West Bengal will come up with the new industrial policy on the upcoming Independence Day, said Dr Swapan Dasgupta, Minister-in-Charge, Department of Finance, Government of West Bengal, at the 12th edition of the Capital Market Conclave in Kolkata. He further said that emphasis will be given to providing fiscal incentives for the industry. Highlighting the need for a comprehensive land policy, Dr Dasgupta stressed the importance of addressing the reuse of land belonging to idle factories. He further said that West Bengal has an abundant pool of human resources and skilled manpower. Due to the lack of adequate employment opportunities within the state, many skilled individuals are compelled to migrate elsewhere in search of work, effectively becoming economic refugees. The State Finance Minister also said there is an urgent need to create a conducive ecosystem for investors to generate employment and retain talent within the state.
Riding on the statistics that in the 60s the Eastern region of the country contributed 21% of the national GDP, which has decreased to 12% currently, Mr Vijay Kedia, Managing Director, Kedia Securities Pvt Ltd, pointed out the lost glory of the region. He also said that the listing of more companies from the eastern region is a prerequisite condition for the growth of capital. Mr Krishnan Iyer, Senior Vice President, Head – Issuer Relationships, NSE India Ltd, highlighted that the society has moved from a bank-driven model to a market-driven model and predicted that the next growth of the capital market will be driven by the growth of SMEs.
Ms Geetha Gangadharan, Chief Regulatory Officer, BSE India Ltd, emphasised that the growth of the country has been estimated to be 6.5%, better than other economies. Trust and sound governance have long underpinned capital sustainability. Capital markets can serve as a vital conduit to global funding, she added.
Mr Kamlesh Chandra Varshney, Whole-Time Director, SEBI, announced the establishment of local offices in Bhubaneswar and Guwahati, along with a regional office in Patna. Citing recent data, he said that over the past four to five years, there has been a manifold increase in the number of demat accounts, mutual fund assets and IPO participation. He also noted that West Bengal has consistently contributed around 5% to these growth trends.
Mr Rupak Barua, Chairman, CII West Bengal State Council and Managing Director & Chief Executive Officer, Woodlands Multispeciality Hospital Ltd, talked about the evolving geopolitical and economic landscape which has had a profound impact on capital markets across the world, more precisely about the continuing impact of the crisis in West Asia. He said that market sentiments remained volatile due to the lingering effects of the West Asia crisis, the sharp rise in crude oil prices, worries over elevated inflation,n and pressure on the Indian rupee against the US dollar.
Mr Bijay Murmuria, Chairman, CII ER Financial Services Subcommittee and Director, Sumedha Fiscal Services Ltd, highlighted that household financial savings rose from 20% of GDP to 21.5% of GDP in recent years, emphasising that the role of capital markets in catalysing the regioninflation, andwth has become more significant than ever.
A report named “Capital Markets and the Future of Eastern India’s Industrial Growth” was published at the conclave, and it witnessed the footfall of major stakeholders of the capital market sector.
