Saturday, December 17 2005 15:51 Hrs (IST) - World Time -

Farakka (WB): India needed to rope in substantial Foreign Direct Investment (FDI) to meet the gap in domestic investments to attain a growth rate of eight per cent, Defence minister Pranab Mukherjee today (Dec 17,2005) said.

Speaking at the foundation stone-laying ceremony of a cement plant here, Mukherjee said the domestic investment required to grow at eight per cent was around 32 per cent whereas the current domestic investment was 24 per cent.

"This gap needs to be bridged. We need to overcome narrow political gains for development in states. West Bengal's growth is above national average, which is praiseworthy," he said.

West Bengal Chief Minister Buddhadev Bhattacharjee echoed the sentiment saying the state was receiving all support from the Centre on economic issues.

"This new plant in Murshidabad district will kick-start the industrialisation process in the region, the economy of which has so far been agro-based," he said.

He said his Government was contemplating creation of an industrial zone near Farakka to expand potential beyond jute, fruits, agro-based and tannery businesses.

Bhattacharjee laid the foundation of a Rs 115 crore cement grinding unit promoted by the Ambuja Cement Eastern Ltd, a joint venture between Gujarat Ambuja Cement Ltd and Holcim, the world's largest cement company.

The one million tonne capacity plant, to be commissioned by September 2006, will source 3.5 lakh tonnes of fly ash from the NTPC Farakka plant and provide direct employment to over 2000 people.