BGBS 2022, the highest earning business summit in Bengal so far

The Bengal Global Business Summit (BGBS) 2022, the sixth such summit since 2015, has potentially turned into the most successful BGBS of all. As West Bengal Chief Minister Mamata Banerjee pointed out at the valedictory session of the two-day meet held on April 20 and 21, she had been advised not to go ahead with the summit in the midst of the Covid pandemic and its fallout, a global economic slowdown. And yet, as she announced during her speech, the state received proposals worth Rs 3.42 lakh crore at BGBS 2022, the highest since the summit’s inception. What’s more, 137 Memorandums of Understanding (MoU) and letters of intent were also signed in two days.

Among the most notable investment plans to have come up at BGBS 2022 is the Rs 10,000 crore promised by Adani Group chairman Gautam Adani, which has the potential to create direct and indirect employment for an estimated 25,000 people. Adani Wilmar Ltd already runs an edible oil plant in Haldia, and as Adani announced at the summit, “Over the next decade, we expect our total investment in Bengal to exceed Rs 10,000 crore.

How much of this will actually materialise, is a question many have raised. To quote the Chief Minister once again, the past five summits have drawn investments worth a total of Rs 12 lakh crore, and work on some of the projects being financed with this money has been completed, with results beginning to show. Work on several other projects is ongoing. 

As an example, she cited the Bantala Leather Complex, which alone employs over 10 lakh workers, while the MSME (micro, small and medium enterprises) sector has generated 1.36 lakh jobs, she said. Among the organisations keen to invest in the state are Microsoft and Flipkart, the Chief Minister added, also saying that once the investments proposed at BGBS 2022 come to fruition, an additional 40 lakh jobs will have been generated.

Among the most notable investment plans to have come up at BGBS 2022 is the Rs 10,000 crore promised by Adani Group chairman Gautam Adani, which has the potential to create direct and indirect employment for an estimated 25,000 people. Adani Wilmar Ltd already runs an edible oil plant in Haldia, and as Adani announced at the summit, “Over the next decade, we expect our total investment in Bengal to exceed Rs 10,000 crore. Thereafter, as we continue to expand here, we will bring into Bengal our world-class expertise across the green energy value chain.” 

Yet another significant proposal has come from TCG Group head and son of the soil Purnendu Chatterjee, who has plans to set up a cutting edge university in Kolkata, to promote and facilitate “global scale research”. Among the most notable facilities to be available at the university will be a quantum computer, a first for the Indian private sector, and the complex installation process has already been initiated. Incidentally, TCG Group has already set up a centre for translatable research in fundamental sciences called TCG Crest, in Kolkata’s Sector V area. 

Chief Minister Mamata Banerjee pointed out at the valedictory session of the two-day meet held on April 20 and 21, she had been advised not to go ahead with the summit in the midst of the Covid pandemic and its fallout, a global economic slowdown. And yet, as she announced during her speech, the state received proposals worth Rs 3.42 lakh crore at BGBS 2022, the highest since the summit’s inception.

Addressing the inaugural session of BGBS 2022, Sajjan Jindal, chairman of the JSW Group, said the group would develop a 900 MW pumped storage hydel power project in West Bengal.

In her speech, the Chief Minister said a task force has been formed under the Chief Secretary for the speedy implementation of industrial proposals, while sectoral committees comprising government and industry representatives will be formed for different departments. “The sectoral committee will review the situation every month and make recommendations for the formation of industrial policy. The Chief Secretary will assist them,” she said.

“Bengal is stable and safe. We have global facilities. Unity in diversity is our heritage. Please have faith in us. We will not let you down and will come up with results,” she told the assembled business leaders.