The President of India, Shri Pranab Mukherjee inaugurated the Bengal Global Business Summit 2017 organized by the Government of West Bengal today (January 20, 2017) in Kolkata.

Speaking on the occasion, the President said India is a conglomeration of states and it's strength rests in cooperative federalism, especially in matters relating to economic development. He said India is today a leading destination for foreign investment.India has clocked a high growth rate, with the economy growing at an average of 7.6 percent annually during the last ten years. This is in spite of the large-scale slowdown after the financial crisis of 2008, which afflicted most economies of the world and led to a slowdown in the major economies. India has a comfortable external situation. It has pursued prudent fiscal management and has adopted investor friendly policies.

The President said the Bengal Global Business Summit showcases investment opportunities in West Bengal, which is a leading state of our country. A popular saying is - what Bengal thinks today, India will think tomorrow. The economy of the state suffered on account of the partition of India. However, there has been significant progress in last six years. Growth in State GDP and revenue buoyancy has been impressive. The large participation in the forum, including from 29 countries shows the level of interest in the state amongst investors.

The President complemented the State Government for its focus on infrastructure and adoption of investment friendly policies. He said the State has skilled manpower and a stable political regime which should bring a good response from investors. He called upon the State government to also pay attention to specific problems of investors even as it adopted overall policies to encourage growth and investment.

The President concluded pointing out that Chief Minister Mamata Banerjee and her team organized in the past two successful business summits. He expressed confidence that the summit will bring good results, promoting business linkages and consolidating existing partnerships.

This release issued at 1450 hrs.