West bengal economy updates
Gross State Domestic Product (GSDP)
The Gross State Domestic Product (GSDP) of West Bengal for 2019-20 (at current prices) is estimated to be Rs 13,14,529 This is 14% higher than the revised estimate for 2018-19.
Total expenditure
Total expenditure for 2019-20 is estimated to be Rs 2,37,964 crore, a 4.9% increase over the revised estimate of 2018-19. In 2018-19, as per the revised figures, the expenditure is estimated to increase by Rs 11,979 crore (5.6%) over the budgeted estimate.
Total receipts
Total receipts (excluding borrowings) for 2019-20 are estimated to be Rs 1,64,678 crore, an increase of 7.7% as compared to the revised estimate of 2018-19. In 2018-19, total receipts (excluding borrowings) are estimated to exceed the budgeted estimate by Rs 3,352 crore (2.2%).
Krishak Bandhu Scheme
Krishak Bandhu Scheme has been announced for the benefit of 72 lakh farmers and Bhagchasis owning agriculture land. The scheme will provide an assured grant of up to Rs 5,000 for one acre of land. Further a minimum grant of Rs 2,000 will be provided to farmers holding less than one acre of land. In the event of death of a farmer, his family will receive one-time assistance of two lakh rupees.
Kanyashree Prakalpa
Kanyashree Prakalpa is a conditional cash transfer scheme which seeks to improve the status of girl child, and covers 52.5 lakh girls in the state. The income criteria for Kanyashree has been removed to include all girls between the age of 13 to 19 from all income groups.
Capital expenditure for 2019-20 is proposed to be Rs 73,636 crore, which is an increase of 10.3% over the revised estimates of 2018-19. Capital expenditure includes expenditure affecting the assets and liabilities of the state, such as: (i) capital outlay, i.e. expenditure which leads to creation of assets (such as bridges and hospitals), and (ii) repayment and grant of loans by the State Government.
Revenue expenditure for 2019-20 is proposed to be Rs 1,64,328 crore, which is an increase of 2.6% over revised estimates of 2018-19. This expenditure includes payment of salaries, maintenance, etc.
Non Tax Revenue
West Bengal has estimated to generate Rs 3,987 crore through non-tax sources in 2019-20. Of this, Rs 1,096 crore will be the interest received by the state from various Public Sector Undertakings.
Tax Revenue
Total own tax revenue of West Bengal is estimated to be Rs 65,546 crore in 2019-20. This is 9.1% higher than the revised estimate of 2018-19.
It is the excess of revenue expenditure over Revenue Receipts. A revenue deficit implies that the government needs to borrow in order to finance its expenses which do not create capital assets. The budget estimates no revenue deficit (or surplus) in 2019-20. This implies that revenue receipts are expected to match the revenue expenditure, resulting in a balanced budget. The 14th Finance Commission had recommended that states should eliminate revenue deficits. The 2019-20 estimates for West Bengal suggests that the state will be able to meet this target of eliminating revenue deficit.
It is the excess of total expenditure over total receipts. This gap is filled by borrowings by the government, and leads to an increase in total liabilities. In 2019-20, fiscal deficit is estimated to be Rs 27,254 crore, which is 2.07 % of the GSDP. The estimate is lower than the 3% limit prescribed by the 14th Finance Commission. This limit may be relaxed to a maximum of 3.5%, if states are able to contain their debt and interest payments to certain specified levels.
,
The economy of West Bengal is the seventh-largest economy in India, with a gross state domestic product (GSDP) of â¹10.48 lakh crore (US$140 billion) in 2020â21. The state has a per capita income of â¹1,28,412 (US$1,700) as of 2020â21.
The economy of West Bengal is primarily driven by agriculture, Industry, and Services. Agriculture is the largest sector of the state’s economy, accounting for about 18% of the GSDP. The state is a major producer of rice, jute, tea, and potatoes. Industry is the second-largest sector of the state’s economy, accounting for about 32% of the GSDP. The state is home to a number of major industries, including steel, engineering, chemicals, and textiles. Services is the third-largest sector of the state’s economy, accounting for about 50% of the GSDP. The state is a major center for financial services, IT, and tourism.
