{"id":90518,"date":"2023-02-15T19:02:00","date_gmt":"2023-02-15T13:32:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=90518"},"modified":"2023-02-15T18:58:54","modified_gmt":"2023-02-15T13:28:54","slug":"wb-2ndld-budget","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/wb-2ndld-budget\/","title":{"rendered":"TMC govt presents Rs 3.39-lakh cr budget laden with sops for farmers, tea gardens, youths"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1731317037\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Ahead of panchayat elections, the Mamata Banerjee-led West Bengal government on Wednesday presented a Rs 3.39-lakh crore budget for 2023-24, focusing on farmers, an ailing tea sector, the state\u2019s potential as a logistics hub and budding entrepreneurs.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1838240430\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>Finance Minister Chandrima Bhattacharya said the state GDP is projected to grow at 8.4 per cent and the industry at 7.8 per cent in the ongoing 2022-23 fiscal, both higher than the country\u2019s expected growth rates.<\/p><p>\u201cI propose to provide a 3,39,162 crore budget for financial year 2023-24,\u201d Bhattacharya said, while placing the financial statement in the assembly.<\/p><p>She said an upcoming West Bengal Logistics Policy 2023 will leverage the state\u2019s strategic position at the cross-roads of South Asia and Asean nations to create a global logistics hub.<\/p><div class=\"trade-content_5\" id=\"trade-362762689\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>\u201cIt will streamline the sector and help Bengal to secure a strategic position in the global supply chain,\u201d Bhattacharya said.<\/p><p>The development of an Industrial and Economic Corridor with three branches &#8211;Dankuni-Haldia, Dankuni-Raghunathpur and Dankuni-Kalyani &#8212; \u201cwill provide better connectivity and create employment opportunity for about one lakh people,\u201d she added.<\/p><p>The minister also said a Rs 350-crore fund will be set up to extend credit of up to Rs 5 lakh each to 2 lakh young entrepreneurs.<\/p><p>Though the 5.6 per cent increase in size over last year\u2019s budget makes it Bengal\u2019s biggest budget in terms of the sheer money being spent, the state\u2019s debt is also rising \u2013 estimated at Rs 5.86 lakh crore for the 2022-23 fiscal.<\/p><p>The state\u2019s high cost of market borrowing to fund the budget went up by approximately 5 per cent to Rs 78,946 crore.<\/p><p>Tax revenues, however, was buoyant as the state\u2019s economy seems to have recovered post-Covid and grew to Rs 88,595 crore, a nearly 11.5-per cent increase over last fiscal.<\/p><div class=\"trade-content-10\" id=\"trade-1317132702\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Reacting to the budget, Vivek Jalan, Partner, Tax Connect Advisory, said \u201camidst increase in tax collections due to increased GST compliance and collections in Bengal, the focus has been on employment and industry.\u201d Announcing sops for the ailing tea sector and for rural areas, which will be witnessing panchayat polls soon, the finance minister said, \u201cAgricultural income tax on tea gardens for 2023-24 and 2024-25 will be waived. Also, 11,500-km of rural roads will be constructed at a cost of Rs 3,000 crore under the \u2018Rastashree\u2019 scheme.\u201d \u201cAllocation towards construction of old and new rural roads would boost the agrarian economy,\u201d Jalan said.<\/p><p>Secretary General of Indian Tea Association (ITA) Arijit Raha said the relief in the bugdet has come at a time when the tea industry was \u201cgoing through an acute financial crisis, particularly after two years of Covid\u201d.<\/p><p>Besides, the budget proposes full waiver of charges on irrigation water supplied to farms, and exemption of payment of rural employment cess.<\/p><p>&#8220;I am happy to announce that my government will bring out a policy for issuance of homestead patta for eligible tea garden workers,&#8221; Bhattacharya said.<\/p><p>The minister also declared an additional dearness allowance of 3 per cent for state government employees, including teachers and pensioners.<\/p><p>Byasdeb Dasgupta, Head of Economics Department at Kalyani University, told PTI it is a populist budget, keeping in view the state\u2019s revenue-earning constraints.<\/p><p>\u201cExpenditure for road infrastructure development and a higher allocation for social welfare schemes along with the announcement of 3 per cent dearness allowance are welcome, and will eventually help boost demand,\u201d he said.<\/p><p>Asked about the high debt level of the Bengal government, he said, \u201cThe estimated debt was at Rs 5.86 lakh crore for the 2022-23 fiscal and the same is projected at Rs 6.47 lakh crore for FY24. The increase in debt is not much of a concern in the short-run, as long as the state government\u2019s revenue is increasing and the GSDP is growing.\u201d Anindita Sengupta, Visiting Professor of Economics at Calcutta University, said: \u201cThe budget sounds good and has many interesting schemes, including a startup fund and a logistics policy. But, the big question that arises is where will the money come from?\u201d Reaching out to the fishermen community, the finance minister said a new \u2018Matsyajeebi Bandhu\u2019 scheme will be launched to support family members in case of the untimely death of a fisherman.<\/p><p>&#8220;Under the scheme, the dependent family member shall receive a one-time grant of Rs 2 lakh in case of death of a registered fisherman within the age group of 18-60 years,\u201d Bhattacharya said.<\/p><p>After the budget was presented, Chief Minister Mamata Banerjee lauded her colleague, claiming it covered all sections of the society.<\/p><p>&#8220;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,&#8221; Banerjee said in the assembly.<\/p><p>Meanwhile, the opposition BJP staged a walkout from the assembly, protesting against the CM\u2019s statement after the budget speech was read out.<\/p><p>\u201cAs the finance minister completed presenting the budget, we left. It is against the norm that on the day the budget is tabled, the CM also speaks on it. But, why should this be termed a walkout?\u201d Leader of the Opposition Suvendu Adhikari said. PTI DC PNT JRC RBT RBT<\/p><div class=\"trade-after-content\" id=\"trade-1020316064\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Ahead of panchayat elections, the Mamata Banerjee-led West Bengal government on Wednesday presented a Rs 3.39-lakh crore budget for 2023-24, focusing on farmers, an ailing tea sector, the state\u2019s potential as a logistics hub and budding entrepreneurs. Finance Minister Chandrima Bhattacharya said the state GDP is projected to grow at 8.4 per cent and the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":27757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-90518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TMC govt presents Rs 3.39-lakh cr budget laden with sops for farmers, tea gardens, youths - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"Ahead of panchayat elections, the Mamata Banerjee-led West Bengal government on Wednesday presented a Rs 3.39-lakh crore budget for 2023-24, focusing on farmers, an ailing tea sector, the state\u2019s potential as a logistics hub and budding entrepreneurs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/wb-2ndld-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TMC govt presents Rs 3.39-lakh cr budget laden with sops for farmers, tea gardens, youths\" \/>\n<meta property=\"og:description\" content=\"Ahead of panchayat elections, the Mamata Banerjee-led West Bengal government on Wednesday presented a Rs 3.39-lakh crore budget for 2023-24, focusing on farmers, an ailing tea sector, the state\u2019s potential as a logistics hub and budding entrepreneurs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/wb-2ndld-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-15T13:32:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/03\/Green-Tea-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/03\/Green-Tea-Cover-Image.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/wb-2ndld-budget\/\",\"url\":\"https:\/\/tradebrains.in\/features\/wb-2ndld-budget\/\",\"name\":\"TMC govt presents Rs 3.39-lakh cr budget laden with sops for farmers, tea gardens, youths - 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