West Bengal To Receive Rs 2,400 Cr For SME Sector From The UK

12 Feb 2014

DFID, funding arm of the British government, will provide an aid of 230 million pound i.e., around Rs 2,400 crore, in the form of loans to provide financial assistance to West Bengal’s SME (Small and Medium Enterprises) sector.

Greg Barker, the UK minister of state with India for business engagement, energy and climate change, who visited Amit Mitra, West Bengal’s industry and finance minister, told reporters that nationalized banks and institutions like SIDBI will route the money, which will consecutively extend funds to West Bengal’s SME sector.

In November 2013, Barker visited Kolkata along with David Cameron, the British Prime Minister. He said that there were apparent changes happening in the state and city. Barker added that it is good to see the positive changes taking place and that the government of West Bengal is very supportive.

Earlier, the minister said that while investment from both India and UK is growing, the two-way trade between both countries is inclined to double by the year 2015. While presenting a seminar on ‘UK and West Bengal in Partnership’, Barker said that the United Kingdom’s relationship with India is flourishing.

He said that India’s 3^rd largest investor is the UK, while India is the 5^th largest in the UK, adding that this was the 1^st time that UK has formed a ministry that is responsible for developing business ties with India. Barker said that this reflects the enormous importance the government of UK places on business relationship with India.

He also said that the Wes Bengal state government was very positive and supportive for a ‘great’ relationship with the UK. Barker said, for the beautification of Kolkata and improving the infrastructure of West Bengal, top-notch UK companies were able to give solutions.