west bengal gdp growth rate 2022

As per the state budget presented in the state legislative assembly on 24 June 2016, West Bengal's nominal GSDP at current prices has risen to INR 9.20083 trillion or US$140.68 billion in the year 2015-16, the average INR to US$ exchange rate in that year being INR 65.4. However, two major agri-based industries, which employs lakhs of people, jute and tea, are still struggling due to challenging business conditions, especially due to the pandemic. 3 0 obj Any shortfall in a states GST revenue from this level is covered by the Centre by providing compensation grants to the state. In 2021-22, West Bengals economy is projected to touch Rs 13.5 lakh crore, according to preliminary estimates. West Bengal is the largest producer of rice in India. 72,000 crore (US$ 9.30 billion) industrial zone in Jangalmahal, in the forested areas of south Bengal districts along the eastern freight corridor. Figure 3 : Outstanding Liabilities (% of GSDP). GDP, a sum of all the goods and services produced from July through September, increased at a 2.6% annualized pace for the period, according to the advance estimate. The industry in the state expects stronger growth this fiscal year compared to 1.2 per cent growth registered in 2020-21, when the country's economy had contracted by 7.7 per cent. The description is composed by our digital data assistant. Outstanding liabilities: Outstanding liabilities is the accumulation of total borrowings at the end of a financial year, it also includes any liabilities on public account. %PDF-1.7 GDP of West Bengal; Year At current prices (crore INR) At 2011-12 prices (crore INR) GSDP GSVA NSDP NSVA GSDP GSVA NSDP NSVA; 2011-12: 520,485: 498,470: 473,205: 45,118,945 subject to copyright or other applicable intellectual property laws and no part of it can be Source: West Bengal Budget Documents of various years; PRS. PRS makes every effort to use reliable and comprehensive information, but PRS does not represent that this information is accurate or complete. In US Dollar, five states/UTs have an economy of greater than $200 billion for year 2019, and 13 have above $100 bn. I think the chief minister can foresee that (fiscal crisis) as it is almost knocking on the door. Ltd. All rights reserved. 2,000 each. In 2022-23, the fiscal deficit is estimated to be Rs 62,397 crore (3.64% of GSDP). Committed expenditure:Committed expenditure of a state typically includes expenditure on payment of salaries, pensions, and interest. Rs 4,994 crore has been allocated towards Krishak Bandhu scheme. Sources:West Bengal Budget Documents 2022-23; PRS. 2,092 crore (US$ 296.78 million) has been provided for development of state highways and Rs. At current prices, GSDP of West Bengal is estimated at Rs 14.44 trillion (US$ 206.64 billion) in 2020-21. 21, the manufacturing sector contracted by 1.2%. Some of the major initiatives taken by the Government to promote West Bengal as an investment destination are: The residential property registrations in Greater Kolkata expanded 79% YoY to 40,972 units between January-November 2021, as per a Knight Frank report. 825 crore (US$ 106.62 million) has been allocated towards Housing for All scheme. According to him, the states fiscal deficit stood at Rs 36,831 crore in 2019-20 and within a year, it increased to Rs 52,350 crore. In October as well as November, the collections crossed Rs 4,000 crore. The West Bengal Fiscal Responsibility and Budget Management (FRBM) Act, 2010 provides annual targets to progressively reduce the outstanding liabilities, revenue deficit, and fiscal deficit of the state government. In 2022-23, the state has estimated to receive Rs 13,587 crore as post devolution revenue deficit grants. In the early 1990s, when the country was poised to move to a higher growth trajectory, the rank of West Bengal had fallen to seven. Table 9 : Allocation towards Key Sectors (in Rs crore). It is within the limit of 4% of GSDP permitted by the central government in 2022-23 as per the Union Budget (of which, 0.5% of GSDP will be made available upon undertaking power sector reforms). *Figures for 2023-24 and 2024-25 are projections. As per the estimate, the GDP growth rate is 7.25% in FY22. Sector-wise expenditure:The sectors listed below account for67%of the total expenditure on sectors by the state in 2022-23. Kolkata, Dec 31 (PTI) West Bengal maintained its growth momentum this year despite pandemic headwinds and going forward, rolling out of mega projects will be a key priority for the state government as it focuses on industrialisation for sustainable economic expansion. PRS makes every effort to use reliable and comprehensive information, but PRS does not represent that the contents of the report are accurate or complete. The West Bengal Minister of State for Finance, Ms. Chandrima Bhattacharya, presented the Budget for the state for the financial year 2022-23 on March 11, 2022. During the next decade, West Bengal's growth rate fell to 4.9% while the all-India average went up to 5.5%. The opinions expressed herein are entirely those of the author(s). Perhaps, that is the reason why she has asked MLAs not to ask for any more money, Lahiri said. PRS Legislative Research is licensed under a Creative Commons Attribution 4.0 International License. Outstanding Government Guarantees: Outstanding liabilities of states do not include a few other liabilities that are contingent in nature, which states may have to honour in certain cases. Bangladesh gdp growth