The Bengal government hopes that its recent amendments under land reforms would be a key draw for investors as the state looks to highlight the ease of doing business ahead of its flagship industry event — Bengal Global Business Summit — in November.

Earlier this month, the state land reforms department notified amendments that allowed the lessee or retainer of certain specified classes of land to apply for conversion of leasehold to freehold by paying a conversion fee. This has been welcomed by the industry which said it would facilitate expansion and investment.

“Ease of doing business is being given a lot of importance,” said Bengal industries minister Shashi Panja at the 122nd annual general meeting of the Merchants’ Chamber of Commerce on Friday.

With a revamped single window portal — Shilpasathi — in place, the state is now aggregating land parcels under various departments for development of industry and allowing the conversion to freehold is expected to play a role in stoking investor interest.

According to industrialists in the state, the decision is a win-win proposition for both the government and industry. While the state will garner revenue from conversion fees, the industry will save significant time in securing approvals with the time being a key factor in investment decisions.

“The landmark change will provide huge relief to the lessees and fast track and kickstart implementation of industrial projects. This will give a big thrust to ongoing industrialisation and attract big ticket investments,” said industrialist Sanjay Budhia.

Namit Bajoria, president MCCI, said the government’s decision to introduce a regime of freehold land ownership through amendment of relevant laws, rules and manuals will boost industrial rejuvenation at a faster pace.

The industries minister said the state is giving a thrust on infrastructure development by setting up three industrial corridors — Dankuni to Raghunathpur, Dankuni to Kalyani and Dankuni to Haldia.

State FM Chandrima Bhattacharya said even though there is a financial crunch, industry will continue to get support from the state. State agriculture minister Sobhandeb Chattopadhyay said Bengal can be chosen as an industrial hub for its self sufficiency in power and e-governance.