West Bengal finance minister invites investors to Kolkata, promises reforms to unlock city’s potential

West Bengal FM Dr Swapan Dasgupta said outdated laws such as Urban Land Ceiling Act must go, urging organised developers to invest in and develop West Bengal

West Bengal finance minister Dr Swapan Dasgupta, the chief guest at the first-ever CREDAI NATCON 2026 summit in Kolkata, on Friday invited investors and the real estate fraternity to explore opportunities in the city, promising legislative reforms and renewed efforts to restore Kolkata’s economic prominence.

West Bengal FM Dr Swapan Dasgupta said at Credai Natcon that outdated laws such as the Urban Land Ceiling Act must go, urging organised developers to invest in and develop Kolkata and the state.

Addressing around 1,200 delegates attending the three-day summit, Dasgupta highlighted Kolkata’s rich historical and cultural legacy but acknowledged that the city had struggled to keep pace with other major urban centres over the past five decades. He expressed confidence that focused efforts, policy changes and fresh investments could help Kolkata reclaim its position as a major destination for business and industry.

“Kolkata has a rich past, but its present has been gloomy. The city has, in many ways, fallen off the map over the past 50 years. We need to change that and bring Kolkata back,” said Swapan Dasgupta, Minister-in-charge, Finance Dept, Govt of West Bengal, emphasising the need to create an environment that encourages businesses, entrepreneurs and investors to establish and expand their operations in the city.

The minister said outdated legislative provisions were among the obstacles that needed to be addressed to facilitate development. He pointed to laws dating back to the 1970s, including the Urban Land (Ceiling and Regulation) Act, and called for a review of such provisions to make the regulatory framework more responsive to present-day economic requirements.

He said reforms would be necessary to support urban development, encourage investment and enable the city to take advantage of emerging economic opportunities. A modern legislative framework, he indicated, would be important for creating an environment in which industries and businesses could grow.

Dasgupta also stressed the importance of expanding manufacturing and strengthening the technology sector, saying Kolkata needed a more organised and coordinated approach to economic revival. Greater industrial activity, technology-led growth and investment in urban development would be key to generating employment and attracting talent, he said.

Reflecting on the city’s changing image, the minister observed that Kolkata was often remembered through nostalgia rather than its contemporary economic prospects. He said younger generations increasingly looked towards other cities for education, employment and professional opportunities.

“Kolkata is remembered for its nostalgia, but we need to ensure that it is also seen as a city of opportunities. Our aim should be to bring our children back to Kolkata by creating jobs, encouraging entrepreneurship and providing an environment in which young people can build their futures,” he said.

The minister’s address placed investment, policy reform and employment generation at the centre of the city’s development agenda. He called for collective efforts involving the government, industry and the real estate sector to build confidence among investors and establish Kolkata as a competitive destination for business.

The three-day summit has brought together approximately 1,200 delegates from across the country, providing a platform for discussions on real estate, urban development, industrial growth and investment opportunities.

Dasgupta’s remarks underscored the state government’s stated ambition to reposition Kolkata as an important economic centre by addressing regulatory challenges, encouraging private investment and creating opportunities for the next generation.