Inaugurating the programme Chief Minister Jyoti Basu said, the State's economy through successful implementation of rural development programmes in the past two decades, along with implementation of land reforms, has received a boost. As a result of these policies for which we did not have to depend on the Centre, there has been a significant growth in the agricultural sector. A strong and vibrant rural economy has contributed to the growth of the domestic market in the State. The domestic market, along with the proximate vast hinterland in the eastern region of the country, now provides a plethora of opportunities for new industrial investments. Calcutta's advantageous position as "GATEWAY TO THE EAST" is being further reinforced with more prospects of economic cooperation with our neighbouring countries like Bangladesh, Nepal and Bhutan.

The Rupees five thousand one hundred and seventy crore [Rs. 5170 crore (U.S. Dollar one point three billion (1.3) - Haldia Petrochemicals Projects is nearing completion and will commence production in the last quarter of 1999. The ninety five per cent (95%) Foreign Direct Investment - PTA Project being implemented by the Mitsubishi Chemicals Corporation, Japan at Haldia is making equally impressive progress. This Rupees one thousand five hundred crore [Rs. 1500 crore] (U.S. Dollar three seventy (370) million) project will go into commercial production in February two thousand [2000] A.D. These apart, a number of Indian and multinational companies are successfully operating in West Bengal. Very recently companies like VIDEOCON, ZEE TV, GUJRAT AMBUJA CEMENT LTD., ASIA HOTELS, etc. have announced new ventures in our State.

In the information technology sector, we are happy to note the entry of new players like COMPUTER ASSOCIATES, UNNITED AIRLINES, TCG, SOFTWARE, SEMA, PRICE WATER HOUSE, COGNIZANT TECHNOLOGY SOLUTIONS, U.S ASTRALSYS SYSTEM, INC, U.S.A, RESEARCH ENGINEERS, U.S.A, INTARKA etc. he use Information Technology is being accorded priority in Government offices in order to improve the quality of interface with the people a large and to enhance administrative efficiency. This will also provide a further impetus to the overall situation for the growth of information technology in the State. With a large pool of technically qualified persons and a number of technical institutions the State is ideally positioned to take advantage of the increasing opportunities in the field of information technology.

We are aware of the need to improve physical-and-social-infrastructure to foster growth of industry in business. The positive 'turn-around' in our power sector has been widely acknowledged. We are, however, taking expeditious steps to improve the existing power distribution network. Efforts are also on to provide additional facilities in the upcoming industrial areas of the State. A Rupees nine hundred crore [Rs. 900 crore] OECF loan is in the pipeline, which will enable WBSEB to make significant improvement in the near future. In the roads sector, the DURGAPUR EXPRESSWAY AND PANAGARH MOURGRAM EXPRESSWAY are nearing completion. The Asian Development Bank has recently sanctioned a U.S.D. $ 1 million Technical Assistance Grant (Rs. 4 crore) for the preparation of a Feasibility Report on the proposed CALCUTTA - SILIGURI and CALCUTTA - HALDIA SUPER EXPRESSWAYS. We have formed a joint venture company with ICICI, the leading financial institution of India, called 'I-WIN' which has a mandate to evolve commercially viable infrastructure projects and to help us in developing innovative financial packages for such schemes. At the State level, we have formed an Infrastructure Development Finance Corporation, which will provide finance for selected infrastructure projects in the State.

Unfortunately, there have been some negative perceptions in certain quarters about West Bengal. All right thinking people need to correct these perceptions. We are open to objective and healthy criticism so that corrective measures are adopted in the interest of the growth of the State and the wellbeing of its people. We have sought assistance of the industry, chambers of commerce and trade associations to help us depict a realistic picture of the improving investment scenario of the State. I reiterate that my Government is committed to be even more, 'pro-active' and ' investor-friendly'.