Didi’s Policy Mounts Bengal FDI Fortune

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Bengal Chief Minister Mamata Banerjee has yet another feather in her cap. In what could be used as a unique selling point by the ruling Trinamool Congress in the coming general elections, Mamata’s State has recorded a 175 per cent jump in foreign direct investment in the first quarter of 2018.

As per latest reports released by the Department of Industrial Policy and Promotion (DIPP) Bengal has recorded an investment of $ 3,912 million between April and July 2018 as against a total FDI of $ 1,410 million in 2017-2018. This is about 175 per cent jump in terms of foreign investment proposals which have been converted into reality, State Finance Ministry sources say quoting the DIPP which functions under Union Ministry of Commerce.

For the relevant period Andhra Pradesh has received an investment of $ 9,770 million, Maharashtra has received an investment of $ 16,152 million while for Karnataka the figure is $ 11,802 million. Gujarat has seen an investment of $ 2,786 million.

“This means that though the Bengal has lesser investment in terms of million dollars the upswing in terms of percentage is remarkable. It is the highest at about 175 per cent whereas Karnataka, Maharashtra and Gujarat have received a negative growth. Only AP has recorded positive growth at 21 per cent which is far behind Bengal,” said an official adding the jump in foreign investment was a direct fallout of the Chief Minister’s dogged effort towards bringing foreign capital.

In 2016-17 Bengal had received a foreign investment of only $ 320 million which went up to $ 1,410 million in 2017-18.

Incidentally Mumbai has recorded about $ 86,000 million last fiscal that has come down to about mere $ 16,000 this year. “If you add the investment proposals that are likely to be implemented in the coming months then the net foreign investment for Bengal would jump further up to about $ 7,000 million.

Hailing the “right policy” and steady inflow of foreign investment senior functionary of Kolkata Merchant Chamber of Commerce S Roy said that the “steady inflow” of foreign investment only buttressed the fact that the “State is moving in the right direction” insofar as its industrial policy was concerned.

“It is a proof of changing attitude of multinationals vis a vis the industrial climate in Bengal,” said another MCC official hoping, “Bengal will soon enter the list of elite group of states in terms of bringing foreign investment.”

Incidentally the Chief Minister has for the past several years been travelling to countries like the UK, Germany, Italy, Singapore etc to bring foreign investment. “The improving investment records only show that Mamata Banerjee has been able to change the negative image of Bengal at world level,” said State Minister Subroto Mukherjee.

On whether the achievement could work as a USP for the TMC in the coming elections the TMC leaders said the party would try to showcase all the achievements before the voters.

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