West Bengal's Economic Balancing Act: Growth vs. Challenges in 2024

In 2024, West Bengal experienced notable economic growth and substantial investments but faced challenges such as fiscal management issues and corporate relocations. The state's manufacturing sector thrived, and IT infrastructure expanded, yet fiscal deficits and an investor-unfriendly perception threatened ongoing progress.

In 2024, West Bengal's economy painted a picture of progress intertwined with obstacles. The state proudly projected a hefty GSDP growth, significantly above the national average, firmly cementing its position as India's fourth-largest economy. The burgeoning manufacturing sector performed notably, driven by robust investment influxes.

Yet, beneath this façade of prosperity lie substantial hurdles. A steady exodus of corporations, caused by perceived business unfriendliness, points towards an underlying malaise. Fiscal imbalances compounded the challenge, as growing gaps between revenue and capital expenses raised flags, exemplified by the stalled Tajpur port project.

The upcoming Bengal Global Business Summit is seen as a beacon of hope, with a focus on reforming and attracting new investments. Experts argue that efficient project implementation and minimizing political meddling will be crucial for sustained economic vibrancy.

(With inputs from agencies.)