West Bengal Seeks to Reinvigorate Business Ties with Global Investors

India's Commerce Minister Piyush Goyal Makes Strong Pitch for West Bengal

West Bengal is poised for a "new era of growth and development," according to Commerce Minister Piyush Goyal, who made a strong pitch for the state at the Citi India Conference on Thursday. Goyal expressed confidence in Kolkata's economic prospects and highlighted the city's resurgence as an investment destination.

Goyal's keynote remarks at the conference emphasized the revival of Kolkata and the state's economic prospects. He noted that West Bengal is inviting businesses once again, and that the state is poised for a new era of growth and development. This comes as the newly elected government in West Bengal begins consultations with industry bodies and businesses on measures to boost investment, manufacturing, and ease of doing business in the state.

India's economic story is attracting international attention, with investors increasingly viewing the country as a trusted partner, a credible manufacturing alternative, and a stable investment destination backed by democratic institutions, the rule of law, and a large domestic market. Goyal highlighted the government's push to improve the business environment, including the Jan Vishwas 2.0 legislation that decriminalized nearly 1,000 offenses across various laws, and the recently announced Bhavya scheme under which 100 industrial parks will be developed with plug-and-play infrastructure.

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The government's initiatives are aimed at supporting manufacturing growth and improving the business environment. Goyal noted that the government has come out with a policy to develop 100 industrial parks, which will provide factory-ready infrastructure and support manufacturing growth. On trade, Goyal said that India has signed nine free trade agreements over the last three-and-a-half years covering 38 developed economies, and that more agreements are in the pipeline.

In the coming six months, India is expected to see at least two or three more substantive free trade agreements coming into effect, according to Goyal. He also highlighted India's position as the world's fastest-growing major economy, supported by manufacturing expansion, infrastructure creation, technology adoption, and growing global investor confidence.