Economy of West Bengal

Economy of West Bengal, a state in eastern India, is highly dependent on agriculture. Agriculture is the chief occupation of the people of the state. Majority of the state population are cultivators and agricultural labours. Rice is considered to be the principal food crop of West Bengal. Other major food crops include maize, pulses, oil seeds, wheat, barley, potatoes and vegetables. The state supplies nearly 66% of the jute requirements of India. Tea is another important cash crop. Darjeeling is famous for tea plantation. Tobacco and sugarcane are also grown in the state.

West Bengal is well-known for its position among one of the leading industrialized states of India. There are up to 10,000 registered factories in the state and the West Bengal state government has opened "Shilpa bandhu", a single window agency in order to provide investors with all kinds of assistance in establishing and running industrial units. [ [http://www.webindia123.com/westbengal/economy/economy.htm Economy of West Bengal @ webindia123.com] Suni System (P) Ltd.] Calcutta is noted as one of the major centre for industries including the jute industry. There are numerous steel plants in the state apart from the alloy steel plant at Durgapur. The centre has established a number of industries in the areas of tea, sugar, chemicals and fertilizers. Natural resources like tea and jute in and nearby parts has made West Bengal a major centre for the jute and tea industries.

A significant part of the state is economically backward, namely, large parts of six northern districts of Cooch Behar, Darjeeling, Jalpaiguri, Malda, North Dinajpur and South Dinajpur; three western districts of Purulia, Bankura, Birbhum; and the Sundarbans area.cite book
title=West Bengal Human Development Report 2004 |origyear= 2004|origmonth= May
url= http://www.undp.org.in/hdrc/shdr/WB/|format= PDF|accessdate= 2006-08-26
publisher= Development and Planning Department, Government of West Bengal|id=ISBN 81-7955-030-3
pages= pp4–6|chapter= Introduction and Human Development Indices for West Bengal
chapterurl= http://www.undp.org.in/hdrc/shdr/WB/WB%20HDR%202004/Chap1.pdf] Years after independence, West Bengal was still dependent on the central government for meeting its demands for food; food production remained stagnant and the green revolution bypassed the state. However, there has been a significant spurt in food production since the 1980s, and the state now has a surplus of grains. The state's share of total industrial output in India was 9.8% in 1980–81, declining to 5% by 1997–98. However, the service sector has grown at a rate higher than the national rate.

West Bengal has the third largest economy (2003–2004) in India, with a net state domestic product of US$ 21.5 billion.cite web
url = http://www.arc.unisg.ch/org/arc/web.nsf/1176ad62df2ddb13c12568f000482b94/43cf0caeed566faac12571d30061daac/$FILE/India%20Symposium_IBEF_State%20Reports_Westbengal.pdf
title = The State Economy| accessdate = 2006-09-07| format = PDF| work = Indian States Economy and Business: West Bengal
publisher = India Brand Equity Foundation, Confederation of Indian Industry| pages = 9] During 2001–2002, the state's average SDP was more than 7.8% — outperforming the National GDP Growth.cite web
url = http://www.wbidc.com/about_wb/index.html| title = Basic Information| accessdate = 2006-09-07| work = About West Bengal
publisher = West Bengal Industrial Development Corporation] The state has promoted foreign direct investment, which has mostly come in the software and electronics fields;cite web| url=http://www-scf.usc.edu/~efinnega/econ.html| title=Dasgupta, 2002| accessdate=2006-04-11] Kolkata is becoming a major hub for the Information technology (IT) industry. Owing to the boom in Kolkata's and the overall state's economy, West Bengal is now the third fastest growing economy in the country.cite web| url=http://calcutta.usconsulate.gov/19oct2005.html| title=Consul General Henry V. Jardine to The Indo-American Chamber of Commerce, October 19, 2005| accessdate=2006-04-11] However, the rapid industrialisation process has given rise to debate over land acquisition for industry in this agrarian state.cite web
url = http://www.thehindubusinessline.com/2006/10/27/stories/2006102700080100.htm| title = A new dawn beckons West Bengal
accessdate = 2006-10-29| last = Ray Choudhury| first = R| date = 2006-10-27
publisher = The Hindu Business Line] NASSCOM–Gartner ranks West Bengal power infrastructure the best in the country.cite web
url = http://www.indiaathannover.org/pdf/exhibitorslist.pdf| title = West Bengal Industrial Development Corporation Ltd.
accessdate = 2006-09-07| format = PDF| work = India @ Hannover Messe 2006| publisher = Engineering Export Promotion Council (EEPC), India| pages = 303] West Bengals state domestic product (SDP) grew in 2004 with 12.7 % and in 2005 with 11.0 %.

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