Budget Speech of West Bengal | WBCS Preparation: All Subjects - WBCS (West Bengal) PDF Download

 Page 2


Hon’ble Speaker Sir,
With your permission, I rise to present the Annual
Financial Statement for the financial year 2024-25 to this
August House.
1
Our visionary Hon'ble Chief Minister has consistently
spearheaded for an inclusive, responsive and accountable
governance and our Chief Minister believes that welfare
of the people has to be center to all policies and
programmes
With stupendous success in reaching out to more
than 11 crore people in 8 rounds of Duare Sarkar and
Paray Samadhan campaign and providing services to more
than 8 crore, our Chief Minister felt the need to reach
out to every individual and cover the last mile and
launched Samasya Samadhan-Jan Sanjog campaign from
20th January 2024. These universal service delivery to
people is the driving force of our government.
Hon'ble Speaker Sir,
We have consistently focused on sound economic
planning and financial discipline and have steadily moved
on a path of positive growth. The size of the West Bengal
economy, measured in terms of Gross State Domestic
Product (GSDP) at current prices, has expanded by nearly
four times, from Rs. 4,60,959 crore in 2010-11 to
Rs. 17,00,939 crore in 2023-24 (1st AE).
Page 3


Hon’ble Speaker Sir,
With your permission, I rise to present the Annual
Financial Statement for the financial year 2024-25 to this
August House.
1
Our visionary Hon'ble Chief Minister has consistently
spearheaded for an inclusive, responsive and accountable
governance and our Chief Minister believes that welfare
of the people has to be center to all policies and
programmes
With stupendous success in reaching out to more
than 11 crore people in 8 rounds of Duare Sarkar and
Paray Samadhan campaign and providing services to more
than 8 crore, our Chief Minister felt the need to reach
out to every individual and cover the last mile and
launched Samasya Samadhan-Jan Sanjog campaign from
20th January 2024. These universal service delivery to
people is the driving force of our government.
Hon'ble Speaker Sir,
We have consistently focused on sound economic
planning and financial discipline and have steadily moved
on a path of positive growth. The size of the West Bengal
economy, measured in terms of Gross State Domestic
Product (GSDP) at current prices, has expanded by nearly
four times, from Rs. 4,60,959 crore in 2010-11 to
Rs. 17,00,939 crore in 2023-24 (1st AE).
2
An evaluation of the pace of growth in West Bengal
economy as well as the strength and stability of
macroeconomic indicators show that West Bengal has
grown above the national average in the current financial
year.
The industry sector has contributed significantly in
our growth story. In the current financial year, the Gross
State Value Added (GSVA) of the Manufacturing Sector in
West Bengal is estimated to grow by 7.26 per cent, much
higher than the national average of 6.53 per cent.
We have followed focused approach on employment
generation. In this context, I like to mention that the
national unemployment rate for the 3rd quarter of this
fiscal (Oct-Dec 23) as per CMIE was 9.05% whereas the
Unemployment Rate (UR) in our State during the same
period was less by 3% less. This is attributed to our clear
focus on job-intensive sectors including the most vibrant
MSME sector.
Hon'ble Speaker Sir,
The interim budget placed by the Union Finance
Minister on 1st February 2024 shows the bankruptcy of
vision of the Central Government to address the most
important concerns of the common people-inflation and
jobs. There is nothing to address the challenges of rising
food prices which hits the poorest the most.
Page 4


Hon’ble Speaker Sir,
With your permission, I rise to present the Annual
Financial Statement for the financial year 2024-25 to this
August House.
1
Our visionary Hon'ble Chief Minister has consistently
spearheaded for an inclusive, responsive and accountable
governance and our Chief Minister believes that welfare
of the people has to be center to all policies and
programmes
With stupendous success in reaching out to more
than 11 crore people in 8 rounds of Duare Sarkar and
Paray Samadhan campaign and providing services to more
than 8 crore, our Chief Minister felt the need to reach
out to every individual and cover the last mile and
launched Samasya Samadhan-Jan Sanjog campaign from
20th January 2024. These universal service delivery to
people is the driving force of our government.
Hon'ble Speaker Sir,
We have consistently focused on sound economic
planning and financial discipline and have steadily moved
on a path of positive growth. The size of the West Bengal
economy, measured in terms of Gross State Domestic
Product (GSDP) at current prices, has expanded by nearly
four times, from Rs. 4,60,959 crore in 2010-11 to
Rs. 17,00,939 crore in 2023-24 (1st AE).
2
An evaluation of the pace of growth in West Bengal
economy as well as the strength and stability of
macroeconomic indicators show that West Bengal has
grown above the national average in the current financial
year.
The industry sector has contributed significantly in
our growth story. In the current financial year, the Gross
State Value Added (GSVA) of the Manufacturing Sector in
West Bengal is estimated to grow by 7.26 per cent, much
higher than the national average of 6.53 per cent.
We have followed focused approach on employment
generation. In this context, I like to mention that the
national unemployment rate for the 3rd quarter of this
fiscal (Oct-Dec 23) as per CMIE was 9.05% whereas the
Unemployment Rate (UR) in our State during the same
period was less by 3% less. This is attributed to our clear
focus on job-intensive sectors including the most vibrant
MSME sector.
Hon'ble Speaker Sir,
The interim budget placed by the Union Finance
Minister on 1st February 2024 shows the bankruptcy of
vision of the Central Government to address the most
important concerns of the common people-inflation and
jobs. There is nothing to address the challenges of rising
food prices which hits the poorest the most.
3
In a glaring anti-people budget, food subsidy has been
cut by 3.3% while fertilizer subsidy has been cut by
13% over last year's revised allocation, which will adversely
affect the common people. Reducing the budget allocation
under Assistance to States Agencies for movement of
foodgrains by nearly 17% shows the anti-poor policy of
the government. These measures will only result in even
higher food prices highlighting the gross neglect of the
vast majority of the country.
It is shocking that funds for Urban Rejuvenation
Mission but been cut by 21%, reflecting the misplaced
priorities of the Central Government.
Surprisingly, the extension of Ayushman Bharat
Scheme for ASHA and ICDS workers in this year's budget
of the Central Government has come very late in the day.
Under the guidance and inspiration of our Hon'ble
Chief Minister, our State has already provided Swasthya
Sathi coverage to all ASHA and ICDS workers since 2017.
That’s why we say, what our Hon’ble Chief Minister
thinks today, rest of India thinks tomorrow.
Hon’ble Speaker Sir,
While there was an understandable slowdown of
revenues during and early post Covid period, by all-out
effort of the Government, our States’ own revenues have
Page 5


