West Bengal Finance Minister Swapan Dasgupta
| Photo Credit:
Swapan Mahapatra
The BJP government in West Bengal is considering paying the outstanding incentives to the industry, which were withdrawn retrospectively by the erstwhile Trinamool Congress regime, in tranches.
Preference in payment of the outstanding incentives may be given to the MSME segment. “The revocation of incentives with retrospective effect was a big problem for the industry. Any retrospective law is not legally tenable. We have to make provisions for the due,” West Bengal Finance Minister Swapan Dasgupta said at an event, organised by the Bengal Business Council, in Kolkata on Saturday.
Dasgupta said as the due is huge, it would not be possible to pay at one go. The total outstanding incentive to the industry is believed to be more than ₹10,000 crore.
Notably, Bengal industry captains have urged the new BJP government to reinstate the industrial incentives to restore investor confidence and provide policy certainty.
Dasgupta said the new industrial policy is likely to be ready by September 15. “Earlier, we had said that our industrial policy would be ready by August 15. But we initially underestimated the challenges. Now, I am confident that by September 15 we will be able to bring it out,” he said.
The minister said the state government is mulling special incentives for “son of the soil” in the proposed new industrial policy, stating that the companies which have registered office in the state would get preferences. “If a company has its roots here, it would get benefits. It was not there earlier,” he added.
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