ICC congratulated Chandrima Bhattacharya, Finance Minister of West Bengal today for presenting a progressive budget focussed on key areas like Infrastructure creation, Climate mitigation and adaptation, social empowerment, rejuvenation of the Tea industry and enhancing the purchasing power of the salaried class.
A 4 percent DA hike announced for the State Govt. employees will help to restore the spending power of the government employees, to protect their real income and guard against inflation. This will augment consumer demand for the State economy.
Infrastructure creation has received a major boost with Rs 500 crore budgetary allocation for the Gangasagar setu. Going forward, this will help to develop Gangasagar as a major national and international tourism hub, thereby generating substantial employment opportunities for the region.
West Bengal is situated in an ecologically sensitive region. Rs 200 crore allocated for the Nodi Bandhan scheme and Rs 500 crore for the Ghatal Master scheme shows the Govt’s commitment towards climate mitigation and adaptation needs of the State. This will open the door for blended financing in such related projects.
To promote the GI tagged Darjeeling Tea industry, the Government has extended the waiver on any State Tax on income from Tea Production for one more year. This will help to improve the State export potential for Tea.
Rs 1500 crore has been allocated for the Pathasree scheme. Rs 9600 crore has been allocated for the Banglar Bari scheme which will help to rejuvenate the employment generating real estate sector and will lead to asset creation for the marginalised population.
Allocation has also been increased for the health and education departments. This will promote human capital creation in the State, an area where West Bengal already has competitive advantage.
Overall, ICC welcomes this Budget as it emphasizes progressive and inclusive economic growth by increasing disposable income, creating social and physical infrastructure and also looking at the flood mitigation needs of the State. It is a capacity building and progressive budget.
(A statement from Dr Rajeev Singh, Director General Indian Chamber of commerce)
