The state’s new finance minister, Swapan Dasgupta, in his maiden state budget presented on Monday, promised to support the revival of the Calcutta Stock Exchange “to reclaim Kolkata’s place as a financial capital”.
“The revival of the Calcutta Stock Exchange would have multifarious advantages, including easier access to capital for Eastern India, lower costs of listing and trading, and the creation of new jobs,” Dasgupta said.
The stock exchange, an 118-year-old institution, was on the verge of closure due to several legal hurdles. The exchange has not conducted trading for more than a decade and officially surrendered its platform last year.
Dasgupta also said that his government plans to list profit-making state public sector undertakings to raise resources.
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“This will benefit the state by raising capital through disinvestment, unlocking hidden corporate value. Potential state public sector undertakings will be identified and listed on public stock exchanges,” the minister said.