Victory of TMC sets tone for faster economic reforms in West Bengal: Tata Steel MD T V Narendran

KOLKATA: Congratulating the Mamata Banerjee-led Trinamool Congress on the election results in West Bengal, T V Narendran, chairman, CII Eastern Region and managing director, Tata Steel, said “The decisive election victory of the TMC reaffirms the direction of the government and sets the tone for faster economic reforms in West Bengal."

“In the first term, the West Bengal Government has strongly addressed multiple issues to kickstart a new wave of development. CII will continue to work with the West Bengal Government to accelerate reforms and attract investments,” Mr Narendran said.

Outlining priorities ahead for the incoming government, Mr Narendran referred to the Goods and Services Tax (GST). “West Bengal can play a key role in introducing GST, a game-changer for the Indian economy,” he stressed.

Critical issues such as Ease of Doing Business, land reforms and labour regulations are in the state domain. “CII has suggested comprehensive regulatory reform to improve the investment climate,” Mr Narendran said.

Mr Anil Vaswani, chairman, CII West Bengal, stressed the need for an integrated infrastructure development plan and a sector specific infrastructure support system, including urban infrastructure. “The new government should leverage the PPP model of public-private partnership for infrastructure creation and delivery of public services, including FDI participation.”

West Bengal is India's sixth largest economy, and recorded a state GDP growth rate of over 11% from 2004-05 to 2014-15. As the cradle of Indian industry, the state has the potential to speed up key industry sectors and create new jobs.

CII has identified sectors with high potential for the state including Agri & Food Processing, Infrastructure, Manufacturing & MSMEs, ICT & e-Governance, Tourism, Healthcare, Education & Skill Development, Power & Energy and Environmental Sustainability. CII will continue to submit recommendations and suggestions for these sectors.