The opening up of the Indian economy and the continual changes in the country's economic and investment policies over the past one and a half decades have unleashed an unprecedented opportunity for growth of private & public investment and enterprise. The states have played a key role in scripting the Indian growth story. However, at the same time, the competition among different states has intensified as the country progressively synchronized with the global market and has emerged as an investment destination. It is against this backdrop that nodal agencies of different states responsible in promoting investment came to play a larger role.
West Bengal Industrial Development Corporation Ltd. (WBIDC) formed in 1967 under the Companies Act, is the premier nodal agency of West Bengal's Commerce and Industries Department. WBIDC is responsible for conceptualizing, development, growth and facilitation of industry, investment and infrastructure in West Bengal. Over the years the corporation is actively engaged in catalysing investment through promotion and marketing of West Bengal as an investment destination.
WBIDC provides support to industries through four ways - Facilitation, Financing, Disbursing Incentives and by Setting up Industrial Parks.
The Responsibilities of WBIDC are as follows :
- To secure and assist in the expeditious and orderly establishment, growth and development of industries in the state of West Bengal.
- Promotion of joint sector and assisted sector units in important industry segments.
- Financing medium & large scale industries through various loan schemes.
- Developments of business, trade and industrial links with domestic as well as foreign institutions and companies.
- Conceptualization of new projects as well as assistance to entrepreneurs towards implementation and follow-up.
- Disbursing Financial Incentives to medium and large scale industries under different State Incentive Schemes as a nodal agency of the State Government.
- Promoting/Facilitating the Development and Management of Industrial Infrastructure such as industry specific parks with state of the art infrastructure.
- Facilitating investment proposals through single-window agency 'SilpaSathi' or State Investment Facilitation Centre (SIFC).
- Dissemination of information related to prospects of industries in the State.
WBIDC also ensures the overall socio-economic development of the state on a sustainable basis through different participatory and need-based initiatives. As a part of the Corporate Social Responsibility WBIDC has developed appropriate Resettlement and Rehabilitation Package through a process of consultation with the stake holders which has been very well appreciated in the areas where the recent projects have been launched. WBIDC not only organizes avenues of livelihood for project affected persons but also develop social infrastructure in the neighbourhood of the project areas.
WBIDC also makes regular interaction with various Chambers of Commerce at a national and international level to promote different activities. In the process of image building as well as to disseminate investment related information, WBIDC participates in various national and international events.