Bengal’s revenue deficit falls to 1.76% in FY24
State witnessed increase in GSDP, reduction in fiscal deficit: Economic Review
Kolkata: West Bengal has witnessed increase in GSDP and reduction in debt and deficit indicators such as revenue deficit, fiscal deficit and debt-to-GSDP ratios, according to the Economic Review for 2023-24. Revenue deficit as a per cent of GSDP reduced from 3.75 per cent in 2010-11 to 1.76 per cent in 2022-23, it said. During the last few years, the West Bengal government has implemented significant public financial management reforms, resulting in improvement in the macro-fiscal parameters, according to the review which was presented on Thursday. From 2010-11, the year when the present Trinamool Congress came to power, revenue deficit as a per cent of fiscal deficit decreased from 88.43 per cent to 54.63 per cent in 2022-23. Debt stock of the state as a percentage of GSDP had been declining from 40.65 per cent in 2010-11 to 37.49 per cent in 2022-23. Regarding the state’s own tax revenue mobilisation, the review said it has increased from Rs 21,128 crore in 2010-11 to Rs 83,608 crore. The review also said that asset-creating capital expenditure also showed an increasing trend from Rs 2,633 crore in 2010-11 to Rs 22,753 crore in 2022-23.