The state has a well-developed Infrastructure-2/”>INFRASTRUCTURE, with a Network of roads, railways, and Airports. The state also has a number of educational institutions and research centers.
The state has made significant progress in Human Development, with a Literacy rate of 77.08% and a life expectancy of 72.6 years. The state has also made progress in social development, with a number of social welfare programs.
The state has a number of environmental challenges, including Air Pollution, Water Pollution, and deforestation. The state is also facing the challenge of Climate change.
The state has a strong government, with a number of effective policies and programs. The state is also working to improve its governance.
The state faces a number of challenges, including POVERTY, Unemployment, and Infrastructure Development. The state is also facing the challenge of Globalization/”>Globalization-3/”>Globalization.
The state has a number of opportunities, including its young Population, its skilled workforce, and its strategic location. The state is also working to improve its Investment climate.
The future prospects of the state’s economy are positive. The state is expected to grow at a rate of 8%-9% in the next few years. The state is also expected to attract more investment and create more jobs.
Here are some additional details on each of the subtopics:
- Agriculture: Agriculture is the largest sector of the state’s economy, accounting for about 18% of the GSDP. The state is a major producer of rice, jute, tea, and potatoes. The state’s agricultural sector is facing a number of challenges, including low productivity, lack of Irrigation facilities, and pests and diseases. The state government is working to address these challenges by providing subsidies, improving irrigation facilities, and promoting the use of modern agricultural practices.
- Industry: Industry is the second-largest sector of the state’s economy, accounting for about 32% of the GSDP. The state is home to a number of major industries, including steel, engineering, chemicals, and textiles. The state’s Industrial Sector is facing a number of challenges, including high power tariffs, lack of infrastructure, and labor unrest. The state government is working to address these challenges by providing incentives, improving infrastructure, and promoting labor reforms.
- Services: Services is the third-largest sector of the state’s economy, accounting for about 50% of the GSDP. The state is a major center for financial services, IT, and tourism. The state’s services sector is growing rapidly, driven by the Growth of the IT sector and the expansion of the tourism industry.
- Infrastructure: The state has a well-developed infrastructure, with a network of roads, railways, and airports. The state also has a number of educational institutions and research centers. The state’s infrastructure is being further developed by the state government, with a number of new projects being undertaken.
- Human Development: The state has made significant progress in human development, with a literacy rate of 77.08% and a life expectancy of 72.6 years. The state has also made progress in social development, with a number of social welfare programs. The state government is working to further improve the state’s human development indicators by providing more Education and healthcare facilities and by promoting social Justice.
- Social Development: The state has a number of social challenges, including poverty, unemployment, and gender inequality. The state government is working to address these challenges by providing social welfare programs, promoting EMPLOYMENT opportunities, and empowering Women.
- Environment: The state has a number of environmental challenges, including air pollution, water pollution, and deforestation. The state government is working to address these challenges by implementing environmental protection measures, promoting Sustainable Development, and raising awareness about
West Bengal is the second most populous state in India, with a population of over 91 million people. The state has a rich history and culture, and is home to a number of important industries, including agriculture, manufacturing, and tourism.
The economy of West Bengal is the fifth largest in India, with a gross state domestic product (GSDP) of over â¹10 trillion. The state’s economy is growing at a rate of around 8% per year, and is expected to continue to grow at a similar rate in the coming years.
The main sectors of the West Bengal economy are agriculture, manufacturing, and services. Agriculture is the largest sector of the economy, accounting for around 20% of the GSDP. The main crops grown in West Bengal are rice, jute, and tea. Manufacturing is the second largest sector of the economy, accounting for around 15% of the GSDP. The main industries in West Bengal are textiles, engineering, and chemicals. Services is the third largest sector of the economy, accounting for around 65% of the GSDP. The main services in West Bengal are Banking, insurance, and tourism.
The state government of West Bengal has been taking a number of steps to promote economic growth in the state. These steps include improving infrastructure, providing incentives to businesses, and promoting tourism. The government has also been working to improve the education and healthcare systems in the state.