rate for 2019 was 7.88%, a 0.56% increase from 2018. West Bengal is at the top of the list of states for GDP growth rate recording 12.58 per cent during 2018-19, state Finance Minister Amit Mitra said on Saturday. The GSDP for 2021-22 is estimated to be 11.5% higher than the revised estimate of GSDP for 2020-21 (Rs 13,54,518 crore). ThePrint holds no responsibility for its content. The following tables compare the actuals of 2020-21 with budget estimates for that year. The State has witnessed positive growth rate of 1.2% despite the pandemic in 2020-21. <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 26 0 R] /MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Note: BE is Budget Estimates; RE is Revised Estimates; totals for 2022-23 may not match due to rounding off. West Bank and Gaza gdp growth rate for 2021 was 7.05%, a 18.37% increase from 2020. Chief Minister of West Bengal, Ms. Mamata Banerjee, said that the State government will set up a Rs. endobj West Bengal have received investment proposals worth Rs. The Gross State Domestic Product (GSDP) of West Bengal for 2022-23 (at current prices) is projected to be Rs 17,13,154 crore. 4 0 obj _W4V0p69H Merchants Chamber of Commerce and Industry President Aakash Shah pointed out that West Bengal would require to focus on competitive industrial power tariff and a boost for value-addition across sectors in a big way to become one of the top three states of the country. Bangladesh gdp growth rate for 2020 was 3.45%, a 4.43% decline from 2019. In January this year, the central government, state government and the World Bank joined hands for a development project worth USD 105 million to improve the inland water transport infrastructure near Kolkata. West Bengal: GSDP of US$ 206.64 billion. {H8(1_^{5^\Z.3%V0z}v West Bank and Gaza gdp growth rate for 2019 was 1.36%, a 0.14% increase from 2018. KOLKATA: Bengal's estimated economic growth through the second and third waves of Covid is projected to be 12.8%, a rate higher than the projected national GDP growth of 9.1% for the 2021-'22 financial year. Facebook Twitter Instagram KOO APP YOUTUBE end of article Table 6 : Major sources of states own-tax revenue (in Rs crore). The graphs below compare West Bengals expenditure on six key sectors as a proportion of its total expenditure on all sectors. Note: A negative revenue balance indicates a deficit. India is a country located in the Southern region of Asia and its capital is New Delhi. This report is auto-generated from PTI news service. Agriculture is the chief occupation in the state and contributed 18.8 per cent to the GSDP in 2014-15 . Rs. 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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. As uncertainties continue to persist in the wake of rising COVID cases, attracting fresh investments from corporate bigwigs will be crucial for West Bengal in 2022. Figure 2 : Revenue and Fiscal Balance (% of GSDP). [1]. Bengal's most recent budget, presented in. Six states/uts grew by an average of above 8 percent per year between fiscals 2013 and 2019. The state's GSDP grew at a CAGR of 11.54% from 2015-16 to 2022-23. 342,375 crore (US$ 44 billion) during the Bengal Global Business Summit (BGBS) 2022. In fact, it was among the three richest states - the other two being Maharashtra and Gujarat. This comprises spending on salaries (31% of revenue receipts), interest payments (20%), and pensions (12%). In the second quarter, real GDP decreased 0.6 percent. Sources: West Bengal Budget Documents 2022-23; PRS. Revenue Balance: It is the difference of revenue expenditure and revenue receipts. This document has been prepared without regard to the objectives or opinions of those who may receive it. The State Budget 2022-23 seeks to provide relief to the tea industry by exempting rural employment cess and waiving agricultural income tax in FY23. As of March 2022, West Bengal had a total installed power generation capacity of 10,700.29 MW, of which 6,017.95 MW was under state utilities, 2,902 MW under private sector and 1,780.34 MW under central utilities. 3,857 crore (US$ 498.45 million) has been allocated towards capital outlay on irrigation and flood control. Zydus Cadila's COVID-19 vaccine ZyCoV-D, the world's first Plasmid DNA Covid vaccine, will be introduced in seven states including Maharashtra and West Bengal. Dragon Fruit cultivated by farmers in Gujarat and West Bengal was exported for the first time to London, United Kingdom, and the Kingdom of Bahrain. W? W'q9W}Ql698~#=+Mh)tIr paCc)#npG/=t( Fiscal deficit: It is the excess of total expenditure over total receipts. Bengal's debt burden has been increasing steadily to a projected Rs 5.8 lakh crore. BE: Budget Estimates. 3.28 (%) in September 2022 Last month, unemployment rate for West Bengal was 3.28 %. These are lists of Indian states and union territories by their nominal gross state domestic product (GSDP).GSDP is the sum of all value added by industries within each state or union territory and serves as a counterpart to the national gross domestic product (GDP).. A comparison of West Bengals expenditure on the key sectors with that by other states is shown in Annexure 1. : Sector-wise expenditure under West Bengal Budget 2022-23 (in Rs crore). 17,000 crore (US$ 2.2 billion) in various CNG projects in West Bengal over the next five years. Note: 2020-21, 2021-22 (BE), 2021-22 (RE), and 2022-23 (BE) figures are for West Bengal.

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