WB industrial policy seeks to woo MSMEs | SupportBiz


WB industrial policy seeks to woo MSMEs

Following the footsteps of Maharashtra and Gujarat, the West Bengal government has unveiled its draft industrial policy after a long wait on May 18, to woo entrepreneurs by showcasing the state as an attractive investment destination. The policy stressed on sustainable development of labour-intensive micro, small and medium enterprises (MSMEs), with special emphasis on food processing and agro, textiles and apparel, leather and handicrafts.

The government would soon publish a document on the new industrial policy.

Leading industry lobbies have expressed hope that the policy roadmap would help the industry to grow significantly.

The policy incorporated several incentive schemes for new investors and emphasized on setting up of industrial parks and hubs through the public private partnership (PPP) model.

According to the 'Mission Statement’ of the policy, the government targets to increase the manufacturing growth rate from 4.7 per cent during 2010-11 to 20 percent at the end of the terminal year of the policy and to achieve at least 25 percent share of the NSDP for manufacturing sector and generate employment of 13.14 lakhs people in 2013-14 and sustain this momentum.

The policy also aims at creating accelerated growth in entertainment, ICT including KPO, BPO, high end IT, software and hardware development, gaming and animation.

West Bengal Industry Minister Partha Chatterjee said that, the entrepreneur, who seeks to set up new industrial units in the state, will receive several incentives including land allocation.

The state government also welcomed latest technology and Foreign Direct Investment (FDI), especially in manufacturing, sun-rise industries and high tech areas.