Since the independence , West Bengal’s Economy had underwent a roller coaster ride. Considering the rich social and cultural heritage of West Bengal and also its status during the British Rule, West Bengal Economy could have done more as per its potential.
Moreover, the strong political consciousness of residents has often been damaging to its progress and prosperity.
West Bengal has also had a lot of things in its favor. West Bengal has taken important decisions in terms of economy and infrastructure.
Agriculture is the major occupation of the people of West Bengal and it is due to the successful implementation of land reforms and the Green Revolution in Punjab. Majority of the population are farmers and agricultural laborers. Other characteristics of West Bengal are as follows:
- Rice is the main food crop of West Bengal. Others are maize, pulses, oil seeds, wheat, barley, potatoes, and vegetables.
- West Bengal supplies about 66% of the jute requirements of the country and is also major exporter of jute.
- Tea is important cash crop grown and is widely exported.
- Tobacco and sugarcane are also grown in the state.
West Bengal is known for its position among the leading industrialized states of India. Features of this sector are:
- There are around 10000 registered factories in the state.
- Kolkata is major center for industries also includes the jute industry.
- There are number of steel plants in West Bengal Economy.
- The Central Government has set up a number of industries in the areas of tea, sugar, chemicals, and fertilizers.
- Manufacturing industries like shoes, medicine and pharmaceuticals, weaving of cotton textiles, spinning and weaving of jute, manufacture of fabricated metal products and structural metal products, and production of ice and ink play an important role in the economy of the state.
In period of few years, West Bengal Economy has made great progress towards industrialization. West Bengal has been able to attract a considerable amount of Foreign Direct Investment (FDI) from various national and international sources. State Government has patronized a lot of IT and IT Enabled Services industries. West Bengal’s Economy is undergoing a renaissance in industrialization.