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West Bengal’s Policies Unveiled at Bengal Global Business Summit 2023

Published on November 22, 2023
Current Context: The Bengal Global Business Summit 2023, held on November 21-22, 2023 in Kolkata, showcased West Bengal’s transformation into an economic powerhouse. 
West Bengal’s Policies Unveiled at Bengal Global Business Summit 2023
  • Here are some key policies and announcements made at the summit:
    • Reliance Industries Investment: Mukesh Ambani, Chairman and MD of Reliance Industries, announced an additional investment of ₹20,000 crores in Bengal over the next three years. The investment will be in the areas of digital life solutions, retail, and bio-energy.
    • Internet Cable Landing Station Policy: The Bengal government unveiled a new policy that proposes to provide 100% exemption of stamp duty and registration for any transactions related to setting up Internet Cable Landing Station (ICLS) projects.
    • MSMEs and Exports: West Bengal is among the leading exporters with 12% of the country’s leather and 10% of iron & steel exports. The state has the country’s second highest number of MSMEs (about 90 lakh units) which accounts for 14% of India’s MSMEs.
    • Focus Sectors: The summit highlighted several focus sectors including Manufacturing and Industries, Infrastructure, Agri and allied, Health, Education, Tourism, International trade & logistics, IT & ITeS, Creative economy, and Inclusive Economy.
    • Future Prospects: Ambani expressed hope that Bengal will become a $1 trillion economy in a few years.

Question:

Q.1 What is the new policy that the Bengal government unveiled at the summit related to?
a. Internet Cable Landing Station projects
b. Solar Energy projects
c. Electric Vehicle manufacturing
d. Artificial Intelligence research

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