Kolkata, West Bengal has witnessed a major expansion of its economy over the past decade, with the budget outlay touching a record high of over ₹4 lakh crore in the current year, principal chief adviser to chief minister Amit Mitra said on Thursday.
Addressing the media after the presentation of the Vote on Account in the Assembly, Mitra said the budget size has increased nearly five times from around ₹84,000 crore in 2010-11, reflecting a significant scaling up of the state’s economy under the present dispensation.
“The state’s own tax collection has risen 5.4 times to an estimated ₹1,18,669 crore in the current budget from ₹21,129 crore in 2010-11, while the nominal Gross State Domestic Product is projected to grow four times over the same period,” he said.
Highlighting capital expenditure as a key indicator of development, Mitra said capital outlay has increased 18.5 times to around ₹43,000 crore from ₹2,226 crore in 2010-11.
Moreover, over 45 per cent of the state’s capital expenditure is now directed towards asset creation, converting borrowed funds into infrastructure and social assets, he added.
Mitra said the ‘Ma Mati Manush’ government has prioritised farmers, social services and infrastructure, with budgetary support to farmers rising 13 times since the TMC government took over.
Allocations for social services have increased 11 times, while spending on physical infrastructure has gone up tenfold compared to 2010 levels, he added.
Defending the state’s fiscal management, Mitra said the state has adhered and committed to the Fiscal Responsibility and Budget Management Act.
“The fiscal deficit is on track to reduce to 2.91 per cent from 4.24 per cent, a decline of about 32 per cent, while the revenue deficit has been brought down from 3.75 per cent to 1.01 per cent and is aimed at nearing zero,” he said.
The state’s debt as a percentage of GSDP has also declined to 37.98 per cent from 40.75 per cent, he said.
Mitra added that the current government has repaid around ₹2.5 lakh crore in principal and interest on loans inherited from the previous regime.
On employment, Mitra cited the government of India’s Periodic Labour Force Survey, which stated that West Bengal’s unemployment rate declined by 45.65 per cent between 2017-18 and 2023-24.
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