Calcutta: West Bengal Finance Minister Dr. Ashim Das Gupta offered certain infrastructural facilities to attract investment from non-resident Indians besides strengthening the NRI cell in the state.
Inauguration the International conference on India-NRI 1992 Dr. Das Gupta said that the government’s aim was to make to cell more powerful improves its functioning and introduces a single window approach.” Stating that the response from the NRIs was encouraging the minister said that the government had so far approved 20 NRI investment proposals and five were in the pipeline whose approval would also be given. 100 professional nonresident industrialists have approached the state government with Proposals in the software/electronics sector.
Regarding assistance the minister said that the most important problem was related to social infrastructure residential facility were needed and the government was thinking of allocating certain areas close to the city to solve the accommodation problem Banking was another area where some problems exist. Credit is needed for working capital but the interest rate is high and there is a credit squeeze. The climate of investment in West Bengal is good because of Political and social stability availability of highly skilled labor and competitive wages.
In the area of investment he mentioned the field of industrial units related to agriculture biotechnology agricultural implements processing and geo-jute. About the recent withdrawal of freight equalization in iron and steel he observed that all discriminations of the past had not been compensated. The state government had raised prices but the scene had improved with a high grade pig iron unit set up near Khargapur.
Referring to the states alternative approach to help solve the balance of payment crisis he said that more importance should be given to NRI.
Article extracted from this publication >> February 14, 1992
