Kolkata
The Bengal Global Business Summit (BGBS), an annual event hosted by the West Bengal Government to promote the state as an attractive investment destination, is scheduled to take place from November 21 to November 23. However, the event is facing two significant challenges that may impact its proceedings and attendees. Firstly, the Arbitral Tribunal recently issued a negative ruling against the state related to the Singur land issue, awarding Tata Motors compensation of Rs 765.78 crore with interest for the closure of its Nano car project in Singur. Although this issue may not be directly discussed at BGBS-2023, it is expected to cast a shadow over the event and generate discussions among the participants. Secondly, West Bengal is grappling with negative economic indicators, particularly its dependence on central grants. State finance department statistics indicate that central grants, including the state’s share in central taxes and grant-in-aid, account for 139% of West Bengal’s own revenue, which includes both tax and non-tax revenue, as of the last fiscal year 2022-23. These challenges may affect the state’s ability to attract significant investments and generate its own tax revenue, which is a concern for the West Bengal Government as it prepares for the upcoming business summit.
