The West Bengal assembly election in 2021 and the Uttar Pradesh assembly election in 2022 had a common catchword: labharthi or beneficiary. The word is not new in politics but in the last five years, it has become the magic wand for the populist governments.
Now that Mamata Banerjee has returned to the throne, she needs to increase state revenues simply to continue the culture of dole politics. But how? The state has no big industry or investments. From 2011 to 2022, Banerjee had announced many times that industrialisation is her top priority. But statistics suggest that in terms of investment in any industry or business, West Bengal has a long way to go.
According to Anandabazar Patrika and the West Bengal Budget fiscal year 2023, the recent statistics released by the Central Industry and Business Ministry show that from January to July, investment amounting to Rs 1.7 lakh crore has come into India. However, West Bengal got only 1,663 crore – less than 1% of the total investment. So, the TMC government’s revenue mostly comes from state goods and services tax (SGST), stamps and registration fees, sales tax on petrol and diesel, and state excise.
Simply put, the TMC government is in a debt trap.
21/09/2022
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