Bengal's big reboot or Buddhadeb déjà vu: Can Mamata Banerjee's 2025 investment blitz deliver?

Time of India

7 days ago

Rekindling old ties
Live Events
Bengal Global Business Summit 2025
Who's investing and where the money's going:
The numbers vs the narrative
These are the sectoral focus areas:
Rebuilding the infrastructure backbone
A rollback law that spooked the boardroom
So, is this her Buddhadeb moment?
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The year 2025 marks a crucial phase for West Bengal's industrial ambitions, with Chief Minister Mamata Banerjee leading an aggressive push to attract investment, foster public–private partnerships, and boost the state's economic standing.Her government is courting top industrial houses, hosting high-profile summits, and clearing the decks for projects across sectors. But a controversial rollback law, paired with long-standing land acquisition hurdles, has raised questions about the credibility of this drive.Which brings us to the real question: is this Mamata Banerjee's 'Buddhadeb Bhattacharjee' moment?On June 10, Tata Sons chairman N. Chandrasekaran met Banerjee at the Chief Minister's Office in Nabanna, the first such meeting since she came to power. That alone is loaded with symbolism. The last time the Tata Group loomed this large in Bengal's political memory was during the Singur standoff of 2008, when the Nano project was pulled from the state after after Banerjee-led protests over land acquisition. The fallout helped propel her to power.This latest meeting wasn't just a courtesy. The Trinamool Congress called it a 'constructive dialogue on Bengal's industrial growth and emerging opportunities,' suggesting a thaw in relations. According to TOI, they discussed land availability and even floated the idea of a direct Air India flight to Europe. No MoUs were signed, however, but both sides signalled a willingness to re-engage.Banerjee had hinted at this renewed equation during the Bengal Global Business Summit (BGBS) in February. As per TOI, a day before the summit, she spoke to Chandrasekaran and later told the audience, 'He has assured (me) that they want to invest more and more in Bengal.'And that intent is turning into action.Tata Consultancy Services received clearance in June to begin Phase I of its Bengal Silicon Valley campus in New Town, as reported by The Economic Times. The 11-storey tower, with 9 lakh sq ft of office space, is expected to create 5,000 direct jobs.Phase II could add another 20,000 jobs, taking the total to 25,000. The project spans 30 acres across Sanchita Park and the Bengal Silicon Valley Hub, with 12,500 seats set to be operational by year-end.Back in 2006, it was the Nano project in Singur that sparked a fierce land agitation. Then-CM Buddhadeb Bhattacharjee refused to budge, Banerjee led the protests, and by 2008, Tata Motors moved to Gujarat.Narendra Modi, then-Gujarat CM, sent Ratan Tata a one-word SMS: 'Welcome.' The Nano didn't last, but the political shift it triggered was huge.Seventeen years later, Banerjee is on the other side of the table. That's why comparisons with Buddhadeb's failed industrial gamble are back.The state is clearly recalibrating. It wants jobs, investment, and it's engaging with groups it once kept at arm's length. But Banerjee is also walking a tightrope, development on one side, political memory on the other.The 8th edition of BGBS, held in Kolkata on February 5–6, was West Bengal's headline investor outreach event this year. According to The Hindu and India Today, Banerjee announced that the summit drew investment proposals worth ₹4.4 lakh crore across 212 MoUs and Letters of Intent.She reiterated her pitch that Bengal is among the 'safest and smartest' investment destinations. MoUs, however, are non-binding. But the turnout was significant: nearly 5,000 delegates, including 25 ambassadors, 200 foreign delegates from 40 countries, and representatives of 20 partner nations.Mukesh Ambani pledged to double Reliance's investment in Bengal to over ₹1 lakh crore by 2030. This includes an AI-ready data centre in Kolkata, more Reliance Retail outlets, and green energy projects under the 'Solar Bangla for Sonar Bangla' initiative. Ambani also announced Bengal's first cable landing station in Digha and an expansion of retail stores from 1,300 to 1,700 over three years.Sajjan Jindal committed ₹16,000 crore for two 800 MW power plants in Salboni, with plans for an industrial park and investment in Durgapur airport.₹10,000 crore across energy, healthcare, and education.