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West Bengal- The Investment Destination

investment destination

West Bengal is often termed as primarily being a cultural capital of the country, but few people actually manage to see through that veil of cultural heritage and on to the greater picture, where West Bengal also has what it takes to become a hugely successful industrial hub. It is true that in the past, industrialisation hasn't really bloomed in the state, but now, after many changes in the framework of the state's internal affairs, there is much scope for outside parties to come and invest in the industrial sector of the state, and they can be sure that they will get more returns than they could have hoped for. This is because of a variety of reasons.

 

 

 

THE GEOGRAPHICAL ADVANTAGE OF WEST BENGAL

To start off with, West Bengal is on the fringes of India's map, so there is easy access to a good number of neighbouring countries around the eastern border of India. For example, West Bengal is an excellent gateway to the North-eastern Region and Southeast Asia, which opens up a lot of opportunities if you are planning to set up shop here. International frontiers are shared by West Bengal with Nepal, Bangladesh and Bhutan, which means that ties can be made with these countries on a variety of issues and collaborations can be signed. Also, the hinterland of West Bengal comprises of Bihar, Orissa and Jharkhand, which are all mineral-rich states, and they can be accessed easily and on short notice.

 

Map of West Bengal

Map of West Bengal But the most important factor as to why West Bengal is the ideal place to invest for industrialisation is the fact that, the cost of doing business is really low here, compared to other states of the country. And highly skilled labour is also found in abundance here, and at very low costs, so you can get much more out of your resources than you could have had it been a different state.

 

And last but not the least, West Bengal heads all the states when it comes to MSME, or Micro, Small or Medium Enterprises, which means that you can go into collaborations with these enterprises, which will not just help you to sustain your business, but help other smaller firms as well, reaping profits for everyone on the whole.

 
 

IN TERMS OF INCENTIVES

When it comes to providing incentives, West Bengal offers a lot of opportunities and leeway to all sectors of business, depending on what your trade is.

 

in terms of incentive

In terms of incentive 1) Large-scale industries: there are a host of subsidies that can be made use of if you are planning on investing in a large-scale business. You can make use of the State Capital Investment Subsidy, Employment Generation Subsidy, Interest Subsidy, Coal Gas Subsidy, Industrial Promotion


Assistance, and Financial Assistance for Patent Registration and Waiver of Land Conversion among many others.



 

in terms of incentive

In terms of incentive 2) Incentives for MSME: if you are looking at the MSME segment, then there are many incentives which you can make use of to make the most of your investment. State Capital Investment Subsidy, Subsidy for Energy Efficiency, Power Subsidy, Refund of Central Sales Tax (CST) and Subsidy for Standard for Quality Compliance are just a few of the incentives that can be tapped into for the betterment of your business and increasing your investment.



 

investment destination

investment destination 3) IT Companies: if IT industry is the category that you want to invest in, then there are many schemes and subsidies that you can use to your advantage such as Reimbursement of Stamp Duty and Registration Charges, Electric Duty Exemption and Capital Investment Subsidy.

 

So no matter which area of business interests &you, there are always perks by the West Bengal government that you can access to make sure that your investment not just remains safe, but you stand to make the most out of it.

 

Apart from all these, there are a host of other advantages and opportunities that have recently opened up in West Bengal, such as the two film cities that are slated to come up in Kolkata and its surrounding regions, the monorail service which spans the New Town and Salt Lake areas and the various developmental projects concerning the Hooghly River. There are plans to develop smart cities in West Bengal as well, all of which only increase opportunities in terms of business in the state, not to mention the Industrial Township projects in Bolpur, Birbhum district and other places, which span a total of 120 acres of area space.

 
 

LAND :

 

investment declaration-land

In many parts of West Bengal, there are lands which have been open to investment for quite some time now, with many investors already queuing up to join the fray, such as the Food Park Phase III, Vidyasagar Industrial Park, Panagarh Industrial Park, Raghunathpur Steel & Allied  Industrial Park, Goaltore Industrial Park, Kharagpur General Industrial Park and Haldia Industrial Park, which will have an added advantage since the docks are very near to Haldia.

 
 

POWER AND NON-CONVENTIONAL ENERGY SOURCES :

Power and Non-Conventional Energy Sources

West Bengal is known to be one of the leading producers of rice in the country, and all the husk that comes from this rice can be used to generate non-conventional energy, and can be used in industries. This has immense industrial potential, and should you invest in this segment, you stand to make way more than your initial capital, in terms of establishing biomass captive power units in the state.

 

PETROCHEMICALS AND PETROLEUM :

 

There are many already existing petrochemical and oil refining units in West Bengal that can generate a lot of profit if proper investment is funnelled into them.

 

IRON AND STEEL :

 

Since West Bengal has easy and widespread access to raw materials, this sector of the industry, along with proper investment can really generate a lot of income and profits if someone is willing to take up the initiative.

 

Apart from all these, West Bengal already has a strong foothold in a variety of industries such as tea, jute, gems and jewellery, leather, and free access to a number of ports, which facilitate easy transportation of raw and finished materials at very economic costs, which just goes to show that the more investment there is, the more investors stand to make out of their money.

 

Apart from all these, West Bengal already has a strong foothold in a variety of industries such as tea, jute, gems and jewellery, leather, and free access to a number of ports, which facilitate easy transportation of raw and finished materials at very economic costs, which just goes to show that the more investment there is, the more investors stand to make out of their money.

 

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Last updated on: Tue, 02 Aug 2016
Information Source: Department of Information & Cultural Affairs(I&CA), Government of West Bengal