Hon’ble Speaker Sir,
With your permission, I rise to present the Annual
Financial Statement for the financial year 2024-25 to this
August House.
1
Our visionary Hon'ble Chief Minister has consistently
spearheaded for an inclusive, responsive and accountable
governance and our Chief Minister believes that welfare
of the people has to be center to all policies and
programmes
With stupendous success in reaching out to more
than 11 crore people in 8 rounds of Duare Sarkar and
Paray Samadhan campaign and providing services to more
than 8 crore, our Chief Minister felt the need to reach
out to every individual and cover the last mile and
launched Samasya Samadhan-Jan Sanjog campaign from
20th January 2024. These universal service delivery to
people is the driving force of our government.
Hon'ble Speaker Sir,
We have consistently focused on sound economic
planning and financial discipline and have steadily moved
on a path of positive growth. The size of the West Bengal
economy, measured in terms of Gross State Domestic
Product (GSDP) at current prices, has expanded by nearly
four times, from Rs. 4,60,959 crore in 2010-11 to
Rs. 17,00,939 crore in 2023-24 (1st AE).
2
An evaluation of the pace of growth in West Bengal
economy as well as the strength and stability of
macroeconomic indicators show that West Bengal has
grown above the national average in the current financial
year.
The industry sector has contributed significantly in
our growth story. In the current financial year, the Gross
State Value Added (GSVA) of the Manufacturing Sector in
West Bengal is estimated to grow by 7.26 per cent, much
higher than the national average of 6.53 per cent.
We have followed focused approach on employment
generation. In this context, I like to mention that the
national unemployment rate for the 3rd quarter of this
fiscal (Oct-Dec 23) as per CMIE was 9.05% whereas the
Unemployment Rate (UR) in our State during the same
period was less by 3% less. This is attributed to our clear
focus on job-intensive sectors including the most vibrant
MSME sector.
Hon'ble Speaker Sir,
The interim budget placed by the Union Finance
Minister on 1st February 2024 shows the bankruptcy of
vision of the Central Government to address the most
important concerns of the common people-inflation and
jobs. There is nothing to address the challenges of rising
food prices which hits the poorest the most.
3
In a glaring anti-people budget, food subsidy has been
cut by 3.3% while fertilizer subsidy has been cut by
13% over last year's revised allocation, which will adversely
affect the common people. Reducing the budget allocation
under Assistance to States Agencies for movement of
foodgrains by nearly 17% shows the anti-poor policy of
the government. These measures will only result in even
higher food prices highlighting the gross neglect of the
vast majority of the country.
It is shocking that funds for Urban Rejuvenation
Mission but been cut by 21%, reflecting the misplaced
priorities of the Central Government.
Surprisingly, the extension of Ayushman Bharat
Scheme for ASHA and ICDS workers in this year's budget
of the Central Government has come very late in the day.
Under the guidance and inspiration of our Hon'ble
Chief Minister, our State has already provided Swasthya
Sathi coverage to all ASHA and ICDS workers since 2017.
That’s why we say, what our Hon’ble Chief Minister
thinks today, rest of India thinks tomorrow.
Hon’ble Speaker Sir,
While there was an understandable slowdown of
revenues during and early post Covid period, by all-out
effort of the Government, our States’ own revenues have
4
rebounded and is now showing a steady growth since last
few years.  State Revenue till date has grown by 10%
over last FY.
I would like to inform the august house that in the
Budget of 2023-2024, we had introduced Settlement of
Disputes (SoD) Scheme in Commercial Taxes for settling
old disputed cases relating to Entry Tax, Value Added
Tax etc.
The Hon’ble members will be happy to note that our
attractive Settlement of Disputes Scheme was a grand
success and we could garner more than Rs. 900 crore as
additional revenue by settling 20,738 cases.
While all out efforts are being made by the State
Government to augment state's own resources, GST
continues to remain a challenge with galloping instances
of GST frauds even after six and half years of its
implementation. In  a written reply to a question in the
Lok Sabha on July 31st, 2023, Union Finance Minister
herself  stated that during the period from 2020-21 till
May 2023, a total Rs. 2,68,537 crore was defrauded  in
43, 516 cases. In fact, this horrendous quantum of fraud
in GST administration is depriving the States of their
legitimate revenues.