‘Bengal to frame new industry policy; will be congruent with state’s fin health’

Kolkata: The state government is coming up with a new policy for attracting big industries which is contemporary with changing the scenario in the state, Chief Minister Mamata Banerjee said in the state Assembly.

“We have formed a committee headed by the chief secretary. The draft policy will be prepared after consultation with all concerned stakeholders within a month. On the basis of this, we will frame the new policy which is relevant in the present context,” said Banerjee during discussion on the Revocation of West Bengal Incentive Schemes and Obligations in the Nature of Grants and Incentives Bill 2025.

The Bill was passed in the Assembly on Wednesday with a total of 10 Incentive schemes being revoked. The state has observed that the positive impact of the incentives has largely been confined to a limited number of beneficiaries and had a minimal effect on the broader process of industrialisation. The incentive schemes disproportionately favours specific industries, geographic regions or corporate entities, leading to economic disparities.

Banerjee said that the continuation of such incentives has necessitated significant and ongoing financial expenditures from the state exchequer.

The objects and reasons of the Bill are focused on utilisation of state’s financial resources to uplift socio-economically disadvantaged and marginalised sections of society. Hence, the state decided to discontinue all existing industrial incentive schemes and absolve the state government and its authorised agencies from obligations arising under such programmes, including grants and other financial commitments.

“Our new policy will focus on initiatives that provide broader social and economic benefits, including public health, education and infrastructure development. We are running 97 social schemes for which we are incurring a reasonable expenditure. The industry scenario has changed completely. Presently, our IT industry has witnessed significant development. We are now offering land on freehold. Our new policy will be commensurate with the financial health of the state government,” said Banerjee.