The Confederation of Indian Industry (CII), Eastern Region, along with the British Deputy High Commission, Kolkata, on Friday organized the fourth Steering Committee Meeting for the project on developing 'Fiscal Instruments for climate-friendly industrial development in West Bengal, Odisha and Tamil Nadu'.
The meeting aims to mobilise low carbon investment and facilitate low carbon economic development of the three states.
"CII sincerely believe that a climate-friendly industrial policy will be instrumental in creating an environment for sustainable industrial development of the State and it will be a first of its kind policy in the country," said an official spokesperson.
As a part of the project, CII said it has completed review of state, national and international policies and short listing of target sectors and fiscal instruments.
Cost Benefit Analysis for the shortlisted instruments has also been done.
Sectors shortlisted under the project are power sector, industry sector, incentives for waste heat recovery in sponge iron and other industries, building sector, waste sector and renewable energy.
"Recommendations are also suggested for the shortlisted fiscal instruments," said the spokesperson.
The implementation of these recommendations is expected to help West Bengal lead with a sustainable industrial policy.
This first phase of the project would get over by December this year and the implementation of these recommendations is expected to be seen thereafter.
West Bengal Pollution Control Board chairman Binay K Dutta said, "This project is a good exercise and has been done quite meticulously."
He said that to formulate policy it is necessary that all the stakeholders such as, the relevant government departments, concerned industries and associations like CII, should sit together and formulate the implementation strategy.
"It is evident that recommendations suggested under the project have been derived after a rigorous study and government would provide all their support to finalize on these suggested recommendations."
Dutta discussed the implementation strategy with the concerned Government Department of other two states.
Principal Secretary of WB Department of Environment R P S Kahlon said, "While finalizing the recommendations it is important to see that there is a synergy between the stakeholders."
Kahlon also mentioned that to make any model successful there is a need of a structure which can be anticipated and built into the system.
He added that government bodies such as Central Board of Taxes should also be included in the project as they have a huge role to play.
He assured to provide support for the second phase of the project as well.