As the government of West Bengal gears up to host the eighth edition of the Bengal Global Business Summit (BGBS) on 5-6 February, 2025, the state’s opposition party, Bharatiya Janata Party (BJP), launched a scathing attack on the ruling Trinamul Congress (TMC) over the alleged economic downturn and industrial stagnation in the state.
While the state government promotes West Bengal as a rising hub for manufacturing, logistics, and exports under “forward-thinking policies,” the BJP has countered these claims with data painting a starkly different picture. According to BJP’s national IT head and West Bengal co-observer Amit Malviya, West Bengal has witnessed an alarming corporate exodus over the past five years. Data from the Union ministry of corporate affairs reveals that between 2019 and 2024, a total of 2,227 companies relocated their registered offices from West Bengal to other states, including 39 listed companies. This corporate migration, according to BJP leaders, reflects the deteriorating business environment in the state. “Mamata Banerjee’s disastrous misrule has turned West Bengal into a wasteland for businesses. The exodus of over 2,200 companies is a damning verdict on her inability to attract investments, generate jobs, or foster industrial growth,” Mr Malviya wrote in X-Handle. He further accused the TMC government of implementing policies that stifle opportunities and discourage enterprises from thriving.
The BJP also criticised the state government’s handling of employment, trade, and industrial development, describing the situation as a “grim reality” overshadowing the grand claims of economic transformation. Meanwhile, the TMC remains optimistic about the upcoming summit, which aims to bring global investors to Kolkata to showcase the state’s potential. Government officials emphasise that West Bengal is rapidly evolving into a robust, job-intensive economy with a focus on export-led growth. The Bengal Global Business Summit, a flagship event of the TMC government, is seen as a platform to attract investments across sectors, but the opposition’s relentless critique underscores the challenges facing the state’s industrial landscape. As February approaches, the political and economic debates surrounding the summit are likely to intensify, further polarising opinions on West Bengal’s business climate under Mamata Banerjee’s leadership. “Over the past five years, the central government has allocated Rs 1,847.805 crore to West Bengal under the Pradhan Mantri Gram Sadak Yojana (PMGSY). The state government has set a target of constructing 6,287.50 kilometers of roads, of which approval has already been granted for 4,236.62 kilometers,” said another BJP leader.