Mamata Banerjee Government Presents Rs. 3.39-lakh crore Budget; Focus on Tea Sector, Farmers

Just a few days before the panchayat elections, the West Bengal government on Wednesday presented an Rs. 3.39 lakh crore budget for 2023 with a prime focus on the distressed farming community and tea sector.

Painting a rosy picture for the state’s finance, the state’s finance minister Chandrima Bhattacharya stated that the GDP of West Bengal was expected to grow at 8.4% and the industry at 7.8%. These predictions were made for the ongoing 2022-2023; both of which are higher than the national growth rate.

“The state advocates for a 3,39,162 crore budget for financial year 2023-24,” the minister stated, while presenting the financial statement in the assembly.

She said that the forthcoming West Bengal Logistics Policy 2023 will utilize the state’s valuable location at the junction of South Asia and Asian nations, and work to create a global logistics hub.

The three-way Industrial and Economic Bengal corridor of Dankuni-Haldia, Dankuni-Raghunathpur, and Dankuni-Kalyani will provide “immediate connectivity and immense scope for employment for over one lakh people,” she stated.

To give a push to young entrepreneurs, the state seeks to set up a 350 crore fund with five lahks each for one entrepreneur.

The focus has been on employment and industry, according to Vivek Jalan, Partner, Tax Connect Advisory, in response to the budget. This is despite an increase in tax receipts brought on by greater GST compliance and collections in Bengal. 

The finance minister announced incentives for the struggling tea industry and rural areas, where panchayat elections will shortly take place "There will be no agricultural income tax on tea estates in 2023–2024 and 2024–2025. In addition, the "Rastashree" program will spend Rs 3,000 crore building 11,500 kilometers of rural roads."

Additionally, the minister announced a 3% dearness allowance for teachers and pensioners as well as other state government personnel.

In an effort to reach out to the fishing community, Bhattacharya announced the introduction of a new "Matsyajeebi Bandhu" program to assist family members in the event of an untimely death of a fisherman.

According to the plan, in the event that a registered fisherman between the ages of 18 and 60 passes away, a dependant family member will be given a one-time gift of Rs 2 lakh, according to Bhattacharya. Following the budget's presentation, Chief Minister Mamata Banerjee praised her colleague, saying the plan took into account all facets of society.

"Despite discrimination by the Centre, this state budget has tried to help all sections of the state. This budget is targeted towards the farmers and youth and is aimed towards employment generation," Banerjee said in the assembly. Meanwhile, the opposition BJP staged a walkout from the assembly, protesting against the CM's statement after the budget speech was read out.

"This state budget has attempted to assist all areas of the state, despite discrimination by the Center. This budget is intended to create jobs and is geared at farmers and young people "Banerjee spoke in front of the group. Following the reading of the budget address, the opposition BJP staged a walkout from the assembly in protest of the CM's remarks.