Industrial Development & Economic Growth in West Bengal

Latest update: May, 2018

Economic Snapshot
Economic Snapshot

 

May, 2018

West Bengal, India’s sixth largest economy, had a gross state domestic product (GSDP) of US$ 163.87 billion in 2017-18AE, growing at compound annual growth rate (CAGR) of 12.47 per cent (in rupee terms) since 2011-12.

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.

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.

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 Map

West Bengal