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Sunday, June 16, 2024

West Bengal Budget: TMC to Pay More Attention on Farming and Tea Sectors

West Bengal presented a budget of Rs 3.39 lakh crore for 2023-24

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INDIA: The Mamta Banerjee-led TMC government presented a budget of Rs 3.39-lakh crore for 2023-24. This announcement is made ahead of the local body election. 

Meanwhile, Finance Minister Chandrima Bhattacharya presented the financial statement in the assembly, keeping a focus on the farming and tea sector of Bengal. 

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The minister said that the state has the potential to become a logistics hub, and this monetary policy would help aspiring entrepreneurs in making investments.

According to Bhattacharya, “The state’s advantageous location at the intersection of South Asian and ASEAN nations will be taken advantage of by a future West Bengal Logistics Policy 2023 in order to establish a world logistics hub.”

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It will simplify the industry and aid Bengal in gaining a key position in the global supply chain. The budget will raise the development limit for the Industrial and Economic Corridor with three branches: Dankuni-Haldia, Dankuni-Raghunathpur and Dankuni-Kalyani.

The minister promised to provide better connectivity and provide more places of employment opportunities for about one lakh people. Additionally, the budget will initiate a fund of Rs 350 crore to extend credit of up to Rs 5 lakh each to 2 lakh young entrepreneurs. 

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Amid the ongoing discussion, Vivek Jalan, Partner of the Tax Connect Advisory, said, “Agricultural income tax on tea gardens will not apply in 2023–24 and 2024–25. The “Rastashree” scheme will also spend Rs 3,000 crore building 11,500 kilometres of rural roads.”

Allocation towards constructing old and new rural roads would boost the agricultural economy. Besides this, a new scheme of “Matsyajeebi Bandhu” will be launched to support family members in case any uncertainty occurs to any fisherman. 

“In accordance with the scheme, in the event of the passing of a registered fisherman between the ages of 18 and 60, the dependant family member will be given a one-time payout of Rs. 2 lakh.” said the Bengal minister.

Also Read: 22 Indian Cities Are All Set to Complete Centre’s Smart Cities Mission Next Month


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