Economy of West Bengal

Economy of West Bengal
Kolkata, the Financial centre and Capital of West Bengal as well as Eastern India
CurrencyIndian Rupee (INR, ₹)
1 April – 31 March
Trade organizations
While part of Union of India, as in WTO, WCO, SAFTA, BIMSTEC, WFTU, BRICS, G-20, BIS, AIIB, ADB and others
Country group
Statistics
PopulationIncrease 91,347,736 (2011 census)
Increase 99,563,000 (2024 est.) [3]
GDPIncrease ₹18.8 lakh crore (US$230 billion) (2024-25 est.)[4]
GDP rank6th
GDP growth
Increase 10.5% (2024-2025)[5]
GDP per capita
Increase ₹171,184 (US$2,100) (2023-2024)[6]
GDP per capita rank
GDP by sector
Decrease Agriculture: 19.41%
Increase Industry: 23.07%
Increase Services: 57.52%
(2023–24)[7]
Positive decrease 3.63% [8]
Population below poverty line
Positive decrease 8.60% 15th in poverty (2022-23)[9]
Steady 0.25 (2023-24) [10]
Increase 0.635 (2022) [11]
Unemployment3.4% (2021-22)[12]
Main industries
Coal • steel • manufacturing • leather • IT • food processing • Textiles • cement • jute • jwellery • marine
External
Exports₹102,566 crore (US$12 billion) (2023-24) [13]
Export goods
IT • gold products • tea • iron and steel • precious metals • marine products • rice • textile products • agricultural products • coal • petrochemicals • leather products • jute • heavy machinery
FDI stock
₹12,827.44 crore (US$1.5 billion)
(Oct 2019 - Jun 2024) [14]
Public finances
Positive decrease 36.88% of GSDP (2024–25 est.)[7]
₹−68,250 crore (US$−8.2 billion) (3.6% of GSDP) (2024–25 est.)[7]
Revenues₹2.36 lakh crore (US$28 billion) (2024–25 est.)[7]
Expenses₹3.04 lakh crore (US$36 billion) (2024–25 est.)[7]
All values, unless otherwise stated, are in US dollars.

The economy of West Bengal is a mixed middle-income developing social market economy and the largest Eastern Indian economy with a substantial public sector. It is the India's sixth-largest economy by nominal GDP.

West Bengal is the primary business and financial hub of Eastern India. The state primarily dependent on agriculture and medium-sized industry. West Bengal has jute and tea industry. West Bengal is rich in minerals like coal, limestone, iron ore, copper, lead and zinc.

Since the independence of India, The Green Revolution bypassed the state. However, there has been a significant spurt in food production since the 1980s.[15]

  1. ^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information April 2020". IMF.org. International Monetary Fund. Retrieved 2 September 2020.
  2. ^ "World Bank Country and Lending Groups". World Bank. Retrieved 29 September 2019.
  3. ^ "MoHFW Projections" (PDF). Retrieved 16 June 2024.
  4. ^ "West Bengal Budget Analysis 2024-25". Retrieved 25 February 2024.
  5. ^ "West Bengal Budget Analysis 2024-25" (PDF). PRS Legislative Research. 26 May 2024. Retrieved 26 May 2024.
  6. ^ "GSVA/NSVA by Economic Activities". MoSPI. Delhi: MoSPI. 16 August 2024. Retrieved 16 August 2024.
  7. ^ a b c d e "Medium Term Fiscal Policy Statement & Fiscal Policy Strategy Statement for 2024-25" (PDF). Finance Department Government of West Bengal. 8 February 2024.
  8. ^ "Statewise Inflation Rates (%) for August 2024 (based on CPI)". MoSPI. August 2024.
  9. ^ "Multidimensional Poverty in India Since 2005-06" (PDF). Niti Aayog. 1 January 2024.
  10. ^ "NITI Aayog SDG Report" (PDF). NITI Aayog.
  11. ^ "Human Development". Retrieved 4 February 2023.
  12. ^ "Employment Indicators in India 2021-22" (PDF). Directorate of Employment. Retrieved 11 June 2024.
  13. ^ "Import-Export Dashboard". Ministry of Commerce.
  14. ^ "FDI Factsheet" (PDF). DPIIT.
  15. ^ West Bengal Human Development Report 2004. Development and Planning Department, Government of West Bengal. May 2004. ISBN 81-7955-030-3. Retrieved 11 July 2021.