WEST BENGAL A rising star in manufacturing investments

West Bengal, once renowned for its rich cultural heritage and vibrant arts, is now emerging as a prominent hub for manufacturing investments and foreign direct investments (FDI).

West Bengal is the sixth largest state of India in economic size with a GSDP of INR14.44 lakh crore (US$206.64 billion) in 2020-21. While the State Government’s policies have been praised for their emphasis on social welfare and rural development, Bengal has also been rapidly growing in all sectors of its economy.

It has emerges as significant contributor to India’s economic growth, leading in exports with 12% of the nation’s leather and 10% of iron and steel exports. The narrative of West Bengal’s economic growth is often told in terms of MSMEs – the state is home to India’s second-highest number of MSMEs and indeed accounts for 14% of India’s total MSMEs. These enterprises play a vital role in Bengal’s economy, contributing to production, exports and employment and leading the economic growth of the State. The state boasts the second-highest number of MSMEs in the country, with around 90 lakh units, constituting 14% of India’s MSMEs. This transformation is not merely a stroke of luck but the result of a concerted effort by the state government, which has implemented a series of policies and initiatives to attract businesses and investors.