PRESS NOTE

09 March 2023

WEST BENGAL ATTRACTING HUGE INVESTMENT AND SPEEDED UP COMPLETION OF PROJECTS

West Bengal has attracted huge private sector investments to the extent of Rs.47746.62 crore in 2021-22 and is expected to see a phenomenal increase in project completion at Rs.238.8 billion in 2022-23; this is 95 percent higher than the value of projects completed in 2021-22.

This has been revealed by the just-released Study on “Investment – growth & development in West Bengal conducted by the MSME Export Promotion Council and the Confederation of Organic Food Producers & Marketing Agencies.

The growth in investment and completion is being driven by a few large investments that are scheduled for completion towards the end of FY 2022-23, said the MSME EPC chairman D S Rawat while releasing the study today.

According to the data published by CMIE (Feb 26, 2023), in 2021-22, the new investment projects announced were Rs.47746.62 cr, investment projects completed of Rs.12247.25 cr, and the state government revived projects of Rs.10536.81 cr. Whereas in 2020-21, projects announced Rs.22168.15 cr, were of Rs.22168.15 cr, completed projects of Rs.7412.22 cr, and revived projects of Rs.2660.54 cr.

The information gathered from CMIE from April to December 2022, six major projects each costing more than Rs.5 billion were completed in the state. The total worth of these projects is reported to be Rs.41.6 billion. They made up 61.6 percent of the total cost of projects completed. The bulk of projects completed so far is in the infrastructure sector. In the March 2023 quarter, a total of 18 investment projects worth Rs.170 billion are expected to be completed.

Mr Rawat said West Bengal has the highest number of MSMEs after Uttar Pradesh. While in UP, as per the 73rd round of NSS, there are 88.89 lakh MSMEs with 14% share, West Bengal has 88.67 lakh with 14% share having 88.41 lakh micro, 0.26 lakh small and 0.01 lakh medium employing 135.52 lakh people.

The study has noted that the MSMEs are growing fast in the state due to an investors-friendly policy framework, easy availability of raw materials, a comfortable power situation, skilled human resources, stable socio-political environment which are basic needs in the industrial development.

The state has also attracted huge foreign and domestic investment in the software and electronics field and emerging preferred destination for IT/ITeS/BPO companies. The IT sector is growing at a rate of 70 percent per year, twice the national average.

The study says exports from the state are continuously increasing. During 2021-22, the total exports were Rs.103599.76 cr, petroleum & crude products Rs.3426.84 cr. The total export of non-petroleum products was Rs.100172.92 cr; agricultural & allied products Rs.23810.65 cr, ores & minerals Rs.5118.18 cr, manufactured goods Rs.70572.35 cr and other commodities Rs.671.74 cr.

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