B. Muthuraman in Calcutta on Thursday. Picture by Kishor Roy Chowdhury

Calcutta, May 6: The east is getting ready to strike back. After years of neglect and hamhanded policy-making —both at the Centre and the states — an initiative is being launched to bring back the clangour of commerce to the eastern region.

The east — which is rich in natural resources but has never been able to exploit the advantage because of some dodgy policy-making in the past, notably the notorious freight equalisation policy — could just win back some of its past glory.

Driving the initiative is the Confederation of Indian Industry, the apex industry forum, which has decided to appoint management consultancy firm McKinsey to assess the potential of 3Ms —minerals, metals and manufacturing — in the eastern region.

Tata Steel’s head honcho B. Muthuraman, wearing his hat as chairman of the CII (eastern region), told reporters at his first press conference in his new role that the McKinsey study would evaluate the prospects of this region and provide a roadmap for future development. The study, which will take about six to seven months to complete, will cover the four eastern region states of West Bengal, Jharkhand, Chhattisgarh and Orissa.

The eastern regional body of the CII has also formed a steering committee with representations from companies like Steel Authority of India, Tata Steel, Indian Aluminium and Nalco to assist McKinsey in the project.

The CII will also organise an international seminar on the minerals, mines and manufacturing sectors in Calcutta in November where international experts will be invited from leading minerals and metals companies.

Muthuraman said the CII would focus on competitiveness and impart training to industry in this region.

The industry forum will also partner with the governments of the four eastern region states to jointly address the issues of perception among investors in order to promote the region.

Muthuraman said the states in the east possess a natural competitive advantage with their strength in naturally-occurring minerals and metals.

But states in other regions — notable in the western region — have already taken a lead in the manufacturing sector, especially in the metal-based industries.