by admin | May 25, 2021 | Business Summit, Events
Kolkata : Amid slower economic growth in the country and the ongoing stand-off between the Centre and the state, the Mamata Banerjee-led West Bengal government will kick start the fifth edition of annual two-day business summit on Thursday.
While any list of Indian business captains likely to grace the Bengal Global Business Summit (BGBS) 2019 is yet to be formally announced, it may see participation from over 36 countries.
Industry doyens like Reliance Industries’ Chairman Mukesh Ambani, JSW Group’s Chief Sajjan Jindal, Future Group head Kishore Biyani, ITC’s CEO Sanjiv Puri, RP Sanjiv Goenka Group’s Chairman Sanjiv Goenka, Ambuja Neotia Group’s Chairman Harshvardhan Neotia are expected to attend the summit.
To shed the state’s investor-wary image and woo much-needed business capital, the state government has prepared a list of 150 investable projects, representing around $17.8 billion opportunity in West Bengal.
The state government has reached out to various states and even foreign countries in the run-up to the event, to be held at the Biswa Bangla Convention Centre in Rajarhat, Kolkata.
Japan, Germany, Italy, Poland, Republic of Korea, France, Czech Republic, the United Kingdom, the UAE, Australia, Finland and Luxembourg are likely to take part in the mega business event.
To ensure a strong foreign imprint, the state government organised a series of interactive sessions on business opportunities in Bengal in Frankfurt (Germany), and Milan (Italy) in October 2018. High-powered official and business delegations have also visited many other countries.
“Italy, participating as a partner country for the third time in a row, will be represented by Italian Ambassador Lorenzo Angeloni. This year the number of Italian delegates are expected to exceed the last year. Delegates from Lombardy and Caserta in Italy are also participating this year,” said Damiano Francovigh, the Italian Consulate General to Kolkata.
According to Bengal Finance, Commerce and Industries Minister Amit Mitra, there would be thousands of delegates at the plenary session, including a strong presence from countries where manufacturing units are strong.
However, key central government ministers are likely to skip the summit and their absence could be attributed to the deteriorating relations between the BJP-led central government and the state’s Trinamool Congress regime.
“Last time, we invited them but they did not come. This time, we have invited Union Commerce and Industry Minister Suresh Prabhu and he has sent a video messages wishing the success. We want to work together. Government to government work is different and it is a constitutional obligation,” state Chief Minister Mamata Banerjee told reporters at the secretariat-Nabanna.
Banerjee has been accusing the Centre of attempting to destroy federal structure of the country. She has been vocal against demonetisation and implementation of the Goods and Services Tax (GST) by the central government “without enough preparation”.
To turn things around in terms of investment, she has appealed to industrialists time and again to infuse investments in the state to meet the huge demand for jobs.
The Chief Minister also tom-toms the state as a zone of “industrial peace” where not a “single manday” is lost due to industrial disputes, and gateway to North-East India and South-East Asia.
To attract investment, this year’s summit would focus on priority areas like agri business, IT & ITes, MSMEs & skills, hospitality & tourism, logistics & transport, and infrastructure. The sessions would include sector-wise discussions to project possibilities and potential of Bengal.
According to the state government officials, the four chapters of the summit have witnessed “overwhelming response from the business community receiving $145.93 billion business proposals from varied sectors”.
Later in the evening, Banerjee said there were over Rs 10 lakh crore of investment proposals, received by the government and out of this, over 50 per cent is “under process” of implementation.
She also alleged that “whatever announced in the Gujarat’s business summit is not being implemented”.
—IANS
by admin | May 25, 2021 | Business, Business Ideas, Business Summit, Emerging Businesses, Entrepreneurship, Events, Investing, SMEs, Startup Basics, Your Business Plan
By Bappaditya Chatterjee,
Kolkata : Against the backdrop of only half of the about Rs 8 lakh crore (over $125 billion) investments proposed in the past three editions of Bengal Global Business Summit reaching the “process” stage, the just concluded fourth edition has seen a Rs 15,000 crore drop in proposals from last year.
Experts and economists say the challenge for the state now is to translate higher proportions of these proposals into Industrial Entrepreneur Memorandums (IEMs) filed with the Department of Industrial Policy and Promotion (DIPP) of the central government and also move into the implementation stage.
According to the state government, the 2015 and 2016 summits had fetched investment proposals of Rs 2.43 lakh crore and over Rs 2.5 lakh crore, respectively. The third edition netted proposals of over Rs 2.35 lakh crore.
This year, the summit has received proposals of about Rs 219,925 crore, the lowest since the government kicked off the process of branding the state.
Describing the latest edition as the “top of the top” business summit, Chief Minister Mamata Banerjee said: “Even last year, of what we discussed, 50 per cent of the businesses (proposals) are in process… Earlier also, the situation was like this.”
