WB ATTRACTS NEARLY RS.1.25 LAC CRORE INVESTMENT BETWEEN 2021-22 TO 2024-25, SAYS STUDY
West Bengal is currently on a transformative growth trajectory powered by dynamic expansions in IT, manufacturing, and infrastructure, and its gross state domestic product (GSDP) is likely to rise by around 10.5% in 2024-25, significantly exceeding the national average of 7.3%. The state has successfully announced new investment projects during FYs 2021-22 to 2024-25 worth Rs.1,23,385 crore, according to the study conducted by the MSME Export Promotion Council.
The study expects that once the investment projects are implemented, new job opportunities for over 75,000 people will be generated. The study was released by MSME EPC Chairman DS Rawat today. He said, investment data have been sourced from the Centre for Monitoring of Indian Economy (CMIE).
He said, during this period, investment projects were completed of Rs.42,440 crore, projects revived of Rs.23,260 crore and projects under implementation at various stages of Rs.3,99,583 crore.
The manufacturing has expanded by approximately 7.8%, and the overall industry sector saw 7.3% growth, both outperforming national benchmarks. The formation of a state-level investment synergy committee (SLISC), a single-window clearance mechanism, has helped the state with respect to “ease of doing business.”
Despite a relative decline in share in state GSDP of agriculture due to the expansion of industry and services, it remains crucial because a large share of the state’s population depends on it for livelihood. However, the sector faces challenges such as fragmented landholdings, low productivity, dependence on monsoons, limited mechanisation and modern farming techniques, post-harvest losses, and farmers’ low access to markets, credit, and crop insurance.
Therefore, Dr Rawat suggested strengthening minor irrigation projects; rainwater harvesting, shifting from overdependence on rice to high-value crops like pulses, oilseeds, fruits, vegetables, and floriculture; subsidising mechanisation technology; developing cold storage, warehouses, and food processing; and improving accessibility to finance and insurance.
Tourism in West Bengal has huge untapped potential because the state offers everything: mountains, forests, beaches, heritage, culture, and cuisine. Yet it remains under-promoted. The government needs to focus on world-class infrastructure, global branding, and eco-cultural experiences; it can emerge as one of India’s top five tourist destinations within a decade.
The MSME sector is one of the strongest sectors and has about 9% of India’s MSMEs providing livelihood to over 1.3 crore people and contributing significantly to state GDP and exports. With financial access, technology upgradation, infrastructure, and global marketing, West Bengal’s MSMEs can emerge as a national leader in sustainable and export-oriented MSMEs, generating employment and boosting inclusive growth.
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