ENA State 2025-03-20 15:44:54 <p><span style="font-size:14px"><strong>Kolkata, Mar 20 (KNN) </strong>The West Bengal government is set to discontinue the existing incentive schemes and introduce a new, relevant policy in due course.</span></p> <p><span style="font-size:14px">State Industries Minister Shashi Panja tabled the Revocation of West Bengal Incentive Schemes and Obligations in the Nature of Grants and Incentives Bill 2025 at the assembly on Wednesday.</span></p> <p><span style="font-size:14px">Chief Minister Mamata Banerjee stated that the current scheme, introduced in 2001-02 during the Left Front governments tenure, has become difficult to sustain.</span></p> <p><span style="font-size:14px">She pointed out that the state is still bearing financial commitments made earlier, including compensation for land acquired during the previous regime. A lot of incentives were promised without considering the position of the exchequer, Banerjee said.</span></p> <p><span style="font-size:14px">Highlighting the changing industrial landscape, the CM noted that sectors like artificial intelligence, tourism, and green industries have grown significantly, making the existing scheme outdated.</span></p> <p><span style="font-size:14px">She also emphasized that coal mining policies differ from iron ore regulations, affecting industrial opportunities.</span></p> <p><span style="font-size:14px">Banerjee assured that a new policy is being formulated with a committee led by the chief secretary engaging stakeholders. We will introduce a scheme keeping our financial health in mind, she added.</span></p> <p><span style="font-size:14px">Industries Minister Panja echoed this sentiment, stating that Bengal has seen a stable industrial environment since 2011, with no strikes or power cuts.</span></p> <p><span style="font-size:14px">The proposed changes have been welcomed by business chambers. Rajeev Singh, Director General of the Indian Chamber of Commerce, stated that the revised scheme could boost new-age industries.</span></p> <p><span style="font-size:14px">Amit Saraogi, President of MCCI, expressed hope that the new policy would be attractive to businesses.</span></p> <p><span style="font-size:14px">In a related development, the government tabled the West Bengal Fiscal Responsibility and Budget Management Bill 2025, raising the borrowing limit from 3 per cent to 3.5 per cent of the GSDP for 2024-25.</span></p> <p><span style="font-size:14px">This additional 0.5 per cent flexibility is linked to power sector reforms under the 15th Finance Commission roadmap.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> <p> </p> 41460 https://knnindia.co.in/news/newsdetails/state/west-bengal-govt-to-rework-industry-incentive-schemes-due-to-fiscal-challenges 2025-03-20 15:44:54 knnindia.co.in