"Deindustrialisation of Bengal is not an accident, it is a meticulously executed political strategy by TMC:" Amit Malviya slams Mamata Banerjee on 'Revocation of Incentive Schemes Act, 2025'

Kolkata (West Bengal) [India], September 23 (ANI): Bharatiya Janata Party’s National Information & Technology Department incharge Amit Malviya, has slammed the Mamata Banerjee-led government for passing the ‘Revocation of Incentive Schemes Act, 2025, describing it as “Final nail in the coffin for Bengal’s industrial ambition” on Tuesday.

This law unilaterally cancels 32 years of industrial promises made to investors since 1993, dealing a massive blow to the state’s economic prospects. Major companies, such as Dalmia Bharat, Birla Corp, and UltraTech, face potential losses exceeding ₹3,000 crore due to the revocation of incentives.

In a social media post on X, Amit Malviya claimed that, due to this law, major companies such as Dalmia Bharat, Birla Corporation, and UltraTech are now facing losses of over ₹3,000 crore. He also described this law as an act of sovereign betrayal and claimed that 6,600 companies have fled the state since 2011.

Additionally, the BJP leader also claimed that this is a deliberate attempt to demolish Bengal’s economic future. The move sends a chilling message to investors about the safety of their investments in West Bengal.

“West Bengal’s great industrial betrayal is now official. The TMC government has passed a draconian law, the ‘Revocation of Incentive Schemes Act, 2025’, unilaterally cancelling 32 years of industrial promises made to investors since 1993. Major companies, such as Dalmia Bharat, Birla Corp, UltraTech & others, which invested thousands of crores in Bengal based on written government commitments, are now staring at losses of over ₹3,000 crore. This is a cold, calculated message from Mamata Banerjee to every investor: your money is not safe here, our promises are worthless. This act of sovereign betrayal, carried out without any industry consultation, has sent shockwaves through India Inc. It is the final nail in the coffin for Bengal’s industrial ambition, in a state that has already seen 6,600 companies flee since 2011. This isn’t just misgovernance; it is a deliberate demolition of Bengal’s economic future to bankroll pre-election populism,” wrote Malviya.

The Bharatiya Janata Party leader Amit Malviya accused Mamata Banerjee of defaulting on legal commitments to industries in order to finance her vote-bank schemes ahead of the 2026 elections. He also stated that the TMC government is drowning in debt and owes ₹44,000 crore in dearness allowance (DA) arrears.

“And the story gets darker. Why this sudden, catastrophic move? Because the TMC government is drowning in debt, approaching ₹6 lakh crore and owes ₹44,000 crore in DA arrears. Instead of fiscal discipline, Mamata Banerjee has chosen to default on legal commitments to industry in order to fund her vote-bank schemes ahead of the 2026 elections. She is robbing job creators to fuel vote-bank politics. The TMC’s false narrative is: “subsidies for the poor or subsidies for the rich.” The reality? Sustainable poverty reduction stems from jobs, and jobs are created by industry. By destroying the investment climate, Mamata is trapping Bengal in a vicious cycle of deindustrialisation and dependency,” said Malviya.

Since 2011, 6,600 companies have fled the state, exacerbating economic challenges. The TMC government is grappling with debt approaching ₹6 lakh crore and ₹44,000 crore in DA arrears. Malviya argued the government prioritised vote-bank schemes over fiscal discipline and industrial growth and drew comparisons with past incidents like the Tata’s exit from Singur, highlighting perceived anti-industry policies.

While severely criticising the law, Malviya emphasised that the state will face significant legal repercussions. He stated that this act will cause young people in Bengal to continue leaving the state in search of better opportunities.

“The legal fallout will be immense, but the reputational damage is irreversible. This Act even attempts to bulldoze High Court orders that had directed the government to pay its dues. It is nothing less than a direct assault on the judiciary and the rule of law. What credible investor will now trust a new policy from a government that has legislated away three decades of its own sovereign promises? This Act has poisoned the well for future investment, ensuring Bengal’s youth will continue to flee the state in search of opportunities,” added Malviya.

Earlier, the government of West Bengal enacted the Revocation of West Bengal Incentive Schemes and Obligations Act, 2025. This Act aims to retroactively cancel all grants that were approved under various state incentive schemes listed in its schedule. However, according to the government, this Act aims to allocate funds for social welfare programs to support disadvantaged and marginalised communities. (ANI)

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