Bengal industry minister Shashi Panja asked companies to ignore attempts to create a “misconception that the state is facing instability”.

Exuding confidence that the state government will handle such attempts, she said the TMC’s return to power for a third consecutive term with a thumping majority shows stability to the state government. “Industries look at stability.

When a government returns for a third term with a thumping majority and the same person comes as a chief minister, it establishes her credentials and shows that there is stability in Bengal,” Panja said at the West Bengal State Session of the East India Summit organised by CII. The minister did not specify about the misconception.

Later speaking to reporters, Panja said, “The attempt to create misconception which is happening should not act as a deterrent to investments. Investors should not bother. We are confident that we can handle that (misconception) separately. Those who are trying to do that will not succeed.”

The industry associations had earlier raised concern over the branding of Bengal and said there was an “urgency to revive it” to attract big private investments to the state.

Panja said Bengal can be a hub for the Northeast and a gateway for South East Asia with development taking place across sectors under the leadership of the chief minister.

November date for digital loan rules

The RBI has given lenders time till November 30 to implement the new digital lending guidelines. These norms, released last month, hope to rein in malpractices such as mis-selling, breach of data privacy, unfair business conduct, charging of exorbitant interest rates, and unethical recovery practices.

In a circular issued on Friday, the banking regulator said that “in order to ensure a smooth transition, REs (regulated entities) shall be given time till November 30 to put in place adequate systems and processes to ensure that existing digital loans are also in compliance with these guidelines in both letter and spirit’’

Trade deficit widens

The trade deficit widened to $28.68 billion in August as imports climbed sharply 37 per cent to $61.68billion and merchandise exports stood flat at $33 billion.

Commerce secretary B.V.R Subrahmanyam, however, said the country’s overall exports are expected to cross $450 billion this fiscal. From April-August 2022-23, exports registered a growth of 17.12per cent to $192.59 billion.Imports during the five month period of this fiscal grew 45.64 per cent to $317.81billion.

Trade deficit widened to 125.22 billion in April-August this fiscal against $53.78 billion in the same period last year.