As a result, not only was there drying up of fresh industrial investment worth the name in the benighted West Bengal, but the last five decades were witness to the steady flight of capital and brighter among the businessmen to leave the state. This happened because the once thriving industrial groups perceived unwelcomeness, if not rank hostility, of ruling politicians.

The writing on the wall was there when Mamata Banerjee ascended to power in 2011 by ending the 34-year Left Front rule that big investors would be wary of putting their money in West Bengal. She didn’t have any care for the state or its industrialization. So obsessed was she to grab power that Mamata launched a relentless campaign against Ratan Tata’s dream project Nano, a common man’s car, sought to be located at Singur in Hooghly district. Pertinent to recall that forgetting many better location options for the project, Tata Chose West Bengal for the strong liking he developed for the then chief minister Buddhadeb Bhattacharjee, resulting from several meetings. Despite their swearing by different ideologies, the common threads running between them were, both were bibliophiles and they wanted West Bengal to prosper.

An automobile factory coming from the house of Tatas could have done wonders for the state. Consider this: An internal combustion engine (ICC) car requires thousands of components. For logistical and cost control consideration, the car manufacturers prefer the components units to be located nearby. That’s why a total of 997.11 acres were acquired for Tata Motors at Singur of which 645.67 acres were for the car factory and the rest for housing ancillary and components units.

The direct and indirect jobs the car factory at Singur could have created were in the region of 20,000. Then because of urbanization that would have followed, other facilities, including shopping and entertainment blocks, educational institutions and health centres would have come up and so many more jobs created in the process. But all that was sacrificed to the lust for power of Mamata. If those who gave land for the project didn’t get a fair deal the Tatas could have been prevailed upon to give more to the land givers.

No question had the almost ready Tata Motors Singur project seen the light of day, other domestic investors would have taken courage to look at West Bengal. Perhaps the dryness of foreign direct investment too would have been over. Not aware of the groundwork that needs to be done before any big-ticket investment will materialise, the former chief minister made two meritless attempts to get a car company in the state in to make the people forget the Singur disaster. Her asking for investment from BMW and Ford elicited ridicule as it showed her unprofessionalism.

Again, didn’t she tell the people of Bengal during her visit to Spain in 2023 that Inditex, which among other globally leading brands owns Zara, would set up a textile complex in the state. It, however, came to nothing. Such failures make a long list. But they are all in the past. There is now a new government with more than two-thirds majority. These are early days. The popular expectation is that the government led by Suvendu Adhikari will prioritise getting investment in industry, big, small and medium enterprises.

Repairing the image of West Bengal to make it appear as an investor friendly state should engage the immediate attention of Adhikari administration and also of the state BJP. Local as well as outside investors nursed the fear during Mamata regime that trying to do something in the state meant exposing themselves to extortionists (tolabaj in Bengali). Extortionists would not even spare a high profile group belonging to Sajjan Jindal. This happened with the group when it was constructing boundary wall of its land holding at Salboni where it now has a cement grinding unit and a paint manufacturing plant. Hopefully, with a new government in place, the Jindals will feel encouraged to speed up the implementation of the 1,600 MW thermal power plant and also double down on building an industrial park over 2,000 acres at the Salboni site.

The new cabinet has as of now five ministers besides the chief minister. Industry officials may be wondering if the state BJP has in its pack of 207 MLAs someone like Nara Lokesh, the Andhra Pradesh IT and Electronics minister. That he is the son of chief minister N. Chandrababu Naidu is not of consequence. What makes him a ministerial asset is his capability to convince Google to locate its data centre requiring an investment of $15 billion in his state. Unlike Mamata who never managed to get investment during her trips abroad, Lokesh would come back every time with a bagful of investment proposals, most of which will surely mature. Being an alumnus of Stanford and Carnegie Mellon has prepared him to speak the language of business.

Thankfully, Adhikari and BJP state president Samik Bhattacharya are making the right kind of noises to inspire confidence among potential investors. Acquisition of land in very big parcels to accommodate large industries has always been a challenge in West Bengal. Past governments were reluctant to extend help to investors in their negotiations with landowners for land acquisition. The state badly needs a land policy and Bhattacharya has promised industry help in acquiring land.

There are also hints that the archaic urban land ceiling Act will be done away with and allow constitution of special economic zones. The most reassuring message that has come from the new administration is, business from now on can work without fear and it will not have to grease the palm of politicians and ministers. But as the saying goes, the proof of the pudding is in the eating. (IPA Service)