West Bengal unveils new industrial policy to boost investment and jobs
Chief Minister Suvendu Adhikari announced a plan featuring a government-backed land bank and incentives of up to 120 per cent.
West Bengal Chief Minister Suvendu Adhikari on Thursday introduced the West Bengal Investment Promotion Policy, 2026, to attract investment and create employment. According to reports from Urban Acres and Moneycontrol, the policy focuses on sectors such as semiconductors, electric vehicles, and green hydrogen.
The government intends to establish a land bank by purchasing land, with discussions underway with Hudco, Nabard, and the Asian Development Bank regarding funding. Adhikari stated the state would avoid using police for land acquisition and would not be responsible for procuring land for every project.
Under the new rules, companies that received land under the previous administration must begin work within three months or face land repossession. The chief minister noted that the state has already provided land to 33 business groups, including Reliance and Vedanta, over the last six months.
The policy offers investment assistance for plant and machinery, capped at 120 per cent for thrust-sector units in priority areas. Incentives include the reimbursement of employers' contributions to the Employees' Provident Fund (EPF), with higher rates provided for employing women and transgender workers.
Adhikari mentioned that investments worth Rs 1 lakh crore are expected in the coming months. However, he ruled out immediate payment of approximately Rs 50,000 crore in outstanding incentives, stating these would be addressed once the state achieves a surplus in finances.