The Hindu : National : Buddhadeb keen to bridge gap with UPA over FDI

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Sunday, Aug 01, 2004

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National

Buddhadeb keen to bridge gap with UPA over FDI

By Our Special Correspondent

— Photo: Shanker Chakravarty

The West Bengal Chief Minister, Buddhadeb Bhattacharya, with the President, CII, Sunil Kant Munjal (left), at an interactive session on `Resurgent Bengal' in New Delhi on Saturday.

NEW DELHI, JULY 31. Admitting that the Left parties had encouraged "irresponsible acts'' like State-wide bandhs in the 1970s, the West Bengal Chief Minister, Buddhadeb Bhattacharjee, today said the word `gherao' was again their "contribution to the Oxford Dictionary.''

However, speaking in a different tone and tenor and in more realistic terms while addressing the India Inc. meet organised by the Confederation of Indian Industry, he said the Left Front Government headed by him was not opposed to foreign direct investment (FDI) per se and invited foreign and domestic investment in the State. He also exuded confidence that the differences between the UPA (United Progressive Alliance) Government and the Left parties over FDI caps in certain sectors would be resolved soon.

With `Resurgent Bengal' as theme of his address, Mr. Bhattarcharjee asserted that his Government was pro-investment, pro-growth and pro-reform. As evidence, he cited the fact that the Japanese investment in West Bengal was the highest in the country.

Conceding that there were certain problems afflicting the State, the Chief Minister assured industry that his Government was trying hard to address them and create an investment friendly climate for the industry.

The State was drawing up an enabling policy for attracting investments in iron and steel, chemicals, plastics, agro-business, IT and ITES and cement, he said and sought to dispel misgivings by telling industrialists that West Bengal was in a resurgent mode with big foreign companies such as IBM evincing interest to set up shop in the State.

While talking about foreign investment, he said Fritolays had already set up its plant in his State and so has the French cement company, Lafarge. Investors from Russia, the U.S. and certain Southeast Asian countries too have made investments in the State, he added.

In the context of the new situation at the national level with the UPA Government coming to power with the support of the Left parties from outside, he said the Left Front was more or less happy with the Common Minimum Programme but there were certain differences regarding FDI cap in the insurance, civil aviation and telecom sectors.

These differences would be sorted out soon as discussions with the UPA Government were on, he said, however, making it clear that the Left parties were opposed to dismantling of profit earning public sector undertakings.

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