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

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)