Government of West Bengal feels the urgency of providing the stimulus measures for its industries and service sectors to induce an inclusive economic growth in the state. The focus of the state investment and industrial policy is to rapidly build and improve infrastructure. The state also wants to tap its technical prowess with private partner so that industry could benefit from its strategic location, rich soil and exceptional human capital.
The Institute of Cost Accountants of India (ICAI), the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy hosted the Bengal Cost Summit 2017 based on the theme ‘Importance of CMA in Every Decision Making’.
The summit was inaugurated by the ‘Chief Guest’ Shri Sobhandeb Chattopadhyay, Hon’ble Minister-in-Charge, Department of Power & Non-Convetional Energy Sources, Govt. of West Bengal. The summit was also graced by the presence of the following dignitaries:
- Dr. Saumitra Mohan, Chief Executive Officer, IAS, Kolkata Metropolitan Development Authority, Kolkata as ‘Guest of Honour’
- Shri P.M. Chandraiah, Managing Director (Aadl. Charge) & Director (Finance), Bengal Chemicals and Pharmaceuticals Ltd., Kolkata as ‘Guest of Honour’
- CMA Sanjay Gupta, President of the Institute of Cost Accountants of India as ‘Guest of Honour’
- CMA Manas Kumar Thakur, Immediate Past President and Chairman, Training & Education Facilities and Placement Committee, The Institute of Cost Accountants of India and Patron Bengal Cost Summit 2017.
More than 300 professional Cost and Management Accountants from various sectors from various parts of West Bengal actively participated and interacted with the guests and dignitaries present. Detailed various technical sessions were organised to make the sessions interactive and informative.
Given the high population density of the state, Micro Small and Medium Enterprise (MSME) stay on high priority. However, to promote the large scale industries, the aim would be to facilitate investment in the infrastructure of roads, bridges and ports for maximizing the benefits of the rich mineral base and surplus power position of the state.
To build a business friendly environment, the application document to start a business has been simplified and for better management the state has undertaken the largest IT driven reform process including major steps in simplification of tax structure.
Thrust areas of the new industrial policy are:
- To support the labour intensive MSME, textile, agro, leather, food processing sectors
- To revive hallmark industries such jute, tea.
- To leverage the core competence and rich mineral base of state
- To welcome latest technology and FDI
- To utilize the potential of large technical and creative manpower
- To work for policy reforms and business process engineering for creating Ease of Doing Business through creation of a single window system for industrial start-ups.
- To take necessary steps for enhancement of Skill Development and Entrepreneurship development training programmes at the State.
Economically, West Bengal holds the 5th position in social sector expenditure in India. The city of Kolkata has the 3rd highest GDP based on purchasing power parity amongst all Indian cities. The state has the 4th highest reserves of coal in the country. China clay and fire clay are also produced in the state.
In the new era of clear energy and this state has plenty of coal beds, methane gas and two private companies – Great Eastern Energy and ESSAR are running many wells. In agriculture sector, the state holds 1st position in rice, fish and just production in the country. In service sector, the state has witnessed a double digit figure in percentage such as communication, banking and insurance, real estate, transport and construction. These improvements are an outcome of the visionary steps of the government to lay the foundation of the giant strides that are planned. The state government proposes to achieve the objectives set out in its vision and mission by EASE OF DOING BUSINESS.
Government of West Bengal is determined to eliminate system bottlenecks and has kept Ease of Doing Business as one of the key objectives of this policy. The Phase I initiative is based on the simplified tax regime and e-governance. In Phase II, the government will extend the policies of other aspects, beginning from setting a business to single window service delivery system and covering the incentive tracking and delivery. E-tendering, incentives to investors, reduction of red-tape, ready land, bank information, bringing the best talent in private sector through transaction advisory service, transparency in allotment of public resources are some of the steps to be taken in this regard.
In the power sector West Bengal maintains a surplus status, while ensuring quality power to industry for rapid industrialisation. Continuous stable and quality power to industrial customers is state’s top priority. Towards this goal the power department has implemented code of practices and procedures of fair disclosure of unpublished price sensitive information whistle blowing policy/code of business conduct and ethics. As recognition to its sincere and dedicated performance the transmission and distribution companies under government of West Bengal has been awarded SKOCH Award of Merit- 2016, India Power Award-2016, India Energy Summit Award- 2016 and Gold Shield from Govt. of India.
The government of West Bengal has taken a new unique e-based initiative of building an Employment Bank that provides a common platform for employers and the job seekers, which shall also be accessible to training institutes.