India’s slow growth of startups has been because of low level of ease of doing business. Apart from the demands by Income Tax departments, Registrar of Companies, interests and penalties, there are also harassment made by the bureaucracy, local police, local counselors and other politicians. Moreover, in many cities finding an office is also an expensive proposition as the running businesses from residences is not allowed. Further, getting an office in a residential area is also not allowed which makes high demand and high price to get an office space in CBDs.
In this respect, to generate more small and local business, Bengal government has taken an innovative step by allowing starting business from any place across the city. The result has been mushrooming of various local businesses and small startups.
In fact, Bengal is reemerging as center for business with its excellent performance on ease of doing business.
This is what Mukesh Ambani has to say about Bengal in the recently held ‘Bengal Global Business Summit’: “Bengal has said goodbye to the slow growth rate of the past. It is now embracing the future with the grace and agility of the Bengal tiger. Today, the state is famous for ease of doing business… A miracle has happened because of an industrial peace and pace. Under her (Mamata’s) leadership, West Bengal is becoming Best Bengal.”
Ambani announced that his company will manufacture mobile phones and set-top boxes in the state and invest Rs 5,000 crore in non-Jio businesses in the next three years.
“I would like to make a few commitments as partners of growth in Bengal. I am happy to announce that Jio will reach 100 per cent of West Bengal’s population by December 2018. Secondly, we are embarking on a project to connect Bengal with optic fibre… Jio will also connect every single educational institution, hospital and medical facility so the power of data and digital services is available by December 2019,” he said.
The amount of investment received by the state at Bengal Global Business Summit has been over Rs 2, 19,925 crore.
- ASEAN India Hackathon and Startup Festival held at Ministry of External Affairs
According to the state government, the 2015 summit had fetched investment proposals of Rs 2.43 lakh crore and the 2016 edition received over Rs 2.5 lakh crore of investment proposals.
Apart from these big ticket investments, Bengal is also in the top draw in terms of SMEs and small enterprises. The innovative support provided by the government has exponentially increased the number of startups originating from the state.
All these are good signs in a phase where is India is largely registering a job less growth. The Bengal government also expects to check the brain drain that is happening in the state for last two decades.
These are all good news for Mamata Banerjee who is fighting tooth in nail with BJP to protect her own turf from being taken over.