Ever since coming to power Mamata has been holding Business Summit with no tangible results. The fourth edition of the two-day annual investment meet 'Bengal Global Business Summit 2015' held on January 7 and 8 was not different from the earlier three summits. This Summit too could not come out with a policy resolution about the availability and utility of the land for the industries. Availability of land has been the most contentious issue and the earlier three Summits proved to be futile exercises only for this reason. The most important thing which the Mamata government could not pledge to create was the industrial culture. It cannot be denied that the industrial culture has been the worst victim of the hegemony of the brute political maneouverings.

It would be naïve to expect from Mamata that she would resurrect the glorious past of the Manchester of East and restore the entrepreneurial legacy of Bengal. One ought to not to forget that the political economy of the state has undergone massive transformation during last five decades and any proposition to draw a fresh road map to initiate the process of revival of industrialization must be accomplished within the parameters of the existing political economy.

Mamata missed the opportunity with the abortion of the Tata’s Nano project. True enough she cannot be outright blamed for missing the opportunity. The reason is she belongs to the tribe of regional politicians who lack the vision and wisdom to translate the aspirations of their people, the voters. She came to power following in the footsteps of the CPI(M)-- militant agitation against the rulers—and once in power she pursued the rule and politics of Marxist governance. She lacked the ideological and political perspective and even inclination to do anything new for the state. She does not have idea of purposeful governance and economic progress. She should have realised for a good politics it was imperative that she must practice good economics. But this was an utopian object to her.

While West Bengal government has been vying to entice the industrialists and make them put their money in the state, its approach lacked the element of expertise and professionalism. A comparison of West Bengal's website and Gujarat's website about their respective Global Business Summits would make it clear that while information on Vibrant Gujarat is a users delight Bengal's 'wbidc' appears to be in disarray.

The matter of fact is the ghost of Nano continues to haunt Mamata. The Singur incident – the ouster of Tata’s Nano car-manufacturing project from West Bengal to Gujarat - is still fresh in the minds of the captains of industry and investors. This was a big loss when it comes to manufacturing. Unfortunately she has not succeeded in erasing the element of trust-deficit from the minds of the industrial community. Mamata replicated the mistakes and wrong decisions of her Marxist predecessor Buddhadev Bhattacharya. Like him, Mamata too could not come out with a tangible solution to the vexed land problem an essential ingredient for enticing the industrialists and also for development and growth of the state. Significantly the chhairperson of the UK India Business Council, Patricia Hewitt, who attended the summit observed, “Bengal for a long time was not very investment-friendly. The exit of Nano from Bengal aggravated that perception. Now it has to first build an investment-friendly image.” Hewitt made it clear that she would like to raise the land issue during her discussion with Mamata.

Investors in the summit looked for a comprehensive land policy that should include land availability, infrastructure support and a proactive role of the state in getting the land, marking a shift from its land-neutral policy. But Mamata Banerjee did not come out with a sustainable solution to the contentious issue of land for the industries. Bengal is one of the few states that has a land ceiling. Under the West Bengal Land reforms Act, a landowner can hold a maximum of 24 acres. The Mamata Banerjee government has recently relaxed this ceiling for housing, logistic hub and others. But in these cases, the investor has to acquire the land for the project by negotiating a compensation price with farmers. The company also has to submit the project to the government for approval. While doing so, it has to give an undertaking to the government that it can scrap the project if any of the farmers object to the land acquisition.

A large number of investors are still in confusion about the state’s land policy. There are certain things inherently wrong with the state, when it comes to industrialisation. If getting a piece of land is so difficult in Bengal, who’ll make investment. Though, the state government assured of providing land through ‘land bank, the investors were not willing to accept it at face value. Mamata should reslise that mere assurances that the state has land bank won’t help the government to woo investors. Why anyone would invest, if there is no land? While she said; “Land is available. No problem for land. We have the land use policy and land bank,' she was categorical 'We are not going acquire the land forcibly.' She also pointed to the huge tracts of land acquired since Independence for setting up ports, defence projects, and laying railway tracks. 'Most these lands are lying unused. I don't know about the exact quantum. They have now become a den of anti-socials. I will take up the matter with the Centre. If we get a positive response, the government won't have to acquire land in future,' she informed.

In a significant development leading Indian industrialists spoke in support of Mamata. The ITC chairman Y.C. Deveshwar Wednesday even said the industry's perception about West Bengal has changed and the state was moving in the right direction towards attracting investment. Deveshwar also said whichever state would curb the procedural hassles to the least will be the game changer. Land acquisition and environmental clearance are an issue across India and not only Bengal.

Besides land, Bengal industries are also suffering from industrial disturbance due to unrest, extortion racket and illegal activities of local ‘syndicates’. “Syndicates are run by local goons and extortionists mostly owing allegiance to the ruling Trinmool Congress. These syndicates have fingers in everything – from supplying of labourers, technicians, materials to getting tenders. Unfortunately these syndicate operators are beyond the control of the police. It is becoming a menace for all the industrial units, as these syndicates are backed by political parties.

Though the industrialists spoke well of Mamata, they did not open their wallets. This in fact has been the major cause of worry for Mamata. She is at a loss to make out what was the reason for their restraint notwithstanding her open offer; However one thing that emerged forcefully was the realization in the government circle of the importance of networking with the industry and its captains. Else there was no reason that after four years of coming to power she should have apologised to the top industrialists for the financial mismanagement of the Left Front government. Her parting message was loud and clear: “I apologise for the past because of financial indiscipline. We have to carry the legacy of the previous government. It's because of their financial indiscipline and no plan of action that we have to suffer. Because of the huge financial burden, we are constrained in helping out the industry”. (IPA Service)