Kolkata's economic decline has been "totally unnecessary," according to Rajeev Mantri, Managing Director of Navam Capital. Mantri, speaking on Saturday, asserted that the city possesses "unlimited potential" but has suffered from decades of economic setbacks and a significant outflow of its skilled workforce.
Talent Flight and Underutilized Assets
Mantri emphasized Kolkata's rich human capital, noting that the city produces "some of the best human capital on the planet." He pointed to a widespread phenomenon where engineers, doctors, scientists, and finance professionals trained in Kolkata are now predominantly employed outside West Bengal. Mantri observed, "GCCs and startups across India are heavily staffed with Bengal's talent."
Beyond human capital, Mantri also highlighted the city's geographical advantages and critical infrastructure deficits. He specifically cited Kolkata's unique riverfront along the Hooghly, describing it as "unique and wonderful" yet "massively underdeveloped and underutilised."
Proximity to Asia and Policy Shortfalls
Kolkata's strategic proximity to South East and East Asian economies offers a significant advantage, according to Mantri. However, he lamented that "successive parties have worked hard only to devastate and loot, they did nothing at all to bring new industries into the state and expand regional trade."
Path to Revival
Calling for urgent policy and governance reforms, Mantri outlined key areas for improvement. He suggested that with enhanced "border security, law and order, infrastructure investment and the right set of pro-market policies," Kolkata could experience a robust resurgence. Mantri expressed optimism, stating, "There is no reason New Town cannot be the next Whitefield of Bangalore."
"I have no doubt Kolkata can bounce back much faster than most people think because of the innate assets Kolkata is blessed with," Mantri concluded, adding, "May the 4th of May bring gales of change and new opportunities!"
Mantri's comments were made in the context of the ongoing West Bengal Assembly elections, coinciding with Prime Minister Narendra Modi's recent visit to the Hooghly river banks in Kolkata. The election results are slated for announcement on May 4th.