News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 19 years ago  » Business » Bengal open to FDI in all sectors: CM

Bengal open to FDI in all sectors: CM

By Aarthi Ramachandran in New Delhi
April 11, 2005 11:50 IST
Get Rediff News in your Inbox:
West Bengal Chief Minister Buddhadeb Bhattacharjee said his government was open to foreign direct investment in all sectors, including infrastructure.

Talking to Business Standard, he admitted that the communist party of India (M) had a separate set of rules governing the flow of foreign direct investment to the Centre and to states.

Bhattacharjee is in New Delhi to attend the 18th party congress of the CPI(M), which is debating what guidelines should regulate FDI to states and how they should be different from those governing the FDI flow to the Centre.

"You have to understand the difference between the Centre and the states. In the state, we are trying to attract FDI, there is no dichotomy in that. We want FDI in sectors, but we are against FDI in public sector undertakings, which are in the core sectors and are the backbone of our economy, and are also profit-making," he said.

If they (Centre) sell hotels, we do not oppose. I am also selling our Great Eastern Hotel," he said outlining his plans for restructuring 56 public sector units in West Bengal.

"Prime Minister Manmohan Singh told me a few days back that he was reading Nehru's writings on mixed economy. We should not go ruthlessly into divestment like Arun Shourie did. Every morning, he used to get up and close one unit," Bhattacharjee said, indicating that he was comfortable with the Prime Minister's efforts at promoting West Bengal.

He outlined steps taken by the state government to attract investment. After the end of the licence raj in the mid-1990s, opportunities for growth of West Bengal as an investment destination improved dramatically, he said.

"With the end of the licence raj, we thought it was the time to take the bull by the horns. In our industrial policy resolution adopted in 1994, we said we need private investments, including foreign one," he said.

He said because of his efforts, West Bengal had been attracting FDI from Japan, China, France, Indonesia and Germany, which would be investing in the retail sector.

In the information technology sector, Bhattacharjee hopes his state can make up for the lost time by offering the best of human resources the country has to offer.

"Ajim Premji once told me, in all his centres over 50 per cent of IT professionals were from West Bengal," Bhattacharjee said, talking of the IT park coming up at Rajarhat near Kolkata.

Bhattacharjee said there could be a "difference of shade" between the line adopted by him and that of the central party leadership. But he maintained that there was consensus on whether states could invite FDI or not. "Still the struggle is on within the party," he said talking about the current debate at the party congress.

Get Rediff News in your Inbox:
Aarthi Ramachandran in New Delhi
Source: source

Moneywiz Live!