West Bengal
West Bengal is India's sixth largest economy, and recorded a gross state domestic product (GSDP) of US$ 132.86 billion in 2014-15. Further, it is the 2ndmost densely populated state in the country, and is home to one of the largest domestic consumer markets.
The state's GSDP expanded at a compound annual growth rate (CAGR) of 11.06 per cent from 2004-05 to 2014-15. Agriculture is the chief occupation in the state and contributed 18.8 per cent to the GSDP in 2014-15. Its location advantage makes the state a traditional market for eastern India, the Northeast, Nepal and Bhutan. It is also a strategic entry point for markets in Southeast Asia. The cost of operating a business is lower in Kolkata than in other metropolitan cities. During FY 2000-15, the state attracted total foreign direct investment (FDI) of US$ 2.9 billion. The average annual NSDP growth rate from 2004-05 to 2014-15 was about 11.05 per cent. The state’s per capita GSDP in 2014-15 was US$ 1,450.0 as compared to US$ 555 in 2004-05. The per capita GSDP increased at a compound annual growth rate (CAGR) of 10.08 per cent between 2004-05 and 2014-15. In 2014-15, the tertiary sector contributed 60.2 per cent to the state’s GSDP at factor cost, followed by the primary sector (24.9 per cent) and secondary sector (14.9 per cent). At a CAGR of 12.1 per cent, the tertiary sector has been the fastest growing among the three sectors from 2004-05 to 2014-15. The growth has been driven by trade, hotels, real estate, finance, insurance, transport, communications and other services. The primary sector grew at a CAGR of 10.9 per cent between 2004-05 and 2014-15. The secondary sector grew at a CAGR of 7.7 per cent between 2004-05 and 2014-15. It was driven by manufacturing, construction and electricity, gas & water supply.
According to CSO data, West Bengal’s GSDP grew at a growth rate of 7.15% in 2014-15 slightly below the national growth rate of 7.30%. The state has surpassed some of the bigger states like Maharashtra (5.66%), Rajasthan (5.75%), Uttar Pradesh (6%) and Karnataka (7.05%) in the growth rates for 2014-15.This indicates that West Bengal has been growing fast and keeping pace with the national growth rates
Socio-Economic Indicators
VARIABLE UNIT INDIA WEST BENGAL
Geographical Area Lakh sq. km 32.87 0.89
Population (2011 Census) Crore 121.08 9.13
Density of Population Per sq. km. 382 1029
Percent of Urban Population Percent 31.2% 31.9%
Literacy Rate (Census 2011) Percent 73.0% 76.26%
Sex Ratio Per 1000 males 940 947
Human Development Index n/a 0.547 0.61
Infant Mortality Rate Per 1000 live births 40 31
GDP (2014-15)* INR 000 Crore 9865.24 692.71
Per Capita Income** INR 39904 36527
*In 2014-15 at 2011-12 prices
**In 2013-14 at 2004-05 prices
Source: CSO,http://www.in.undp.org/content/dam/india/docs/india_factsheet_economic_n_hdi.pdf, National Health mission and West Bengal Human development report.
Initiatives undertaken for Ease of Doing Business in West Bengal:
In order to improve the investment climate and promote ease of doing business, the West Bengal government has recently initiated several reform measures. These include legislative and non-legislative measures with respect to acquisition of land, grant of necessary business approvals, labor reforms, taxation reforms and skill development initiatives.
Some of the initiatives taken by Government of West Bengal have been reforms in tax policy and tax administration. The most impactful change has been the digitising of services. New as well as old businesses are required to submit data less frequently and services can be provided more efficiently and more securely for everyone. Shilpa Sathi, an effective single-window for large industries as well as MSME Facilitation Centers for MSMEs, provides handholding and guidance on statutory processes. 49 industries/activities have been exempted from pollution control board clearances as a prerequisite to start business All acts/ rules/procedures/protocols/ government circulars/notifications on the portal of departments. The pricing policy of land in industrial parks has gone online, resulting in more transparency. Aided by Investment and Industrial Policy 2013 and other sectoral policies, there is reduced documentation burden. The disbursement of incentives can now be tracked online. Web-based platforms provide a variety of services to MSMEs – from simplified versions of Acts & Rules, the requirement of statutory compliances, and to the location of government offices. A new web portal allows entrepreneurs to post their business proposals on the portal after which he is connected to investors and professional experts or mentors. Necessary amendments to labour laws are being undertaken. Getting fire licenses, environment clearances, power connections, etc, have become easier and time-bound.
The above initiatives along with a host of other policies and incentives have been introduced by West Bengal Government to ensure industry friendly environment and a well thought of strategy to help bring new investment in the state.
West Bengal is India's sixth largest economy, and recorded a gross state domestic product (GSDP) of US$ 132.86 billion in 2014-15. Further, it is the 2ndmost densely populated state in the country, and is home to one of the largest domestic consumer markets.
The state's GSDP expanded at a compound annual growth rate (CAGR) of 11.06 per cent from 2004-05 to 2014-15. Agriculture is the chief occupation in the state and contributed 18.8 per cent to the GSDP in 2014-15. Its location advantage makes the state a traditional market for eastern India, the Northeast, Nepal and Bhutan. It is also a ...