Clarity on industrial approach needed in Bengal

Kolkata, March 11 (IANS) The approach to industry and the corporate outlook of West Bengal need more clarity to attract meaningful investment in the state, an industry official said on Wednesday.

"We are yet to see credible outcome from the government and clarity is needed from the (state) government to leverage business here," head of global wealth management from the Edelweiss Financial Services (EFSL) Anshu Kapoor told mediapersons here.

He said the valuation of mutual fund assets alone from the state is to the tune of Rs. 62,000 crore and the agro industry is also coming up well.

"However, the state government needs to lay down it's priorities in the industrial sector clearly for any fruitful outcome," he said.

The company's associate director and research head Vinay Khattar said while uprooting the 34 years of communist rule, chief minister Mamata Banerjee had acquired the image of not being industry-friendly which is further dampening the spirit of investment and industry here.

"On top of her (Banerjee) image of not being industry friendly, the state also has a heavy debt burden", he said.

However, he said the state's GDP growth and cost-cutting measures adopted by the government have helped in increasing the net earnings. In 2013-14, Bengal witnessed double-digit GDP growth at 14.14 percent.

The company also said the focus on boosting the MSME segment will take time to translate into action and the period may stretch from one to one and a half years.