Bengal among only 2 states to achieve GDP growth
In FY 2020-21, Bengal and Tamil Nadu are the only states in the over-Rs-10-lakh-crore club that registered a positive GDP growth, and Bengal’s GDP was the highest in eastern India, as per NITI Aayog.
While the GDP growth rates of all other states took a hit during the pandemic, Bengal and Tamil Nadu were the two states that stood out. They were the only states in the over-Rs-10-lakh-crore club to register a positive GDP growth (technically, GSDP, or gross state domestic product, as the state’s counterpart of the GDP is called) in financial year (FY) 2020-21, according to data released by NITI Aayog.
The state government’s schemes and initiatives to increase cash in the hands of the people and thus, increase their purchasing power has given this boost to the state’s economy (In fact, the state Finance Minister Amit Mitra recently mentioned this strategy in his letter to the Union Finance Minister Nirmala Sitharaman, and urged her to follow this for the country’s economic health to improve rapidly, instead of only incentivising producers).
Bengal, in FY 2020-21, also had the highest GSDP among all the Indian eastern states, at Rs 13.7 lakh crore. Nationally, Bengal’s GSDP stood at number six.
A transaction-friendly environment, a booming MSME sector and stimulus packages have aided this success, according to economists.
