Economy of West Bengal

Comprising of various revenue-earning sectors, Economy of West Bengal is considered as one of the rapidly developing strata of the state. Agriculture and service sector being the prime ingredients, there are numerous other commercial zones that contribute towards the prosperity of the West Bengal Economy.

Displaying a wide gamut of commercial sectors, the Economy of the state is assisted by different ministries, which are further controlled by the Government of West Bengal. The key sectors that form the very base of the state's Economy are:

  • Fisheries, which is governed by Shri Kirnamay Nanda and works towards the improvement of the existing fishing zones of the state
  • Agriculture, which is administered by Shri Naren Dey and attempts to enhance the productivity of fertile lands of West Bengal
  • Real Estate which enacts rules and regulations regarding land lease, construction and rent activities within the premises of the state
  • Industrialization which comes under the Industrial Reconstruction Department of West Bengal Government and focuses on various norms and initiatives related to the enhancement of commercial sectors in the state
  • IT Sector, which is supervised by Dr. Debesh Das and strives to bring Hi-tech revolution in West Bengal
  • Tourism, which under the apt guidance of Shri Manabendra Mukherjee, involves endeavors of improving the sightseeing prospects of West Bengal
  • Power Sector, which is a significant wing of the Government of West Bengal and put its diligent efforts to cater to the ever-increasing electricity needs of the people


There are several other areas too that gives the Economy of West Bengal a considerable boost. Some of these areas include:

  • Infrastructure
  • Finance
  • Higher education
  • Food processing
  • Animal resources development
  • Forest
With the collective upgradation and improvement of all the above mentioned sectors, the Economy of West Bengal promises to build a strong and sustainable base for all-round development of the state.

Agriculture

nown as the leading economic sector of the state, Agriculture in West Bengal contributes considerably towards the country's annual crop production. Blessed with highly fertile lands and adequate irrigation facilities, Agriculture in West Bengal is characterized by high quality seeds and advanced farming techniques.

As one of the important factors of economic growth, Agriculture receives ample assistance from the state government. The Ministry of Agriculture, under the guidance of Shri Naren Dey, formulates a diversified range of policies to improve the present yield.

Several land reforms policies have also been implemented in the state to expand the farming opportunities. However, since there are only a few scopes to increase the number of farmlands in West Bengal, the Ministry of Agriculture emphasizes on further development of the existing crop areas.

Fisheries

Functioning through around 264 Fish farms, the Department of Fisheries strives to develop the present condition of this economic sector in the state. Governed by Hon'ble minister Shri Kiranmay Nanda, Fisheries primarily deal with three types of Fish variety i.e. Indian major carp, Indian minor carp and exotic species.

The wetlands of east Kolkata are the major zones where various Fishing activities are carried out effectively. Locally known as bheris, these Fishing zones are used for polyculture and waste water fisheries.

Proper financial support of Government of West Bengal has encouraged the Fisheries Department of the state to apply various developmental schemes. As per a recent statistical data, a major share of Fish production comes from the state of West Bengal.

In order to improve and exceed the upper limit of Fish production, the West Bengal Government in the last few years has brought several significant plans. Due to the successful implementation of these projects Shankarpur, Freserganj and Barge Jetty in the suburbs of the state have become some of the most prosperous Fishing corners.

Industrialization

ndustrialization has gained a new momentum in West Bengal recently. Dominated by the service and agriculture sectors in the past, the state, in 2005, boasted of a total of around 386 Industrial projects worth Rs. 17968.41 crore. Shri Nirupam Sen is the Hon'ble state Minister of Industry and Commerce.

Among the several upcoming Industries, Information Technology or IT sector has come in a big way in West Bengal. The first significant step of the state, towards full-fledged Industrialization, begun with the establishment of the Electronic Complex in the Salt Lake city of Kolkata. Haldia Petrochemicals was another major achievement, which literally gave an all-new dimension to the West Bengal Industrialization.

Focusing on all-encompassing growth of the state, the West Bengal Industrial Development Corporation (WBIDC) has chalked out many economically viable policies and proposals for the suburb regions. Burdwan being on top of the priority list, Bankura has been facilitated with six steel Industries and one cement Industry all of which will come into being in the coming years. Purulia is another place on the outskirts of West Bengal and it will come up with five vital Industries in future.

It Sector

Setting a pioneering trend, the IT Sector of West Bengal has emerged as one of the leading players and is performing quite well in the economic arena of the state. Equipped with well-trained manpower, the Information Technology or IT industry demands a special place in India's commercial contours.

