Coimbatore: Inadequate support from the Centre is stunting the industrial growth in the Union Territory of Puducherry, according to Chief Minister V Narayanasamy.

Despite huge potential for tourism and industrial development, the Centre was not coming forward to assist the projects in Puducherry and the Finance Minister claimed the Government had no funds, he said.

Running an industry in this competitive and highly politicised atmosphere was a big challenge and governmental support “is lacking in India”.

The Government should offer incentives and above all, the State should have a progressive industrial policy, But in the country, bureaucracy was the biggest bottleneck for any development he said in his chief guest address at the Indian Business Congress organised by Entrepreneurs Council of India.

Coming down on demonetisation,Narayanasamy said the nation gained nothing by it. Instead the purpose for which it was brought, be it towards curbing black money and flushing out withdrawn notes from terrorists, could not be achieved.

It only brought down the country’s GDP by 2 per cent. And now with the roll out of GST, the growth was becoming even more stunted. “Such ideas have been thrust without thinking,” he alleged.

“Being a consuming state, revenue of Puducherry has come down by 40 per cent and industrial investments are not coming,” he said. For the last two years he had been receiving five awards for best governance, maintaining law and order, tourism potential, organic farming and best industrial area.

“But for Kiran Bedi, I could have bagged more awards,” he said amidst laughter.

With new industrial policy and tourism-friendly atmosphere, Puducherry had the best industrial climate for investment and industries were invited. There was land bank, skilled manpower, clean air and water and a peaceful environment for investment, he added

After the Smart City announcement, the Government started revamping the traffic system and other infrastructure, but sadly enough, the required funding support was not coming from the Centre. “We are however trying to overcome the bureaucratic bottlenecks” he said.