West Bengal GSDP to grow 10.5% in 2024-25, says minister Shashi Panja

West Bengal's gross state domestic product (GSDP) is likely to grow 10.5 for the financial year 2024-25 over the preceding fiscal, state industry and commerce minister Shashi Panja said on Thursday.

The Economic Review for 2023-24 indicated that the state GSDP to grow by 7.65 per cent, outpacing the National average of 7.32 per cent.

Speaking at a CII event here, the minister said West Bengal currently holds the position of the fourth-largest economy in the country.

"The GSDP of the state for 2024-25 is estimated to grow at 10.5 per cent over the preceding fiscal", she said.

Panja said the manufacturing sector of the state grew at 7.8 per cent in 2022-23, surpassing the national average of five per cent.

She said that there had been no incidence of strikes since 2010-11, the state has uninterrupted power supply and also serves as a gateway to South East Asia with a substantial consumer base.

Additional chief secretary and CMD of West Bengal Industrial Development Corporation (WBIDC) Roshni Sen said the state government is aiming to create a business-friendly environment to attract more investments.

The Special Economic Zones (SEZs) and industrial parks are expected to play a crucial role in the growth of the state's economy.

Chairman of CII National Committee on Exports and Imports Sanjay Budhia said that the West Bengal government had unveiled the export promotion policy and logistics policy with the target to double exports from the state in the next five years.