India Inc pledges Rs 93,600-crore investment for Bengal on Day 1 of trade Summit

Companies, including state-run Steel Authority of India Limited on Wednesday, committed to invest over Rs 93,000 crore (Rs 930 billion) in West Bengal, while Chief Minister Mamata Banerjee said total commitments would exceed Rs 1 lakh crore (Rs 1 trillion) during the ongoing two-day Global Business Summit.

She, however, refused to draw any comparison with the Vibrant Gujarat summit, which typically gets huge investment pledges.

Banerjee said that the two states were different and the Gujarat event had an advantage because Prime Minister Narendra Modi came from that state.

On the first day of West Bengal Global Business Summit, investors committed Rs 41,600 crore (Rs 416 billion) in ports sector, while Rs 12,000 crore (Rs 120 billion) has been pledged for mining projects.

Another Rs 40,000 crore (Rs 400 billion) worth investment pledge came on Wednesday from SAIL, Banerjee said.

"It will exceed Rs 1,00,000 crore (Rs 1,000 billion)," Banerjee said on Wednesday on the first day of the two-day summit being held in Gandhinagar.

Describing the summit as ‘positive and constructive throughout’, the chief minister said a lot companies have committed to invest in money into the state.

SAIL's investment announcement came a day after a 3900-acre land issue being resolved in the state.     

However, Banerjee refused to compare the Bengal summit with the Vibrant Gujarat event, which would start on January 11.

"We can't compare the two summits.

“The Prime Minister is from their state, so that is a big advantage for them.

“Gujarat is always developed.

“They don't have to repay debts like we do.

“So, let Gujarat play their own role and let us Bengal play our own role.

“We want development for both," she said.

Image: The Victoria Memorial. Photograph: Jayanta Shaw/Reuters