West Bengal Budget Lauded as 'Growth-Oriented' by Business Chambers & Real Estate

Kolkata, Feb 8 (PTI) The West Bengal state budget for 2024-25 has garnered positive reactions from business chambers and real estate companies that described it as “balanced and growth-oriented”.

The budget, presented by Minister of State Finance (Independent Charge) Chandrima Bhattacharya on Thursday, has been praised for its focus on the development of MSME traders and infrastructure improvement.

Chairman of Bengal Chamber of Commerce & Industry's Fiscal Affairs Committee, Vivek Jalan, highlighted the importance of West Bengal as a consuming state in India..

He noted that the budget's emphasis on MSME traders and social development would increase consumption capacity and boost the state's GDP..

Jalan also commended the introduction of the 'Interest Subvention Scheme' for MSMEs, the proposal for a logistics corridor, and the vision to make West Bengal a global trading hub, stating that these initiatives would benefit traders of the state.

President of the Merchants' Chamber of Commerce & Industry, Namit Bajoria, praised the budget's 4 per cent interest subvention scheme for small and medium enterprises (SMEs) and the efforts to increase bank credit to the SME sector.

He also appreciated the government's focus on improving transport infrastructure, including the construction of two river bridges, a long flyover, and six logistic corridors across the state with the support of the Asian Development Bank..

He pointed out that the waiver of penalty and interest as a dispute redressal step would go a long way in resolving the long-standing issue of luxury tax for the hotel industry.

Bharat Chamber of Commerce President N G Khaitan termed it as a balanced budget that aimed at connecting with global players, generating new infrastructure, boosting exports, and enhancing agricultural productivity.

Khaitan highlighted the reduction in poverty levels and the state's economic growth rate.

He appreciated the government's urge for investment-friendly industrial policy reform and the proposed ADB-supported industrial and economic corridors.



Khaitan also welcomed the settlement of dispute schemes for luxury tax waivers and initiatives for small and medium industries.

In the real estate sector, Sidharth Pansari, Director of Primarc Group, expressed optimism about the market's potential. He mentioned stable interest rates, projected GDP growth, and regulatory enhancements as factors contributing to a flourishing real estate market.

Saket Mohta, MD of Merlin Group, commended the extension of the rebate on stamp duty and circle rates and the decision to revisit the Urban Land Ceiling Act, which would expedite infrastructure development and housing sector growth.