Unregistered industry in Bengal holds great potential as growth agent, says Pranab

   Apr 1, 7:18 pm

Kolkata, Apr 1 (ANI): Union Finance Minister Pranab Mukherjee on Sunday said that West Bengal's unorganised industry sector has grown faster than registered industry adding that the segment holds vast potential for further industrial development in the state.

"The state has a significant unregistered manufacturing segment, which has grown at a higher pace than its registered counterpart. Traditionally, micro and small enterprises have the predominant share in the industrial sector. It has a variety of both traditional and sunrise industries reflecting the potential that the state has of improving its industrial profile," said Mukherjee at a seminar on industrial development organized by ASSOCHAM (Associated Chambers of Commerce and Industry in India).

Stressing that good infrastructure was the key to maintain high medium and long-term growth rates, Mukherjee said that public-private partnerships (PPPs) could be used to attract investment in infrastructure, which would in turn boost industrial growth.

"PPP model could be effectively deployed to attract investments in infrastructure to improve roads, the power sector, ports, communication; and infrastructure development itself would act as a catalytic agent to the industrial development," added Mukherjee.

He emphasised on the need to create more job opportunities for the state's youth, and said that requisite education and training must be imparted to encourage a more inclusive pattern of growth.

"To improve its long-term prospects, West Bengal needs to focus on education, skill training and technology upgradation on a large scale. It has to bring more people to benefit from the expanding markets. Financial inclusion is a key determinant of sustainable and inclusive growth, which in turn is essential for building up an equitable society," he added.

Mukherjee also said that the regime change in the state last year was a reflection of the state's desire for change and the new aspirations of its people.

"The political choice exercised by the people of this state in the last election clearly indicates their expectations for change and their new aspirations. I am happy that the new government under the leadership of Miss Mamata Banerjee is responding to these new aspirations and expectations of the people," noted Mukherjee. (ANI)

Ahead of winter session, Govt calls all-party meeting tomorrow Nov 24, 10:49 pm
New Delhi, Nov. 24 (ANI): With the winter session of Parliament beginning Thursday, the Government has convened an all-party meeting on Wednesday morning to reach out to the opposition parties to ensure smooth business in both Houses.
Full Story
25 vehicles set on fire by Naxals in Kanker Nov 24, 10:49 pm
Kanker, (Chhattisgarh), Nov.24 (ANI): Around hundred and fifty Naxalites set on fire over twenty five vehicles in Chhattisgarh's Kanker District on Tuesday evening, calling for a shutdown here on Wednesday.
Full Story
DIPP notifies easing of FDI policy in several sectors Nov 24, 10:35 pm
New Delhi, Nov. 24 (ANI): After Prime Minister Narendra Modi said that Indian needs huge Foreign Direct Investment (FDI) for modernisation and progress, the Department of Industrial Policy and Promotion (DIPP) on Tuesday notified the recent liberalisation of FDI policy in several sectors, including defence, retail and construction development sector.
Full Story
Bypolls: BJP loses Ratlam-Jhabua LS seat; TRS wins Warangal Nov 24, 10:35 pm
New Delhi, Nov. 24 (ANI): The Congress has snatched the Ratlam-Jhabua Lok Sabha seat from the BJP in by-elections in Madhya Pradesh, the result for which was declared on Tuesday.
Full Story