In An Election Year, West Bengal Sees An Increase in GSDP, Reduction In Fiscal Deficit

Kolkata Months ahead of the crucial Lok Sabha polls, West Bengal has witnessed increase in GSDP and reduction in debt and deficit indicators such as revenue deficit, fiscal deficit and debt-to-GSDP ratios, according to the Economic Review for 2023-24.

Revenue deficit as a per cent of GSDP reduced from 3.75 per cent in 2010-11 to 1.76 per cent in 2022-23, it said.

Reforms Yield Results

During the last few years, the West Bengal government has implemented significant public financial management reforms, resulting in improvement in the macro-fiscal parameters, according to the review which was presented on Thursday.

From 2010-11, the year when the present Trinamool Congress came to power, revenue deficit as a per cent of fiscal deficit decreased from 88.43 per cent to 54.63 per cent in 2022-23.

Debt stock of the state as a percentage of GSDP had been declining from 40.65 per cent in 2010-11 to 37.49 per cent in 2022-23.

A Jump in Tax Collection

Regarding the state's own tax revenue mobilisation, the review said it has increased from Rs 21,128 crore in 2010-11 to Rs 83,608 crore. The review also said that asset-creating capital expenditure also showed an increasing trend from Rs 2,633 crore in 2010-11 to Rs 22,753 crore in 2022-23.

Welfare of The Vulnerable

The West Bengal government has also taken initiatives to provide social protection to the vulnerable segments of society.

Expenditure on social services has increased from Rs 6,845 crore in 2010-11 to Rs 77,795 crore in 2022-23, the review stated. Expenditure on agriculture and agri-allied sector increased from Rs 3,029 crore in 2010-11 to Rs 1,7265 crore in 2022-23.