Kolkata: President Pranab Mukherjee on Friday said Bengal has truly emerged as "the investment destination" in the country and praised the Mamata Banerjee-led government for improving revenue buoyancy.
Inaugurating the third edition of the Bengal Global Business Summit, Mukherjee said: "Bengal has truly emerged as the investment destination and the presence of so many distinguished leaders of business and industries in the summit has proved it. Each summit helped and provided lot of opportunities of investments and actual investment has increased substantially."
"This summit will also help to reach a new high in the level of investments, economic developments and the performance of Bengal," he said, pointing to the presence of over 29 countries, and hundreds of businessmen and women and policy makers at the event.
The President was impressed by the use of technology that the state has been advocating. "The first thing which impressed me was technology savvy Chief Minister who took me to a restroom where everything was operated automatically with the help of the latest technology."
Lauding the state government for creating all the necessary ingredients which are important for investment, he said the required infrastructure has been put in place.
"With good roads, adequate electricity, skilled man power, investment friendly policies, stable political establishment and meeting the necessity of the investors not globally but also specific to a particular industry, the government's attention is focused," Mukherjee said.
"In this premier state, which has already occupied one of the leading positions as an advanced state of India, the state GDP has substantially improved and revenue buoyancy of the state is almost unbelievable."
Drawing a contrast with the past, Mukherjee said: "I had to look into the case in details as the Finance Minister of the Federal government. I know how debt stressed the state was."
Congratulating the state for improving the revenue buoyancy and the investment climate and at the same time meeting requirement of the people, he said, "The state government maintained a fine balance."
Praising the state government's scheme for providing bicycles to school goers, he said, "Such scheme will boost the industry. I have no doubt that Bengal which was at one time leading cycle manufacturing industry, we see the golden days come back with the help of this programme."
Mukherjee also underscored the importance of cooperative federalism in ushering in economic development.
"When I received this invitation, I thought as president of the republic whether I should participate in the functions, specially oriented towards a state."
"But then I reminded myself that India is a conglomeration of states. And India's essential strength lies in cooperative federalism, particularly in the process of its economic development," he added.
There is no contradiction in rhe development of a constituent unit, along with the development of the nation as a whole, he said.