Expressing satisfaction, West Bengal Finance and Commerce and Industries Minister Amit Mitra, a former Secretary General of industry lobby FICCI, said the state had done well to draw investments given the low gross capital formation in the country and slower Gross Domestic Product (GDP) growth.
Industry doyens like L.N. Mittal, Mukesh Ambani and Sajjan Jindal and other majors praised Banerjee’s leadership and the state government for creating a friendly climate and an enabling policy infrastructure.
However, the chink in the armour remains the realisation of these business announcements.
The state’s opposition parties — the Congress, the Bharatiya Janata Party (BJP) and the Communist Party of India-Marxist (CPI-M) — have demanded a White Paper from the government on the number of proposals the state had received in the earlier summits and those that had fructified.
“The signing of memorandum of understanding in a business summit, like this, will gain more relevance if these pacts are translated into filing in the Department of Industrial Policy and Promotion (DIPP) of central government. A general trend suggests that only about 10-15 per cent of the total proposals coming from these summits are filed with DIPP. Though, there are some exceptions, the trend is applicable to almost all the states and West Bengal is no exception,” economist and Professor of Jadavpur University Ajitava Raychaudhuri told IANS.
Investments proposed at a particular summit do not necessarily have to be filed in the same year and the IEMs filed may include earlier proposals.
Union Commerce Ministry data suggests that out of 2,279 IEMs filed during the year 2016-17, 406 were for Gujarat, 376 for Maharashtra and 322 for Karnataka. However, in terms of proposed investments, Karnataka led with Rs 171,347 crore followed by Gujarat (Rs 73,559 crore) and Maharashtra Rs 38,188 crore.
In 2016-17, West Bengal bagged 63 IEMs worth Rs 4,690 crore.
“In terms of implementation of the Industrial Entrepreneur Memorandums, the picture is even worse. Again, the trend suggests that only about 10-15 per cent of IEMs filed are being reported as implemented. This is an all-India phenomenon and includes West Bengal. So, the challenge for the state is to improve the proportion of filings and implementations,” Raychaudhuri added.
Do these summits have any relevance? Given the “dull” investment scenario in India, several states have been competing to net industries and investments and organising such business summits is becoming necessary to be in the competition, Raychaudhuri said.
“It wouldn’t be correct to see West Bengal in isolation. The world economy, as well as India’s, is going through a sluggish trend. Unless and until the country’s economy is steadied, investors will continue to be cautious,” economist and former Professor of Presidency University Debnarayan Sarkar said.
Echoing Raychaudhuri, Sarkar told IANS: “There is a marked difference between IEMs filed and investments proposed in summits. But West Bengal has a better translating rate than leading states. For example, in 2016, proposed investment of IEMs filed was about Rs 56,000 crore in Gujarat while IEMs implemented were worth about Rs 8,200 crore. In contrast, West Bengal saw about Rs 5,204 crore of proposed investments in 2016 and implementation was Rs 3,400 crore.”
However, the flip side of the summit was absence of central ministers, which could be a direct off-shoot of Banerjee’s constant anti-Narendra Modi stance.
Usually, central ministers attract industry honchos and public sector entities tend to announce projects that swell the investment kitty. But unlike the previous editions, no major business announcements surfaced from central PSUs this time.
According to official figures, 350 delegations from over 32 countries and over 4,000 delegates participated at the summit.
(Bappaditya Chatterjee can be contacted at bappaditya.c@ians.in)
—IANS
by admin | May 25, 2021 | Business, Business Summit, Events, Investing, Large Enterprise, Venture Capital
(Maeeshat Photo)
Kolkata : The two-day “Bengal Global Business Summit 2018” organised by the state government has received new investment proposals worth Rs 2,19,925 crore, which is less than last year by about Rs 15,000 crore, Chief Minister Mamata Banerjee announced here on Wednesday.
Addressing delegates on the concluding day of the meet, she said 50 per cent of last year’s business proposals and those of previous years were “in the process” of implementation.
“The new investment proposals for this year that we have received is about Rs 2, 19,925 crore. It may go up also,” she said.
The state’s opposition parties – the Congress, Bharatiya Janata Party (BJP) and the Communist Party of India-Marxist (CPI-M) – had on Tuesday demanded a white paper from the government on the number of proposals the state had received in the earlier summits and those that had fructified.
Banerjee on Wednesday said: “Whatever we discussed about the business summit… you cannot say that we only discuss or give hopes. We talk less, work more.
“Even last year, of what we discussed, 50 per cent of the businesses (proposals) are in process… Earlier also, the situation was like this.”
State Finance and Industries Minister Amit Mitra told reporters that of the total investment proposals, the manufacturing and infrastructure sector netted investment commitments of Rs 1,56,811 crore, “which is significant”.
