Despite pandemic, state’s tax revenue collections increased to Rs 48K crore during FY 2022: Minister

MP  |  4 Mar 2023  |   Kolkata: Shashi Panja, state Minister- in-Charge, of Industry Commerce and Enterprises department, said that the narrative of perception is very important and the same for the state needs to turn to being a safe investment ecosystem backed by a strong three-term political mandate. 

The story of economy weaves around political narratives and therefore the concept of ‘cooperative federalism’ becomes vital in such circumstances though it just tends to take a backseat due to differing political ideologies, Panja said, while addressing the Conference on ‘West Bengal: Poised to Lead’ organised by CII on the occasion of West Bengal State Annual Day in Kolkata on Saturday. 

She reiterated that despite of the pandemic, the state’s tax revenue collections increased to Rs 48,000 crore in financial year 2022 with a 20 per cent growth and also a simultaneous 30 and 89 per cent growth in CGST and electricity duty collection respectively. 

Dr H K Dwivedi, state Chief Secretary, while addressing the conference as the guest of honour, said that the “legacy of perception of the state has a history of more than four decades” with significant “flights of capital and industry” and this perception will take a long time to change. 

Though there are numerous champions of the state in terms of investors, the perception is perpetrated by those who do not invest here, he added. Dwivedi further said that in May 2011, the treasury closed for 9 months before the Assembly elections with less than Rs 1000 crore capital expenditure (CAPEX) which was actually Rs 3000 crore less than Bihar. 

The CAPEX to GSDP ratio in 2011 was less than 0.7 per cent, the Chief Secretary said and pensions, salaries were delayed due to low CAPEX. 

Now, in the financial year 2022-23, the CAPEX to GSDP ratio is more than 2 per cent but below the national average of 3 per cent and the state revenue earnings now stand at Rs 90,000 crore which was earlier Rs 30,000 crore, he said. 

He further said that there are plans of 100 industrial parks across the state and the Scheme for Approved Industrial Park (SAIP) has been selected as one of the best schemes in the country at the Chief Secretaries’ Meet recently. 

https://www.millenniumpost.in/bengal/despite-pandemic-states-tax-revenue-collections-increased-to-rs-48k-crore-during-fy-2022-min-510687