slew of financial incentives. For instance, industrialists investing over Rs 100 crore will be eligible for special incentives. However, the government's primary focus extends beyond mere financial packages to cultivating an ecosystem that actively promotes the 'Ease of Doing Business' in the state.

According to sources at Nabanna, investors looking to establish industries in the state previously faced severe red tape. From securing environmental clearances, land mutations, and changes in land classification to obtaining trade licenses and building plan approvals, entrepreneurs were often forced to run from one government department to another. The new industrial policy has been specifically designed to eradicate these bottlenecks and facilitate a seamless, single-window clearance system.

The framework primarily emphasizes land allotment, electricity, and financial benefits. Historically, securing large, contiguous tracts of land for industrial purposes has been a major challenge in West Bengal, with investors facing significant hurdles when attempting to purchase land directly from farmers. To permanently resolve these complexities, substantial amendments are being made to the state's land allocation policy and regulations.

Furthermore, the government plans to specifically allocate land for industrial use in Hindmotor and Singur in the Hooghly district, as well as Domjur in the Howrah district. A comprehensive blueprint for the overall infrastructural development of these regions is being incorporated into the new policy. Senior officials confirmed that following Wednesday's cabinet approval, the Chief Minister will unveil the exhaustive provisions of this highly anticipated policy on November 5.

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Hindusthan Samachar / Satya Prakash Singh