Revival of Kolkata key to development of Eastern India: Sanjeev Sanyal!

Prime Minister’s Economic Advisory Council (EAC) member Sanjeev Sanyal on Wednesday said reviving Kolkata as a development hub is vital for the development of the eastern part of India, which is “much poorer” than the western part of the country.

During a program on ‘Relative Economic Performance of Indian States’ organized at the National Stock Exchange (NSE), Sanyal told reporters that some clear trends are visible in the performance of Indian states.

“The North-South divide in the country is often talked about, but that is not the real economic challenge. The real problem is the East-West divide, where the eastern part of India is much poorer than the western part,” he said.

He further said that the revival of Kolkata is the key to accelerating the development of Eastern India, as rapid economic growth in the country proceeds only through a few select big cities and growth centres. In such a situation, Eastern India also needs a strong development centre.

Sanyal said, “Kolkata already has some industrial clusters and a rich history. Despite the decline in the last 50 years, I believe the secret of the revival of eastern India lies in the revitalization of Kolkata itself.”

Meanwhile, industrialist Sanjiv Goenka has also expressed hope about the changing political scenario of West Bengal. He says that if a stable government is formed in the state, the confidence of investors will increase and new investments will be attracted.

Speaking to NDTV, RPSG Group Chairman Goenka said that now the focus should shift from the concern about migration of Bengalis to attracting talent and capital to the state.

He stressed on creating a business-friendly environment where both individuals and companies are motivated to invest and settle down.

Born and brought up in Kolkata, Goenka said he has a personal stake in the development of the state and wants to contribute to its development.

He said policy stability is extremely important for the industry, as frequent changes or reversals in regulations impact long-term investment decisions.

Goenka also stressed the need for structural reforms and criticized archaic rules such as urban land limits as hindrances to development.