West Bengal’s economic narrative in 2024 was one of striking contrasts - steady growth and fresh investments juxtaposed with fiscal concerns and a worrying trend of industry flight from a perceptively “non-investor friendly” state.
The state demonstrated a significant economic expansion outlook, with its Gross State Domestic Product (GSDP) projected to surge by 10.5 per cent in the 2024-25 fiscal, significantly outpacing the national average of 7.32 per cent and reinforcing its position as the fourth-largest economy in India, according to state industries minister Shashi Panja.
The manufacturing sector played a crucial role in this upward trajectory during the year, achieving a robust growth rate of 7.8 per cent, exceeding the national average. This growth was further propelled by substantial investments across various sectors.
Infosys inaugurated a Rs 426 crore development centre, spread over 3,20,000 sq ft, in New Town. It is set to house over 4,000 employees and focus on cloud computing and digital services. Chief Minister Mamata Banerjee, calling it “A New Year gift to West Bengal”, expressed hope for increased IT investments in the state.
The manufacturing sector’s strong performance was underscored by the inauguration of two major projects with investments totalling Rs 2,100 crore - Shyam Steel’s integrated steel facility and Dhunseri Poly Films’ venture. These projects are expected to create over 5,000 jobs, providing a significant boost to the state’s industrial health.
The state government is developing a 200-acre Silicon Valley project in New Town, aiming to attract Rs 27,000 crore in investments and create 75,000 jobs, positioning Bengal as a key IT hub.
In terms of data infrastructure, NTT completed the first phase of its data centre campus in Kolkata which began operations in March 2024, with an initial capacity of 6 mw and a potential expansion of up to 25 mw.
CtrlS Datacenters also announced an investment of Rs 2,200 crore (about USD 264 million) to develop a data centre in Kolkata, to be implemented in four phases, with the first phase, a 16 mw facility, expected to go live shortly.
The Micro, Small, and Medium Enterprises (MSME) sector also displayed resilience, with the state looking to exceed its credit target of Rs 1.53 lakh crore for the fiscal year 2024-25, building upon the previous year’s achievement of Rs 1.42 lakh crore and representing a 7.7 per cent increase.