The economy of West Bengal is facing a number of challenges, including high levels of poverty, unemployment, and Corruption. The state government is working to address these challenges, but progress has been slow.
Despite the challenges, the economy of West Bengal has the potential to grow at a faster rate in the coming years. The state has a number of advantages, including a large population, a skilled workforce, and a strategic location. If the government can address the challenges facing the economy, West Bengal can become one of the most prosperous states in India.
Here are some frequently asked questions about the economy of West Bengal:
What is the size of the economy of West Bengal?
The economy of West Bengal is the fifth largest in India, with a gross state domestic product (GSDP) of over â¹10 trillion.What are the main sectors of the West Bengal economy?
The main sectors of the West Bengal economy are agriculture, manufacturing, and services.What are the main challenges facing the economy of West Bengal?
The main challenges facing the economy of West Bengal are high levels of poverty, unemployment, and corruption.What is the government doing to address the challenges facing the economy of West Bengal?
The government is working to improve infrastructure, provide incentives to businesses, and promote tourism. The government is also working to improve the education and healthcare systems in the state.What is the potential for economic growth in West Bengal?
The economy of West Bengal has the potential to grow at a faster rate in the coming years. The state has a number of advantages, including a large population, a skilled workforce, and a strategic location. If the government can address the challenges facing the economy, West Bengal can become one of the most prosperous states in India.
Which of the following is not a major sector of the West Bengal economy?
(A) Agriculture
(B) Industry
(C) Services
(D) TourismThe service sector contributes the largest share to the West Bengal economy. What is the Percentage share of the service sector in the state’s GDP?
(A) 50%
(B) 60%
(C) 70%
(D) 80%The manufacturing sector is the second largest sector of the West Bengal economy. What are the major industries in the state?
(A) Jute, textiles, engineering, chemicals, and pharmaceuticals
(B) Steel, coal, power, and IT
(C) Agriculture, Fisheries-2/”>Fisheries, and Forestry
(D) Tourism, hospitality, and real estateThe agricultural sector is the third largest sector of the West Bengal economy. What are the major crops grown in the state?
(A) Rice, jute, wheat, and sugarcane
(B) Tea, coffee, rubber, and spices
(C) Vegetables, fruits, and flowers
(D) Fish, prawns, and crabsThe West Bengal economy is growing at a healthy rate. What is the state’s GDP growth rate for the last financial year?
(A) 7.5%
(B) 8.5%
(C) 9.5%
(D) 10.5%The West Bengal government has taken several steps to boost the state’s economy. What are some of these steps?
(A) Industrial promotion, infrastructure development, and Skill development
(B) Agriculture modernization, rural development, and social welfare
(C) Tourism promotion, environmental protection, and Climate Change Mitigation
(D) All of the aboveThe West Bengal economy is facing some challenges. What are some of these challenges?
(A) High unemployment, poverty, and inequality
(B) Infrastructure deficit, power shortage, and law and order problems
(C) Corruption, red tape, and lack of transparency
(D) All of the aboveThe West Bengal government is working to address the challenges facing the state’s economy. What are some of the initiatives taken by the government?
(A) Creation of jobs, skill development, and social welfare schemes
(B) Infrastructure development, power generation, and law and order reforms
(C) Anti-corruption measures, Transparency and Accountability initiatives, and Good Governance reforms
(D) All of the aboveThe future of the West Bengal economy looks bright. What are some of the factors that will drive the state’s economic growth in the coming years?
(A) Demographic dividend, favorable demographics, and skilled workforce
(B) Infrastructure development, investment promotion, and trade facilitation
(C) Innovation and Entrepreneurship, research and development, and knowledge economy
(D) All of the aboveThe West Bengal government is committed to making the state a developed and prosperous one. What are some of the key initiatives taken by the government in this regard?
(A) 100 Smart Cities Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and Pradhan Mantri Awas Yojana (PMAY)
(B) Make in India, Skill India, and Digital India
(C) Start-Up India, Stand-Up India, and Atal Innovation Mission (AIM)
(D) All of the above