West Bengal GSDP Growth, Fiscal Deficit Reduction: Economic Review

Kolkata, Feb 9 (PTI) 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.

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.

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.

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. PTI dc