West Bengal, India’s sixth largest state in terms of economic size, has a projected Gross State Domestic Product (GSDP) of 17.19 trillion (US$ 208.24 billion) in 2023-24. The average annual GSDP is estimated to increase at 9.29% from 2018-19 to 2023-24BE.

West Bengal is the largest producer of rice in India. Rice production for the state totalled 14.99 million tonnes in 2017-18. West Bengal is also a major producer of fish. During 2018-19, the state produced a total of 1.85 million tonnes of fish.

As of April 2023, West Bengal had a total installed power generation capacity of 10,726.52 MW, of which 5,997.95 MW was under state utilities, 2,949.16 MW under private sector and 1,779.41 MW under central utilities.

Of the total installed power capacity, 8,696.41 MW was contributed by thermal power, 1,396 MW by hydropower and 634.11 MW by renewable power.

West Bengal has abundant natural resources of minerals and suitable agro-climatic conditions for agriculture, horticulture, and fisheries. It is in vicinity to mineral rich states like Jharkhand, Bihar, and Odisha. It offers excellent connectivity to the rest of India in terms of railways, roadways, ports, and airports.

The state is the second-largest tea growing state in India. Tea production in West Bengal stood at 52.1 million kg in August 2022.

Between October 2019-March 2023, FDI inflows in West Bengal stood at US$ 1,428.18 million.

Some of the major initiatives taken by the Government to promote West Bengal as an investment destination are:

• In June 2022, various Indian Railways projects to the tune of Rs. 254 crore (US$ 30.83 million) were launched in West Bengal’s Hooghly district.
• HDC Bulk Terminal Ltd (HBTL), a wholly owned subsidiary of Adani Ports and Special Economic Zone Limited (APSEZ), has signed the Concession Agreement with Syama Prasad Mookerjee Port, Kolkata (SMPK) for mechanization of Berth no. 2 at Haldia Port.
• In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was set up with National Bank for Agriculture and Rural Development (NABARD) to provide affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing units in the MFPs.
• In 2021, domestic tourist arrivals in the state were 243.25 million and foreign tourist arrivals had crossed over 0.34 million.
• In State Budget 2022-23, Rs. 825 crore (US$ 106.62 million) has been allocated towards Housing for All scheme.
• West Bengal have received investment proposals worth Rs. 342,375 crore (US$ 44 billion) during the Bengal Global Business Summit (BGBS) 2022. This business summit is expected to generate around 4 lakh jobs.
• Adani Group announced that it will invest Rs.10,000 crore (US$ 1.29 billion) in the state over the next decade, and JSW Group announced that they will develop a 900 MW pumped storage hydel power project.
• Chief Minister of West Bengal Ms. Mamata Banerjee said that the State government will set up a Rs. 72,000 crore (US$ 9.30 billion) industrial zone in Jangalmahal, the forested areas of south Bengal districts along the eastern freight corridor.
• The West Bengal Government has proposed 2% rebate on stamp duty and 10% rebate on circle rate for property which has been extended till September, 2022.
• The State Budget 2022-23 seeks to provide relief to the tea industry by exempting rural employment cess and waiving agricultural income tax in FY 2022-23.
• GAIL, its JV company Bengal Gas Co and Hindustan Petroleum Corporation Ltd's will invest Rs. 17000 crore (US$ 2.2 billion) in various CNG projects in West Bengal over the next five years.
• ONGC will invest Rs. 1,500 crore (US$ 193.85 million) over the next 3-4 years for gas exploration at Ashoknager in North 24 Parganas district of West Bengal.
• In State Budget 2023-24:
  • 2,684 crore (US$ 324.37 million) has been allocated for food grain crops.
  • Crop insurance has been allocated Rs. 1,125 crore (US$ 135.96 million).
• As per State Budget 2023-24:
  • 17,522 crore (US$ 2.12 billion) has been allocated for assistance to non-government secondary schools.
  • 1,765 crore (US$ 213.3 million) has been allocated to Samagra Shiksha Abhiyan.
• In February 2021, the state government announced that development of a special industrial corridor is being planned from Dankuni to Asanvol via Burdwan-Durgapur and Borjora-Bankura to Raghunathpur in the Purulia district.
• In January 2021, the central government, state government and the World Bank joined forces for a development project (worth US$ 105 million) to improve the inland water transport infrastructure near Kolkata.
• The state received investment of Rs. 4.45 lakh crore (US$ 63.13 billion) in large industry from five Global Summit organized in the state so far.
• The State Government introduced West Bengal Information Technology and Electronics Policy 2018 to make West Bengal one of the leading states in India in IT & ITeS, ICT, and ESDM sectors.
• Government introduced Tea Tourism and Allied Business Policy, 2019, to utilise unused tea garden and boost tourism in the state.
• West Bengal plans to raise its share in the country’s IT export to 25% by 2030. Total export from IT sector of the state crossed an estimated Rs. 22,897 crore (US$ 3.28 billion) in 2018-19.