Among other major sectors, the micro, small and medium enterprises (MSME) and textiles attracted business proposals of Rs 52,952 crore, hospitality and tourism got Rs 1,483 crore, IT &ITes Rs 1,146 crore, animal resource, food processing, fisheries and agribusiness Rs 1,518 crore and health, education and skill development got Rs 6,015 crore worth of proposals.
According to the state government, the 2015 summit fetched investment proposals worth Rs 2.43 lakh crore and the 2016 edition over Rs 2.5 lakh crore.
Business announcements worth over Rs 2.35 lakh crore were received by the state in the last edition of the summit.
Terming the fourth edition of the business summit a “successful event”, Mitra said 1,046 B2B and 40 B2G meetings were held in the summit and, in all, 110 MoUs was signed.
“The perceptional change about Bengal was visible from the participation of delegates from India and abroad who expressed their business interest in the state,” he said.
As many as 350 international delegations from 32 countries including Japan, Italy, Poland, Korea, Czech Republic, Germany, Britain, France and UAE and over 4,000 delegates participated in the fourth edition of Bengal Global Business Summit held at the sprawling Biswa Bangla International Convention Centre at New Town, Rajarhat here.
Foreign delegates from Korea, China, Germany, Italy and other countries have shown interest in the manufacturing sector, Banerjee said.
“Your kind presence made the summit successful. Your kind presence is our inspiration and strength. You are our great assets. We are delighted to know about your vision,” she said.
Thanking Reliance Industries Chairman Mukesh Ambani for his Rs 5,000 crore investment proposals, she said the investments would create a large number of employment opportunities in the state.
“If you calculate all together, with whatever business proposals we have received, employment for more than 20 lakh people will be created,” Banerjee said, adding that industries and agriculture were growing hand-in-hand in the state.
Mitra said new policies – Logistic Park Development and Promotion Policy, Export Promotion Policy, RoRo Operation policy – were unveiled during the summit to provide an enabling framework.
According to him, Dassault Systems signed off with Indian Chamber of Commerce for setting up a design centre while Apparel Export Promotion Council announced the setting up a skill development centre.
Uber and Ola signed pacts with the state Transport Department to increase employment opportunities for the youth.
Among big ticket MoUs is signing of pact between state government and Poland’s Silesian region and state Power Department inked agreement with GIZ (Germany) towards an Energy Action Plan for the state.
State-run Jadavpur University signed three MoUs for collaboration in various fields with Exeter University, Edinburgh University and Eotvos Lorand University. City-based Presidency University too inked pact with Edinburgh University in the area of higher education and Life Sciences.
The Chief Minister described the state as “the investment destination”, as it had political stability and labour, talent and a business-friendly environment.
According to her, West Bengal is strategically placed for businesses for Asean countries, including neighbouring countries of Bangladesh, Nepal and Bhutan and the northeastern states of India.
“Bengal deserves to be a global industrial hub,” she told delegates at the summit.
“We are a united and cosmopolitan family. There are no differences on caste and creed. Tolerance is the key. If you don’t tolerate people, you would not get the results,” she said.
Banerjee also announced that national carrier Air India would commence its services from the Greenfield airport at Andal near Durgapur in the state to Delhi from January 28.
The next year’s summit will be held on February 7 and 8. “Next year, one day will be dedicated to the world business summit and the other day for conclaves,” Banerjee said.
—IANS
by admin | May 25, 2021 | Business, Business Summit, Economy, Events, Large Enterprise, News, Politics
Kolkata : In the shadow of slower economic growth in the country after the implementation of new indirect tax regime and a renewed anti-land acquisition protest at Bhangar in the state, the Mamata Banerjee-led West Bengal government is to inaugurate the fourth edition of its annual two-day business summit on Tuesday that will see participation from over 30 countries.
The authorities are yet to formally announce any list of Indian business captains who would attend the Bengal Global Business Summit (BGBS), 2018.
But industry doyens like Reliance Industries’ Chairman Mukesh Ambani, Steel maker ArcelorMittal Chairman and CEO Lakshmi Mittal, JSW Group’s Chief Sajjan Jindal, city based FMCG major ITC’s CEO Sanjiv Puri, RP Sanjiv Goenka Group’s Chairman Sanjiv Goenka and others are expected to attend this year’s summit.
In an effort to shed the state’s investor-wary image and woo much-needed business capital, the state government had reached out to various parts of the country and even foreign countries in the lead up to the event, being held in the sprawling Biswa Bangla Convention Centre at Rajarhat in Kolkata.
Czech Republic, France, Germany, Poland, Italy, Japan, China, South Korea and the UK are among the overseas nations to be represented at the mega business gathering.
Consul General of China in Kolkata, Ma Zhanwu had recently confirmed 30 Chinese companies would participate in the business meet and according to him, Chinese companies aimed at utilising BGBS and other opportunities towards fulfilling the goal to invest $200 billion abroad every year.
