Industrial Development & Economic Growth in West Bengal

Latest update: September, 2018

Economic Snapshot
Economic Snapshot

 

September, 2018

West Bengal, India’s Sixth largest economy, had a Gross State Domestic Product (GSDP) was about Rs 10.21 trillion (US$ 158.40 billion) in 2017-18. Average annual GSDP growth rate from 2011-12 to 2017-18 was about 11.88 per cent.

West Bengal has 12 growth centres for medium and large scale industries, set up by the West Bengal Industrial Development Corporation (WBIDC). Major industrial areas of West Bengal are Haldia, Kolkata, Asansol-Durgapur region, and Kharagpur.

As of July 2018, West Bengal had 21 SEZs; of which, 7 are operational, 5 are notified, 7 are formally approved and 2 have in-principle approval.

As of August 2018, West Bengal had a total installed power generation capacity of 10,518.24 MW, of which 6,577.95 MW was under state utilities, 2,769.52 MW was under the private sector and 1,170.77 MW was under central utilities. Of the total installed power capacity, 8,685.77 MW was contributed by thermal power, 1,396.00 MW by hydropower and 436.47 MW by renewable power.

The state is the second-largest tea growing state in India. Total tea production in West Bengal stood at 387.86 million kgs in 2017-18, accounting for 29.27 per cent share of India’s total production. Tea production from April to July 2018 reached 135.35 million kgs.

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

  • In state budget 2018-19, an amount of Rs 123 crores (US$ 18.1 million) has been extended to develop and modernize the Industrial Parks and Growth Centers to attract entrepreneurs.
  • The State’s Textile Policy 2013-18 aims to increase the sector’s contribution to 10.0 per cent of the state GDP by 2022-23 from 6.1 per cent in 2014-15.
  • Rail Vikas Nigam Limited (RVNL) is going to undertake construction of a 4.38 km stretch of metro rail from Noapara to Dakshineshwar. The work is expected to be completed by May 2019.
  • West Bengal plans to raise its share in the country’s IT exports to 25 per cent by 2030. Total export from IT sector of the state is estimated to have crossed Rs. 19,000 crores (US$ 2.83 billion) in 2016-17.
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West Bengal