The formation of the IT hub, popularly known in the state as Electronic Complex, represents the incredible advancement of hi-tech systems. Consisting of some of the biggest names of the global IT brands such as Wipro, TCS, IBM and NIIT, the IT Complex situated in Kolkata is pride of place for the state.

Offering innumerable employment opportunities this IT industry of West Bengal strives to provide the best of high-end solutions not only to the Indian companies but also to the foreign organizations. The Information Technology enabled services or ITes sector is an extension of IT and aptly enhances the scope of its basic formulator.

Power Sector

Striving to provide optimum electricity resources to all the districts, Power Sector of West Bengal works towards meeting the ever-increasing demands of the state. Attracting investors from all corners of India, the Power industry of West Bengal aims to establish more units within its premises.

West Bengal Power Development Corporation, established in the year of 1985, was a major indication of the state's intention to become a Power sufficient place of India. In 1998 with the set up of West Bengal Rural Energy Development Corporation, the state went a step further in its endeavor to electrify as many villages as possible. Also in 1999, West Bengal Regulatory Commission came into being which is at present looking into the affairs of electricity utility services.

In the recent past, the Power Ministry of West Bengal has entered into joint venture with the Government of India to upgrade the present Power infrastructure of the state. This has in turn provided a major impetus to the growth prospects of West Bengal Power industry.

Real Estate

Generating huge sums of revenue for the state, Real Estate symbolizes one of the rapidly growing economic zones of West Bengal. Effective assistance from the Housing Ministry along with the emergence of Information Technology sector have added boost to the state's Real Estate industry. The increasing number of investors has also played a crucial role in this scenario.

The Ministry of Housing, administered by Shri Gautam Deb, has formulated many plans that have gone a long way in creating a flourishing Real Estate market in West Bengal. Also, without the enthusiastic support of the private bodies, the Real Estate sector of the state would not have reached to the peak of success.

Today, West Bengal has become a thriving ground for numerous Real Estate organizations. Offering best of the housing solutions at a competitive price, these companies, coming from all parts of the world, have made a permanent base in the state.

Telecom Sector

West Bengal has been ranked second by the Centre for Monitoring Indian Economy (CMIE) in terms of implementation of investments in the country. Within 2010, the state government has the vision of adding 15-20 % of India's IT revenues. Apart from the IT sector the telecom sector also contributes considerably to the economy of the state. Bharat Sanchar Nigam Limited (BSNL) is one of the major players in the telecom sector in West Bengal. On January 1882, telecom service was initiated in Kolkata, only six years after Graham Bell invented telephone.

BSNL provides a wide array of services to its customers. It offers basic phone, mobile connections under the scheme of Excel and Cell one, internet connections, broadband, Wireless in Local Loop phone (WLL Phone). There are nearly 1.35 million subscribers of BSNL under Calcutta Telephones. The private companies in telecom sector are Hutch, Airtel, and Reliance. The eighteen districts of West Bengal namely Kolkata, Bankura, Birbhum, Burdwan, Nadia, Purulia, Midnapore, Darjeeling, Hoogly, Howrah, Jalpaiguri, Malda, Murshidabad, North 24 Parganas, Coochbehar, South 24 Parganas, North Dinajpur, and South Dinajpur are very well connected through BSNL and the private telecom companies.

Tourism

Presenting a rich and vibrant heritage of West Bengal, Tourism industry offers an incredible palate of sightseeing options to the visitors. Administered by Hon'ble Minster Shri Manabendra Mukherjee, the Ministry of Tourism in the state endeavors to make the place one of the most exotic ones in India.

Adorned with ancient glory and bright traditions, each and every Tourist corner of West Bengal speaks of a distinct tale. From north to south and east to west, the entire region of the state is brimming with pristine beauty.
More Details ...

Transport

Transport facilities in West Bengal are quite developed, contributing to the economy of the state. The different districts of West Bengal are very well connected by rail. The two railway stations of the capital city of Kolkata: Howrah and Sealdah are the major stations of the eastern region. The total length of the railway network in West Bengal is 3,825 km (2,377 mi). Kolkata occupies a central position in Indian railways, as it is the headquarters of Eastern Railway and South Eastern Railway, which are the two sections of the Indian Railways. The Northeast Frontier Railway connects the northern parts of West Bengal.

The Kolkata metro is another means of transport within Kolkata and it is the first underground railway in India. The Darjeeling Himalayan Railway (NFR) connects the hill station, Darjeeling to other parts of the state. UNESCO has declared it a World Heritage Site. Netaji Subhash Chandra Bose International Airport situated at Dum Dum is the only international airport in the state. Another major airport of the state is Bagdogra airport near Siliguri.

Last Updated on 20 March 2013