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ICC lauds WB State Budget

India Blooms News Service | | 27 Feb 2015, 11:16 pm
Kolkata, Feb 27 (IBNS): Director General of Indian Chamber of Commerce Rajeev Singh on Friday commended West Bengal State Finance Minister Amit Mitra for presenting a "very positive and forward looking budget" for the State in the coming year.
Singh pointed out that despite the huge debt burden which has gone up to Rs.2.99 lakh crores, the Finance Minister has been able to make fund allotments to almost all growth sectors of the State’s economy. 
"It was commendable that the State GDP growth rate was much higher at 10.48% compared to the all India figure of 7.5%," said he.
Over the last 3 years the State has been able to double the plan expenditure which was a record increase, ICC press release observed. 
The Budget has proposed to set up 22 new Townships in the State for which an allotment of Rs.3420 crores have been made. Seven more IT parks will be set up shortly, while 8 others are already nearing completion. Dr Mitra has been able to make substantial allotment towards electrification in the State of Rs.1295 crores, for technical education Rs.647 crores, for North Bengal Development Rs.450 crores, Food Processing Rs.138 crores, Industry & Commerce Rs.653 crores and in Infrastructure Development Rs.1484 crores. All these are expected to boost alround economic growth of the State in the coming year, it said.
The Budget does not propose any additional taxation for the coming year, but has actually reduced the burden of stamp duty and raised the exemption limit for VAT from Rs.5 lakhs to Rs.10 lakhs, which would help the small businesses in the State considerably. Though the State has not been able to achieve the targeted revenue last year, it is clear that the direction of the budget is towards achieving a faster growth rate for the State’s economy in the coming year, Singh observed.