₹15,000 crore over five years across real estate, healthcare, tourism, and a golf-themed township.Reaffirmed plans for an AI-driven global centre of excellence and a new FMCG manufacturing plant.Allocated 15 acres in Ashoknagar for oil and gas exploration at ₹1. Banerjee said, 'They have successfully discovered oil and gas... We are supporting ONGC's initiative.'West Bengal has emerged among the top Indian states for corporate industrial investment intentions in 2024, according to The Times of India, which cited the DPIIT Annual Report 2024–25. Chief Minister Mamata Banerjee said the state received ₹39,133 crore in investment proposals from 29 industrial houses between January and November 2024, a sharp jump from the usual ₹4,000–10,000 crore range in previous years.Banerjee claimed that Bengal had become 'a front-runner in receiving concrete big industrial investment intentions,' citing the central government's Department for Promotion of Industry and Internal Trade (DPIIT) report. She said the state had 'surpassed all the states in attracting (big) corporate industrial investment intentions in 2024.'The BJP, however, dismissed her statement as misleading. 'Stop lying Mamata Banerjee,' the party's co-incharge for Bengal, Amit Malviya, posted on X. 'Here is a fact check on West Bengal's Investment Intentions vs Actual Investment.'Citing official data, Malviya said Bengal ranked fourth in investment proposals between January and November 2024, drawing ₹39,133 crore, just 7.45% of the nationwide total. But when it came to actual investment, he said the state had fallen to 14th place, with just ₹3,735 crore realised till November 2024, down from ₹4,930 crore in 2023, and accounting for only 1.2% of the national share.He also pointed to West Bengal's absence from the India Industrial Land Bank (IILB), a GIS-enabled database of industrial parks launched in 2020, calling it a sign of the state's 'lack of commitment to Ease of Doing Business.'However, the government is planning a Business and Industry Conclave after Durga Puja 2025. TOI quoted Principal Chief Economic Adviser Amit Mitra saying the conclave would focus on industrial performance ahead of the 2026 elections. It's not a replacement for BGBS, but a tighter showcase of results.Five new plants planned in Jangalmahal, expected to bring in ₹32,000 crore.90 lakh units employing 1.3 crore people. Loans worth ₹9.5 lakh crore sanctioned. Land offered at ₹1 for district malls with SHGs.Bengal contributes 50% of India's $700 million leather exports.Exports worth $1.8 billion in FY24.GlobalFoundries to set up a design and testing hub in Kolkata's Power Centre. Santech Global Inc is also exploring a project. Fabrication facilities could follow.Shrimp exports hit $423 million in FY24.$20.5 million worth of pharma and medical equipment exported in 2024.Banerjee is also set to inaugurate a new leather and textile hub in Alipore.As per media reports in May, the West Bengal Industrial Development Corporation (WBIDC) is preparing over 7 acres at Kharagpur General Industrial Park for new allotments. This is part of a 205-acre park in Nimpura. A detailed land survey is underway using GPS-based tech.Since 1976, 28 units have been operational in this area. The project is under the state's Scheme for Approved Industrial Park (SAIP), cleared by Cabinet in 2021.Other key hubs include the Vidyasagar Industrial Park, Panagarh Industrial Park, and Raghunathpur Industrial Park.According to The Hindu, Infosys opened a ₹426 crore, 3.2 lakh sq. ft. campus in Kolkata in December 2024, generating 4,000 jobs.Additionally, the government, during the Bengal summit in February, announced that it had set up a high-level Investment Synergy Committee as a single-window interface, according to Business Standard. Digital portals for land and permits are now live.As per Financial Express, in March 2025, the state passed a controversial law—The Revocation of the West Bengal Incentive Schemes and Obligations in the Nature of Grants & Incentives Act—allowing it to cancel incentives given since 1993 and reclaim payouts.The move has rattled industry players.According to The Economic Times, Dalmia Bharat Ltd and Birla Corporation have flagged concerns that nearly ₹430 crore in dues could now be in jeopardy.An official from Dalmia Cement (Bharat) Ltd, a subsidiary of Dalmia Bharat, said the company was expecting ₹236.32 crore plus 8% interest under the now-revoked 'WB State Support for Industries Scheme 2013'.Birla Corporation, also impacted, revealed it was sanctioned ₹55.66 crore in Industrial Promotion Assistance by the West Bengal State Industrial Development Corporation (WBSIDC). It also has a pending claim of ₹138.58 crore.Both companies fear these payments may not come through following the introduction of the Revocation Act.The Financial Express notes that the revocation "marks a sharp policy shift that could have far-reaching consequences for investor sentiment and future industrial participation in the state."Compared to Buddhadeb Bhattacharjee's land acquisition crisis, this reversal could be more damaging because it hits trust.In some ways, yes.Both Bhattacharjee and Banerjee pushed for industrialisation, and both ran into deep-rooted political and structural roadblocks. But their missteps are different.Bhattacharjee failed to carry people with him. Banerjee is now gambling with investor trust. One stumbled on land; the may on credibility.The Tata meeting was a hopeful signal. The incentive rollback not so much. Whether Banerjee can turn this moment into a lasting reboot, or whether it ends as yet another missed chance in Bengal's industrial journey, is still wide open.