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February 6, 2019

Bangla’s economy going strong under Trinamool rule

Since the Trinamool Congress Government took over in May 2011, there has been relentless growth of Bangla.

Year after year, the State’s performance in various sectors has been on rise – industry, MSME, agriculture, health and several others.

In terms of growth, Bangla is now among the top States, having surpassed the national average in several aspects too.

  • Fiscal deposit to gross state domestic product (FD: GSDP) ratio: Best-performing State in FY 2015-16 (Revised Estimate) among general category States (GCS)
  • Growth rating debt stock: Reduced from 14.65% during 2000-11 to 9.61% during 2011-18
  • Tax revenue to GSDP ratio: Increased from 4.85% during 2000-11 to 5.29% during 2011-18
  • Online revenue collection: 90% of the revenue (Rs 46,300 crore)

Metrics in which the State’s growth is better than the national average growth

  • GVA (current prices): State – 14.99% in 2017-18, India – 9%
  • GDP (current prices): State (GSDP) – 15.06% in 2017-18, India – 9.5%
  • Per capita GDP (current prices): State – 13.92% in 2017-18, India – 8.1%
  • Per capita GDP (constant prices): State – Increased from 4.8% in 2015-16 to 10.36% in 2017-18; India – declined from 6.7% in 2015-16 to 5.2% in 2017-18

Among other things, Bangla is number one in extending credit for micro, small and medium enterprises (MSME), skill development, ease of doing business (EODB) and transparency in work, and allotment of the highest number of contracts via e-tendering.

The State’s tax collection has also grown by over two times. The expenditure on physical and social infrastructure has increased almost four-fold. With more than 90 lakh jobs created, the unemployment rate has dropped by almost 40 per cent.

The 4th Bengal Global Business Summit in 2018 saw the participation of more than 4500 representatives from 32 countries, 1,046 business-to-business (B2B) meetings, 402 business-to-government (B2G) meetings and the signing of 110 memoranda of understanding (MoU). The State received investment proposals worth about Rs 2.2 lakh crore, which translates to a job potential of over 20 lakh.

The first Hill Business Summit last March, held in Darjeeling, saw investment proposals worth Rs 2,000 crore.