Mamata’s pro-development thrust gets Jaitley pat

Calling for more economic activity in eastern states, Finance Minister Arun Jaitley on Sunday said political differences between the BJP and the Trinamool Congress will not come in way of development of West Bengal as he lamented “obsolete policies” of past. “... the party to which I belong (BJP) and the party which rules West Bengal (TMC) are strongly opposed to each other and that probably will continue.

“But in terms of development of this country and the state, the political differences between the two will not matter and we will fully cooperate in the development and growth of the state of West Bengal,” he said at the inauguration of Bandhan Bank here. 

Jaitley said it was “a break from some of the obsolete policies of the past and the realisation of the potential of this area which is of extreme importance.” The Centre and the state are cooperating towards a greater enhanced growth rates that will eventually bring prosperity in the state, he said,  adding that the change in developmental politics and developmental environment will be created by institutions like Bandhan Bank.

Jaitley was in the town for the launch of city-based Bandhan Financial Services’ full-fledged commercial banking operations.“In fact Prime Minister Narendra Modi has repeatedly declared that for further growth of India, the growth of eastern states is important,” he said.

West Bengal, which has created <g data-gr-id="52">huge number</g> of scientists, economists, academicians, authors and writers, is now creating the Bangla entrepreneur and “this is a great beginning,” he said. “I think this beginning is also important in terms of the return of entrepreneurship to the state of West Bengal, which was otherwise fleeing from the state. If this were to happen, I am sure the state would be on a great path to progress,” he said. Without referring to any party, he said there has been <g data-gr-id="50">pleasant</g> change in Kolkata which is almost painted blue as opposed <g data-gr-id="51">to past</g> when it was painted red. Blue is the colour of ruling TMC and red is associated with the Left parties.

“I recollect my days from the younger <g data-gr-id="58">years,</g> when I used to see this city painted red. And when it was painted red, of <g data-gr-id="57">course</g> new institutions were not being called. The existing ones were shifting out and West Bengal which was known not for producing many entrepreneurs but certainly known for producing intellectuals, even Ashok Lahiri and Amit Mitra had shifted out,” Jaitley said. The Finance Minister said while the change of colour has brought back both of them, the birth of a Bangla entrepreneur is the most important. West Bengal, he said, has a lot of intellectual capital. 

It had academic institutions of great importance, more need to be created, the old ones need to be restored back to their excellence. “Odisha and West Bengal also have a lot of mineral resource. North East has oil and gas... Therefore for the growth of this region, you have the fundamentals which are present here,” he said.

Bandhan Bank on Sunday began operations as a full-fledged bank with 501 branches and 1.43 crore accounts across the country, becoming the newest member of the estimated $ two-trillion Indian banking industry. Bandhan said it is starting operations with 1.43 crore accounts, around Rs 10,500 crore loan book and 19,500 employees. To begin with, it has got 501 branches, 2022 service centres and 50 ATMs across 24 states.

It plans to have 632 branches and 250 ATMs in 27 states by the end of <g data-gr-id="43">fiscal year</g> 2016, the bank said after Finance Minister Arun Jaitley inaugurated its operations here at the Science City Auditorium in Kolkata, at a function attended by regulators, policy makers and luminaries from financial sector and corporate India.