“We are currently working on a compromise formula to pave the way for foreign players’ entry into the retail sector. But we’ve to proceed very slowly and cautiously,” Bhattacherjee told the captains of industry at the 153rd annual general meeting of the Bengal Chamber of Commerce and Industry (BCCI) here.

Stating that he is aware of the opposition to foreign investment in the retail sector as it may have serious repercussions on the farming community, the chief minister said: “Even I am opposing it. But if we have to improve our performance in the agri sector and opt for modern market mechanism, then, we must allow corporates’ entry into the retail sector.”

Mr Bhattacherjee who did not elaborate on the formula being devised to minimise opposition to the retail controversy, pointed out that more than 15 per cent of the 11.6 metric tones of vegetable produce of the state perish before reaching to customers.

“The modern market mechanism which the corporates are expected to bring in, would save this loss through the cold chain they will set up,” he added. Conceding that small vegetable growers and rural intermediaries would face a threat following the big players’ entry, he indicated the ‘compromise formula’ is meant to provide some kind of relief to these people.

According to him, Indian Institute of Management (IIT), Kharagpur will be setting up the state’s and eastern region’s first bio-technology park over a 200-acre area near Kharagpur in technical collaboration with University of Berkley, California,USA.

Besides, the state will shortly have a deep sea port at the Bay of Bengal and the senior officials from the Union shipping ministry are presently in the city to fine-tune the proposal, the chief minister said.

The modernisation of Dum Dum International Airport near the city will start from January, 2008 and is likely to be over by middle of 2010. “Once the modernisation is complete, the capacity to handle traffic will go up by 15 per cent,” he claimed.