Can Tata and Mamata Banerjee ever be business friends?

Economic Times

12-07-2025

ET Bureau & Agencies A lot of activities connecting the past, present and (intended) future happened over the last fortnight. The much-awaited, almost-given up reunion of Oasis happened in Cardiff on July 4. The epochal final 'Back to the Beginning' concert of Black Sabbath and its legendary frontman Ozzy Osbourne in Birmingham took place the next day. But a decidedly quieter meeting of no less momentous proportion took place in Kolkata on July 9.
Tata Sons chairman Natarajan Chandrasekaran and West Bengal chief minister Mamata Banerjee met at the latter's office on Wednesday. This was the first time that a Tata Group chairman met a West Bengal CM in 14 years - the last two being Ratan Tata and Buddhadeb Bhattacharjee, just before the woman who drove Tata Motor Dixie out of Bengal took over Bhattacharjee's portfolio, and much else.
The warring Oasis brothers Liam and Noel Gallagher had been fighting for 16 years. Ozzy had been put out to Sabbath for health reasons for 20. But somehow, Didi's darbar with Chandra, at least to people with a more ironic sense of history - especially where economic progress has been history for some time - felt more fateful than a re-Oasis or re-Ozzy. Now, I - like most others who believe puddings should be first eaten before one considers them to be pudding - have seen Banerjee, in her post-Che chief ministerial module, rack up MoUs with corporate houses like she was Le Chiffre piling up chips at the baccarat table in Casino Royale. But her annual BGBS (Bengal Global Business Summit) is not WYSIWYG. The likes of Ambani, Adani and other open- and closed-vowelled big names of industry fly down to Kolkata have photo-ops with Banerjee, make investment promises, and then take the first flight back to where they'll put their money where their MoUs are. With Chandra, Didi reportedly exchanged pleasantries, a core strength of Bengalis. TMC officially noted: 'The meeting reflected Bengal's commitment to fostering meaningful public-private partnerships that drive innovation, investment and inclusive development... the conversation centred on deepening the Tata Group's presence in the state'. If you say so. And never mind Singur and the Tata Motors factory turned to factionary by then-in-opposition Didi. US goods trade with Vietnam was some $149.6 bn in 2024, 'Ho Ho Ho Chi Minh!' notwithstanding. But it's not the present tete-a-tete offensive's genuineness I doubt. Or whether bygones can be made to be bye-byegones. It's the continued mismatch between how Bengal - not just its CM or political class, but also its people - sees business and the way rest of the world sees it. A perfect example of this is Kolkata's roads, arguably the worst among India's metropolitan cities. But here again, Bengalis will trot out examples of collapsed bridges in Gujarat and bombed-out highways in UP to make a point that they are being picked on for conspiratorial reasons. The definition of 'maintenance' is radically different from that in the rest of India. Tenders are floated, vendors are chosen, councillors get a slice of the MLA fund... the repair work (sic) is done in such a calibrated shoddy manner that the 'fixed' road will turn into a lunar landscape and public hazard by the next round of rains. Wash, rinse, repeat. And everyone is fine with this 'circular economy' here. Then there's 'wealth creation' itself. At some fundamental level, wanting to be rich - never mind being rich - is taboo, as if akin to wanting to sleep with one's own cousin. This is largely because most people in this everything-is-politically-connected economy make money by cutting corners, slipping slips, nailing turfs, promising cuts.... 'Mou' in Bengali is honey. 'MoU' is sweet nothing. For a state that takes pride in being constantly angry, 'When Chandra Met Mamata' remains a romcom scene famous for 'faking it' - at least until the pudding of actual investment is eaten. P.S. Rumour of the meeting originally scheduled for July 8, and then pushed a day later after someone pointed out that Tuesday was Jyoti Basu's 111th birth anniversary, I'm sure, was nothing but a rumour. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. India's gas dream runs on old pipes. Can a European fix unclog the future?
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