The West Bengal cabinet on Wednesday, October 28, cleared the draft of a new industrial policy for the state, with a formal announcement scheduled for November 5 at an administration review meeting, according to a cabinet member quoted by Nation Press. The policy is designed to attract investment, streamline approvals and generate large-scale employment across the state.

According to the cabinet member, the policy has been prepared with a focus on creating an ideal investment environment and eliminating red-tapism in regulatory approvals. The specific sectoral targets and incentive structures are expected to be detailed at the November 5 announcement. Reporting by The Economic Times ahead of the cabinet meeting said the new industry and incentive policy would focus on developing the relatively marginal western and northern districts, with multiple state incentives directly linked to the number of organised-sector jobs added, and Industry and Commerce Minister Tapas Roy confirmed the policy would be placed before the cabinet on Wednesday.

Chief Minister Suvendu Adhikari had earlier committed to framing a comprehensive new industrial policy within the current year. In June, a group of ministers was entrusted with drafting it. The cabinet member described the cleared draft as a gift for the people of West Bengal before the forthcoming Kali Puja and Diwali festivals.

The cabinet also renamed the 'Krishak Bandhu' scheme, introduced by the previous Mamata Banerjee-led Trinamool Congress government, as Chief Minister Kisan Sanman Nidhi. Under the restructured scheme, one-time direct financial assistance will be transferred to the bank accounts of 48 lakh registered farmers across the state, the report said.

Other decisions at the meeting included clearing proposals for farming and allied rural economy development and directing the finance department to release the next instalment of funds to departments that have already spent 35 per cent of their annual budget allocation. With Kali Puja and Diwali approaching, the cabinet also directed police to maintain public safety and order during the festival period, with individual ministers assigned responsibility for specific districts.

All eyes will now be on the November 5 administration review meeting, where the full details of the industrial policy — including sectoral targets and incentives — are expected to be made public.