West Bangal State Presnetation and Economy Growth Report | IBEF

West Bengal, India’s sixth largest state in terms of economic size, had its Gross State Domestic Product (GSDP) is expected to reach Rs. 14.44 trillion (US$ 206.64 billion) in 2020-21. Average annual GSDP growth rate is about 12.62% between 2015-16 and 2020-21.

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 2021, West Bengal had a total installed power generation capacity of 11,036.88 MW, of which 6,497.95 MW was under state utilities, 2,883.31 MW (private sector) and 1,655.62 MW (central utilities).

Of the total installed power capacity, 9,072.62 MW was contributed by thermal power, 1,396.00 MW by hydropower and 568.26 MW by renewable power.

In the State Budget 2020-21, the Government of West Bengal has allocated Rs. 4,400 crore (US$ 624.20 million) to Public Works (Roads) Department. Of this budget, Rs. 2,092 crore (US$ 296.78 million) has been provided for development of state highways and Rs. 1,820 crore (US$ 258.19 million) for district and other roads.

The state is the second-largest tea growing state in India. Total tea production in West Bengal stood at 415.48 million kgs in 2019-20, accounting for 29.27% share of India’s total production.

Between October 2019 and March 2021, FDI inflows in West Bengal stood at US$ 605.17 million.

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

• 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.
• In State Budget 2020-21, Rs. 1,158.40 crore (US$ 164.34 million) has been allocated to Industries, Commerce, and Enterprises Department.
• 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.
• As per State Budget 2020-21, Government of West Bengal has allocated Rs. 260 crore (US$ 36.88 million) for the development of the IT and Electronics department in West Bengal.
• In December 2020, the state government approved construction of a deep sea port in Tajpur, which will be built for Rs. 15,000 crore (US$ 2,028 million).

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