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The Bengal Global Business Summit (BGBS) was held in Kolkata on February 5th and 6th, 2025. The West Bengal government announced a substantial volume of investment proposals from various industrialists and investors, which appears encouraging. However, given the current investment climate in India, there are concerns about the actual realization of these commitments in the medium term.

West Bengal is not alone in hosting annual business summits to attract investment. Many Indian states hold similar events, often offering incentives to investors. Despite these efforts, attracting sustained investment remains a challenge.

Chief Minister’s appeal to Investors

West Bengal Chief Minister Mamata Banerjee made an earnest appeal to investors at BGBS 2025, urging them to invest in the state to drive economic transformation. She highlighted several positive aspects of Bengal’s economy and potential for growth.

Among the notable attendees was Mukesh Ambani, Chairman and Managing Director of Reliance Industries, who has played a significant role in past BGBS editions. Addressing the summit, Ambani stated, “We intend to make India the world’s largest manufacturing hub for clean and green energy, and Reliance would like to contribute to Bengal’s green economy.” He confidently added, “Our motto is: Solar Bangla for Sonar Bangla.”

Major investment announcements

Reliance Industries: Ambani announced that Reliance would invest Rs.50,000 crore in Bengal over the next decade. Comparing this with the Rs.2,000 crore investment in 2016, he noted that the company had already invested Rs.50,000 crore in less than a decade. He promised to double this amount by 2035. He also revealed plans for Bengal’s first cable landing station in Digha and an upgraded AI-ready data center in Kolkata, expected to be operational within nine months. Additionally, Reliance reaffirmed its com-mitment to Bengal’s artisan economy, aiming to expand local products’ reach across India and globally. The company currently operates over 1,300 stores in the state.

JSW Group : Sajjan Jindal’s JSW Group will invest  Rs.16,000 crore in Shalboni to set up a 2x800 MW power plant, with an additional Rs.16,000 crore investment planned to double its capacity. The power production project, undertaken in a Public-Private Partnership (PPP) model with the state government, had been decided a month before the summit. Jindal also announced investments in the Durgapur-Andal airport expansion and the establishment of a 2,000-acre JSW Industrial Park.

Ambuja-Neotia Group : The company will invest Rs.15,000 crore in developing five-star and seven-star hotels and a golf-themed township across West Bengal.

RPSG Group : Led by Sanjiv Goenka, the group has proposed an investment of over Rs.10,000 crore in energy, healthcare, and education sectors.

ITC Ltd : ITC announced plans for subs-tantial investments in manufacturing, IT, and hospitality sectors, along with establishing a global center of excellence for AI in Kolkata.

Deucha-Pachami Mining Project

Chief Minister Mamata Banerjee also highlighted the Deucha-Pachami coal mining project, the world’s second-largest coal block. The project, with an estimated investment of Rs.35,000 crore, will commence with the removal of overburden layers before coal extraction begins. Banerjee emphasized that this initiative would be a game-changer for both the local and state economies.

Investment outlook and challenges

The 8th edition of BGBS concluded on February 6th, with the Chief Minister declaring it a success. The state reportedly received in-vestment proposals worth ` 4.40 lakh crore, sur-passing last year’s Rs.3.76 lakh crore. A total of 212 Memoranda of Understanding (MoUs) and Letters of Intent were signed during the summit.

However, opposition parties and industry analysts remain skeptical about these figures, questioning the likelihood of these proposals translating into actual investments. The broader investment climate in India remains subdued, despite record corporate profits. Even Union Finance Minister Nirmala Sitharaman has repeatedly urged businesses to invest more in the economy.

In this context, even if only a fraction of the pledged investments materialize, it would provide a significant boost to West Bengal’s economy.