The first budget under a Bharatiya Janata Party (BJP) Government in West Bengal will be presented by the new state Finance Minister, Swapan Dasgupta, today. Dasgupta aims to enhance the state’s tax revenue without increasing the tax burden on citizens. He plans to focus on better debt management and attracting significant investments.
Dasgupta emphasizes that increasing tax revenue does not necessarily require raising tax rates. He believes in exploring new avenues for revenue generation to achieve this goal. Economic advisors support his approach of broadening tax revenue sources beyond the current limited channels.
The Finance Minister’s priority is to boost the state’s tax collection without burdening the public with higher taxes. He is addressing concerns about West Bengal’s fiscal health, focusing on debt management and revenue generation. Dasgupta has already introduced measures to improve transparency and efficiency in state excise collection.
Regarding debt management, Dasgupta faces the challenge of handling the state’s mounting debt, projected to reach Rs 8.15 lakh crore by 2027. Economists suggest a combination of increased revenue and reduced expenditure to tackle this issue. The budget announcement is awaited to see the reforms Dasgupta proposes in this regard.
Attracting major investments in manufacturing and services sectors is a key goal for the state. Policy changes in land and Special Economic Zone (SEZ) regulations are crucial for this purpose. Reforms in land acquisition policies and SEZ regulations are seen as essential to encourage investments.
Dasgupta’s budget speech today will reveal whether these critical policy changes will be addressed. The previous interim budget was presented in February due to the Assembly elections. The full budget was delayed until now, following the election results and the formation of the new government.
