Bengal needs 7.25% growth for 5X economy by 2047
West Bengal must achieve a 7.25% annual growth rate to reach a fivefold expansion of its real GDP by 2047, according to a new report by the Observer Research Foundation (ORF). The report, authored by Nilanjan Ghosh, Arya Roy Bardhan, Kumkum Mohata, and Diya Shah, highlights the state's current 4.69% trend growth rate from 2011-12 to 2024-25.
Manufacturing and services are the primary sectors driving growth, while agriculture lags behind with a 2.89% growth rate. The report identifies various obstacles, including underdeveloped infrastructure, labor market issues, insufficient public finance, and limited state capacity. To address these challenges, the ORF proposes six strategic pillars: productive transformation, connectivity, human development, fiscal sustainability, governance, and natural capital.
The West Bengal 2026-27 State Budget also emphasizes productivity, delivery, and capital formation over traditional subsidies, introducing measures like a Rs 5,000 crore Investment Incentive Policy and a Single Window Clearance System. These initiatives aim to facilitate investment realization and transform investment intent into tangible outcomes, such as functioning factories, employment, and exports.
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