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Bengal Secures Investment Commitments of Rs 3.76 Trillion: Chief Minister Mamata Banerjee Announces

The 7th edition of the Bengal Global Business Summit (BGBS) concluded with a resounding success, as Chief Minister Mamata Banerjee revealed investment pledges worth an impressive Rs 3.76 trillion. This marked a significant increase from the previous year’s figures, demonstrating a robust economic momentum.

International Participation and Encouragement

  • The summit saw the active participation of approximately 40 countries, providing what Banerjee described as “superb encouragement.”
  • The Chief Minister extended gratitude to industry leaders and business chambers for their pivotal role in making the event a success.

Bengal’s Strategic Advantages

  • Banerjee emphasized Bengal’s strategic position as the gateway to the North East of India, boasting proximity to Bangladesh, Nepal, and Bhutan.
  • Highlighting the accessibility to international hubs such as Singapore, Bangkok, and Malaysia, she expressed confidence in Bengal emerging as a future industrial powerhouse.

Key Investment Announcements

  • Several notable investment announcements were made during the summit’s concluding day.
  • Texmaco, in collaboration with a Slovakian firm, revealed plans for a wagon factory with a substantial investment exceeding Rs 500 crore.
  • Universal Success, led by Prasoon Mukherjee, pledged investments surpassing Rs 2,000 crore in a data centre project.
  • The Damodar Valley Corporation (DVC) signed an MoU for a substantial 1000MW pump storage project.

Corporate Expansions

  • Berger Paints India, celebrating its imminent centenary, disclosed plans for expansion.
  • Abhijit Roy, the Managing Director and CEO, highlighted the company’s sustained growth, staying rooted in Kolkata despite challenges.
  • The conglomerate ITC unveiled ITCMAARS, a super app and phygital ecosystem, with a focus on empowering potato farmers through digital innovation.

Reliance Industries’ Mega Investment

  • A pivotal moment came with the announcement of a staggering Rs 20,000 crore investment over three years by Mukesh Ambani, Chairman and Managing Director of Reliance Industries, during the summit’s inauguration.
  • This marked a significant commitment to the economic growth of Bengal.

Policy Initiatives for Growth

  • Chief Minister Banerjee unveiled crucial policy initiatives at the summit’s inauguration, including The West Bengal Logistic Policy 2023, West Bengal Export Promotion Policy 2023, West Bengal Cable Landing Policy 2023, West Bengal Green Hydrogen Policy 2023, and West Bengal New and Renewable Energy Manufacturing Promotion Policy 2023.

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