West Bengal Projects Record MSME Credit Growth For FY 2024-25
Date
12/21/2024 2:09:57 PM
(MENAFN- KNN India)
Kolkata,
Dec 21 (KNN)
The West Bengal government anticipates exceeding its credit target of Rs 1.53 lakh crore for the Micro, Small, and Medium Enterprises sector during fiscal year 2024-25, building upon the previous year's achievement of Rs 1.42 lakh crore.
This projected growth of 7.7 percent gains credibility from the state's performance in the first two quarters, having already reached approximately 77 percent of the target, according to Amit Mitra, principal chief advisor to Chief Minister Mamata Banerjee and the state's finance department.
The state's economic strategy emphasises grassroots development, particularly through Self-Help Groups (SHGs), with credit flow targets increasing from Rs 25,000 crore to Rs 30,000 crore for FY 2024-25.
The presence of 12.14 lakh SHGs in West Bengal underscores their significance in stimulating economic growth and demand generation, as highlighted during a summit jointly organised by the Bengal Chamber of Commerce and Industry and the Rising Asia Foundation.
Despite national-level corporate tax reductions failing to catalyse expected private sector investments, West Bengal reports maintaining unemployment rates below the national average.
The state's distinct economic approach is reflected in its substantial increase in capital expenditure, which has grown from Rs 2,226 crore in 2010-11 to a projected Rs 35,865.55 crore in 2024-25.
Looking at regional economic dynamics, Mitra indicates that eastern Indian states, particularly West Bengal, are positioned for accelerated growth through their policy initiatives.
While southern and western states currently contribute approximately 31 percent and 22 percent respectively to the national GDP at current prices, eastern states are making significant strides to narrow this gap.
(KNN Bureau)
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