Mamata Banerjee Advocates for MSME Growth to Boost West Bengal's Economy
Economic Growth Through MSME Support
On Wednesday, West Bengal Chief Minister Mamata Banerjee emphasized that fostering small and medium enterprises (MSMEs) will significantly enhance the state's economic development. She highlighted that due to its strategic geographical location, West Bengal has emerged as the commercial hub for Eastern and Northeastern India.
During an event organized by the Confederation of West Bengal Traders Association, Banerjee dismissed allegations claiming that the state's debt has soared to nearly seven lakh crore rupees. However, she did not disclose the exact amount of outstanding debt the state holds.
In a subtle response to opposition claims regarding rising debt and the exodus of businesses from the state, she stated that some individuals merely spread negativity, asserting that the reality is quite different.
Banerjee pointed out that critics should recognize that West Bengal operates strictly within the framework of the Fiscal Responsibility and Budget Management (FRBM) Act, continuing development projects despite a significant backlog of 1.97 lakh crore rupees owed by the central government.
She remarked, 'We must keep all projects running, even if the center fails to settle its dues.' Stressing the importance of micro, small, and medium enterprises along with local shops, Banerjee noted that MSMEs and neighborhood stores are the backbone of the economy and crucial for job creation. She stated, 'Small is beautiful. MSMEs keep the economy vibrant... Policy support has aided in reducing unemployment and providing loans to small traders.'
Citing official statistics, the Chief Minister mentioned that the state's exports have exceeded 1.15 lakh crore rupees, with the number of registered companies surpassing 2.5 lakh.
She also highlighted West Bengal's agricultural advancements, noting its leadership in the production of various crops, from jute to rice. Banerjee revealed that over 93 lakh MSME units are operational in the state, which has shown improved performance in business facilitation according to national rankings.