The economy of Bengal is getting stronger even in the Corona transition. And that is so much so that in terms of the country’s economy, West Bengal has moved to the fourth place. This information is given by the Reserve Bank of India in the calculation of the financial year 2020-21.
In its previous financial year, the Westbengal state was ranked sixth in the country. Not only that, in one year, the economic activity or overall trade of Bengal increased by about one lakh crore rupees. State Finance Minister Amit Mitra has claimed that Mamata Banerjee’s government has made a bet by increasing the supply of cash to the common man.
In the simplest interpretation of the economy, ‘gross value added’ is obtained by deducting tax from the total production or GDP of the state. Excluding some other elements from it, ‘Net Value Added’ or NVA is calculated. Naturally, the NVA is lower than the GDP.
According to the data released by the Reserve Bank of India, the state ranks fourth in the country in terms of NVA. According to the current market price, the total amount of NVA in Bengal is 11 lakh 4 thousand 6 crore rupees. In the financial year 2019-20 it was 10 lakh 16 thousand 81 crore rupees. According to the Advance Estimate, the total gross domestic product (GDP) of the state in the fiscal year 2020-21 is around Rs 13 lakh crore. One lakh crore more than the previous year.
In other words, the Reserve Bank is sealing the theory that the state has come a long way in terms of GDP. This analysis was done by Amit Mitra, the Finance Minister of West Bengal State. The minister said to the Daily Vendor Newspaper correspondent that “In the states where the United States, Britain or Japan are following the model of the economy, we have adopted the same policy.” Chief Minister Mamata Banerjee has adopted a strategy accordingly and the state’s economy became more stable.
On the one hand, people are getting more and more cash through various projects. On the other hand, the money that people are spending is creating demand for the product in the market. This is why the wheel of the state’s economy is moving.
However, the central government has taken the opposite path. They are encouraging banks to lend. Giving investors or corporate firms the opportunity to get tax breaks.
The Modi government hopes that this will increase investment. It will create a job market.
But the simple truth is that companies will not invest or produce unless the demand for the product is created. If there is no money in the hands of the people, how will the demand be created? ‘ In the last financial year, the growth rate in the country was minus 7.3 percent. The current growth rate in West Bengal is 1.02 percent. That is about eight percent ahead of the center. In the budget, the Chief Minister has decided to spend Rs 90,000 crore in the planning sector to hand over 75 per cent of the budget to the people. In addition to building the infrastructure, the move has worked like magic. And the Reserve Bank is sealing it.