India Inc hails positive mood of Bengal government

Kolkata-hedquartered ITC is in the process of investing Rs 3,000 crore (Rs 30 billion) in the state in hotel, IT, logistics and consumer goods sectors.

Industry on Wednesday hailed the positive vibes that the West Bengal government sent on the occasion of the two-day Bengal Global Business Summit aimed at attracting investment for the state.

ITC chairman Y C Deveshwar told reporters, "It is a nice thing to see that change is actually happening on the ground.

“There is no option left because all states are chasing after scarce capital."

If capital flight took place in the country in the direction of some other countries and then imports took place for consumption here, then it would be worse for the Indian economy, the noted industrialist said.

"If Bengal has to progress, it will have to attract investments," Deveshwar said.

Kolkata-hedquartered ITC is in the process of investing Rs 3,000 crore (Rs 30 billion) in the state in hotel, IT, logistics and consumer goods sectors.

Regarding land acquisition, he said that it was an issue not only here, but all over the country.

On the recetly-promulgated land ordinance, he said, "I support it".

Echoing Deveshwar's sentiment, chairman of Godrej Group Adi Godrej said that it was a beautiful thing to take place in West Bengal.

"I am sure investments will come here," he said.       

Godrej Group is having several interests in the realty sector in West Bengal.

Image: West Bengal Chief Minister Mamata Banerjee; Photograph: Reuters