'Kolkata to overtake Mumbai as nation's financial hub'

New Delhi: Expressing his gratitude to Delhiites for an outstanding footfall and a record sale of handloom products at Hanger no 15, West Bengal Finance Minister Amit Mitra stated how Bengal has reached the 3rd position, in terms of 'ease of doing business' by meeting 336 out of 372 parameters, from its prior 15th position among states.

As per Chief Minister Mamata Banerjee's plans, the state will undergo a maritime revolution in the coming years with a developed water transportation system for the conveyance of passengers and tourists, informed the Finance Minister.

He also stated how IT companies like Tata Consultancy services and Cognizant are expanding their campuses in Kolkata due to low attrition rate (3% as opposed to Bengaluru's 35%) of employees in the city.

"The scheme we are providing at the financial hub in New Town is so good, that the employees of the financial institution can reside in the same area and do not have to travel long distances or face traffic to reach their workplace. This unique facility is not available in Mumbai. Twenty-seven bank and financial institutions have already purchased land at the hub in New Town. Kolkata might become the next financial hub of India, after Mumbai. The aggregate growth of Bengal is much higher than that of India by a significant quantum," said Mitra expressing his optimism about the future of Bengal and a great turnout at the Bengal Global Business Summit.

"I had requested personally to not implement the GST in July, firstly. In the last three months, as per benchmark of taxes of states and centre, the centre suffered a tax shortfall of Rs 65,000 crore approx in the last three months. States have lost over Rs 30,000 crore of the revenue, which the centre has to compensate. The possible reason may be small business' disability to file returns," the minister said talking about GST.

"We are in favour of reducing the GST rate from 28% to 18% for all products other than sin goods and extreme luxury products. A principle should be applied to reduce the tax rates of goods from 18% to 12% and from 12% to 5%. GST exemption should be based on a principle, and not through cherry picking or lobbying," opined the minister.

"I am happy to see the beautiful ambience here at India International Trade Fair, and how the rosogolla stall has run out of nolen gur rosogolla owing to high demand. Apart from rosogolla, West Bengal has received the GI tag for various other products like Darjeeling tea, three types of sarees (Shantipuri, Baluchari, Dhonekhali), three types of mangoes from Malda, and Bardhaman's mihidana," said Mitra.