West Bengal achieved growth through fiscal discipline: Economic Review
Feb 13, 2025, 21:29 IST
The Economic Review for 2024-25 presented by the West Bengal government in the assembly on Wednesday said that the state had achieved growth over the years through fiscal discipline. The review said that in the last 13 years, the West Bengal economy has witnessed tremendous growth.
The Economic Review for 2024-25, presented by the West Bengal government, highlights significant economic progress attributed to fiscal discipline over the past 13 years. The state's nominal Gross State Domestic Product (GSDP) has reached ₹18,15,010 crore, with an estimated real growth rate of 6.80% in the current fiscal year.
Key indicators of this fiscal improvement include:
Revenue Deficit Reduction: The revenue deficit as a percentage of total revenue receipts has decreased from 36.55% in 2010-11 to 12.83% in 2023-24.
Enhanced Tax Revenue: The state's own tax revenue collection has more than quadrupled between 2010-11 and 2023-24.
Increased Capital Expenditure: There has been a consistent rise in capital expenditure since 2011-12, reflecting the state's commitment to infrastructure and development projects.
Additionally, government spending on agriculture, rural development, and social welfare schemes has seen substantial growth, aiming to ensure a decent standard of living across various sections of society. Initiatives like 'Lakshmir Bhandar' provide basic monthly income to approximately 2.21 crore women in the state, underscoring the government's focus on women empowerment.
However, challenges remain. The state's debt as a percentage of GSDP has been declining, from 40.65% in 2010-11 to 37.49% in 2022-23, but it still exceeds the national average. High public debt levels can constrain fiscal space for future development spending.
In summary, West Bengal's adherence to fiscal discipline has fostered economic growth, improved fiscal health, and enhanced social welfare. Continued focus on prudent fiscal management and addressing existing challenges will be crucial for sustaining this progress.