Italy will also be participating in this edition as a partner country in the Summit for the second year in a row, with an expected delegation of more than 30 companies where the sectors most represented will be transport and infrastructure, metals and leather.
A Memorandum of Understanding (MoU) will likely be signed in the leather sector, for new technologies and training programmes.
A high level Polish delegation headed by Marek Magierowski, Deputy Minister of Foreign Affairs responsible for the relations with Asia and economic cooperation, will participate in the BGBS.
Representatives of Silesia, an economically robust region of the east European country, and West Bengal will sign a Memorandum of Understanding on bilateral cooperation.
In order to ensure a strong foreign imprint, the state government organised a series of interactive sessions on business opportunities in Bengal in Germany, the UK and The Hague, Netherlands.
High powered officials and business delegation had also fanned out to China, South Korea in last October and Thailand in last August-September.
According to state Finance, Commerce and Industries Minister Amit Mitra, there would be thousands delegates at the plenary session, including a strong presence from countries where manufacturing units are really strong.
However, key central government figures, most notably Finance Minister Arun Jaitley and Shipping Minister Nitin Gadkari would likely be skipping the summit and their absence could be attributed to the deteriorating relations between the BJP-led central government and the state’s Trinamool Congress regime.
Chief Minister Manata Banerjee has been vocal against the central government’s decision to recall Rs 500 and Rs 1,000 currency notes and implementation of Goods and Services Tax (GST) without enough preparation.
In a desperate attempt to turn things around in terms of investment in Bengal, she has appealed to industrialists time and again to infuse investments in the eastern state, to meet the huge demands for jobs.
Banerjee also frequently tom-toms the state as a zone of “industrial peace” where not a “single manday” is lost due to industrial disputes and gate-way of North east India and South-East Asia.
The state topped the provisional ranking of Ease of Doing Business for implementation of criteria in the Ease of Doing Business reforms though the ranking is dynamic and will continuously undergo changes, until the freezing of rankings.
However, such claims may have lost some sheen in view of the fresh trouble in South 24 Parganas district’s Bhangar, with violent clashes between villagers and the Trinamool’s activists over acquiring land for setting up a power grid project.
The 104-day shutdown and unrest in the Darjeeling, called by Gorkha Janmukti Morcha following the disputes between the state government and the principal party in the Hills, had affected the investment climate in the north Bengal.
However, the situation in the hills has been normalising day by day, the government claimed.
The fresh chapter of the summit would focus priority areas for attracting investment, such as transport, urban development, power, medium and small-scale enterprises, IT and ITeS and infrastructure, health, education, skill, agro and food processing.
The sessions would include sector-wise discussions to project the possibilities and potential of Bengal in front of investors.
The state government is expected to announce its IT policy in the summit and the new industrial policy as the existing one will expire by end of March this year.
According to the state government, the 2015 summit had fetched investment proposals to the tune of Rs 2.43 lakh crore and the 2016 edition received over Rs 2.5 lakh crore of investment proposals.
Over 2.35 lakh crore of business announcements were received by the state in the last edition BGBS.
—IANS
by admin | May 25, 2021 | Business, Business Summit, Emerging Businesses, Events
Ma Zhanwu
Kolkata : Highlighting the need for good relations between India and China to strengthen economic ties, a Chinese diplomat on Tuesday said about 30 Chinese companies will be participating in the Bengal Global Business Summit (BGBS) scheduled to be held here January 16-17.
“Good political relations between China and India, certainly, contribute to further growth of business ties between the two countries. Actually, China and India relations are at important juncture and we look forward for new age of fast growth of political and economic ties between two countries,” said Ma Zhanwu, Consul General of China in Kolkata.
Chinese businesses “attach great importance” to the opportunities presented by eastern India and by West Bengal, he said.
“This year, about 30 Chinese companies will be participating in the BGBS. Out of those 10 Chinese companies will be visiting India for the first time to explore business opportunities and 20 others already have ongoing projects in India,” he told reporters.
Of the 10 companies coming foor the first time, four are from Jiangsu, four from Shandong and one from Yunnan Province.
According to Ma, China aims to invest $200 billion abroad every year but Chinese companies together made “a total investment of $100 billion aboard in the last year” as they could “not find the proper projects”.
“This year, the Chinese companies aim to utilise BGBS and other opportunities towards fulfilling that goal,” he said.
Ma also said the BCIM (Bangladesh-China-India-Myanmar) economic corridor would be developed with joint efforts by the four countries.
“We hope to see the signing of Free Trade Agreement between the two countries. We hope that two countries can combine their well know strategies. India has Act East policy and in China, we have proposed the Belt and Road initiative…this combined strategies can create more trust and opportunities to the business people,” he added.
—IANS
