FICC president Sudhir Jalan, CII president Rajesh Shah, CACCI president R.P. Goenka, IDBI chairman G.P.Gupta and ICICI chairman M.V.Kamath presented their views. The police minister Buddhadev Bhattacharya, the finance minister Asim Dasgupta and the industry minister, Bidyut Ganguly, were present.

The chief minister said that it was his resolve to make the state ``the nerve centre of industry in the eastern region. He said that this effort would be part of ``political decision'' and that ``we are politically responsible for industrialisation of the state.''

For the first time, the districts have been divided into three groups and the big and medium industries have been brought under the incentive package The package would be in place for the next five years.

Basu, who met his Cabinet colleagues for an ``interactive session'' after the presentation of the McKinsey report in the morning, said, ``According to the report, the state has a positive balance after discounting all that is negative. They feel that Bengal has a number of strengths compared to other states. However, certain things need to be improved and these have been accepted as challenges by my Government for the future. The basic business character of the state is positive. As we approach the next millennium, the need to look at things afresh and to reorient ourselves for the next century is becoming increasingly urgent,'' he added.

Basu said, ``The new scheme will come into operation from April 1.The number of years of fiscal incentives and ceiling on the magnitude of such incentives have been hiked substantially. In consideration of the employment potential in certain emerging industries, the state will encourage industrialisation in certain thrust areas comprising petrochemicals and downstream projects, agro-processing, leather and electronics , software and information technology where additional benefits will be provided.The state is prepared to encourage special packages for mega projects on a case by case basis,''he said.

Basu said that the McKinsey report had pointed out that 10 per cent of the consumer class lived in Bengal and that this provided a substantial market for entrepreneurs. The chief minister said that those who had decided to invest in the state were giants like Larsen and Toubro, ITC and Videocon.

Basu said that the incentive package would lay special emphasis on ``information technology and electronics.'' ` He added, ``We are in the process of formulating our policies to put the state among the most desired destinations.We are also setting up a number of new technical institutions in software training.'' He also said that the Rs 5170-crore Haldia project would be made operational by the end of this year.

The chief minister criticised the Centre's policy of liberalisation and added that ``no homework had been done.'' Basu said that the state government was trying its best despite the national economic situation ``which was not at all promising.''

He said,``I feel that more powers should be transferred from the Centre to the states…Only a fundamental realignment can form the basis of a strong nation,'' he added. The chief minister also made out a forceful case for the state saying that ``we have been able to provide a system of stable governance and the law and order situation prevailing in the state is much better than in many other states.''

He added, ``Since the state sector and the public sector have to co-exist in many areas, remedial steps should be taken to eliminate the ills of some of the major public sector units on a case to case basis. Professional management , technological upgradation and modernisation should have been applied.We in Bengal are trying to design a flexible therapeutic regime for revival of some public sector units. We have engaged professional managers and made them accountable.''