West Bengal's Bold Move: Revamping Industrial Incentive Policies

West Bengal government has revoked outdated industrial incentive schemes from 1993-2013, planning to implement a modern approach. Chief Minister Mamata Banerjee emphasizes adapting to contemporary AI technology and industry demands. A dedicated committee will provide suggestions within a month for the new policy formation.

The West Bengal government has taken a decisive step by revoking eight outdated incentive schemes for heavy industries. These schemes, originally launched during the 1993-2013 period, will be replaced with a modern policy to foster industrial growth, according to Chief Minister Mamata Banerjee's announcement in the assembly.

During the discussion on the relevant legislative bill, Banerjee highlighted that the previous incentives had become obsolete due to significant changes over the past 20-25 years. She pointed out that the Left Front government's policies had lost their relevance and needed to be withdrawn.

The Chief Minister further stated that new ideas, particularly related to AI technology, have reshaped industry approaches, necessitating a fresh policy. A committee led by the chief secretary will evaluate the necessary components for the new scheme, expected to deliver its recommendations within a month. Banerjee also mentioned the ongoing burden of past debts and unsustainable policies affecting the government.

(With inputs from agencies.)