Madurai: West Bengal Industries Minister Nirupam Sen on June 25 justified invitation extended to multinationals and private companies to invest in the Communist- dominated state saying the state had to toe the line of the Central government and would lose the race if it did not invite foreign direct investment (FDI).

He told reporters that the state was careful enough to ensure that industries, which invested in the state, really helped in the development of the state and brought new technology, which benefited the state.

Sen said that the total industrial investments in the state after the liberalisation had crossed Rs 20,000 crore and during last year alone Rs 2,200 crore had been invested in the state.

Inviting Tamil Nadu industrialists also to invest in the state he said the state's power production had increased to 7000 mw from a mere 1700 mw before 1977, and good road facilities had been provided linking all the district headquarters of the state.

Referring to series of steps taken by the state to revive the sick units the minister said the state was helping the sick units to modernise and also provided various concessions including sales tax exemption.

The state's share from the Central government taxes had been curtailed to Rs 766 crore and now the state had asked the centre to revise it to Rs 1,000 crore.

PTI