Kolkata: State finance and industry minister Amit Mitra said on Wednesday that the decision of the Narendra Modi government to demonetise notes of '500 and Rs 1,000 denominations has resulted in a loss of Rs 25,000 crore to the country’s gross domestic product (GDP).
Speaking on the sidelines of IMME and Global Mining Summit, 2016 organised by the CII, Mr Mitra reiterated chief minister Mamata Banerjee’s claim that the Centre has incurred a staggering Rs 1.5 lakh crore loss of GDP in the first six days of the announcement.
The minister told reporters the state was facing problems with trucks from neighbouring states unable to enter Bengal. “Markets are closed, perishable items like fish and vegetable are turning waste. We are apprehending a rise in the price of essential commodities. And yet, the Centre is coming up with new magic every day,” he said, referring to the decision to apply indelible ink on people’s fingers to check repetition at banks.
Addressing representatives of the firms at the summit, Mr Mitra asked entrepreneurs to invest in mining and exploration activities in the state. “There are huge opportunities for investment in the mining sector. Deocha Pachami coal block is the world’s second largest reserve with two billion tonnes of coal and is shared by six entities including Bengal. On top of this, our government has tied up with Kudurmukh for iron ore deposit exploration in the state.”
He also informed that mining would be carried out shortly in four blocks held by West Bengal Power Development Corporation. All these will offer huge investment opportunities, he said.
“We have identified six granite prospective blocks and exploration has begun in three through competitive bidding,” he said.
Meanwhile, the state agriculture department had to halt its awareness drive for the enrollment of Kisan Credit Card (KCC), after starting the first phase on November 8 in various districts.
State agriculture minister Purnendu Basu said the drive had to be stopped as banks are not in a position to provide loans to farmers. “The drive was initiated to ensure more farmers are brought under KCC scheme and to inform them about the quantum of loans available to them. However, none of the purposes are presently being served,” Mr Basu said.
Earlier, the CM, who has gone to the national capital with a delegation of her party MPs, met President Pranab Mukherjee and submitted a memorandum over the demonetisation of Rs 500 and Rs 1,000 notes.
