Kolkata, March 13 – The slowest consumption rate among all other states indicates the poor state of economic affairs in West Bengal, the BJP alleged on Friday.
Amit Malviya, Chief of the BJP's Information Technology Cell and the party's central observer for West Bengal, issued a statement on this matter on Friday morning, where he alleged that over the past 12 years of the Trinamool Congress regime, the state has recorded the slowest growth in consumption in the entire country.
According to him, the most alarming factor for the state's economy was that even the urban elite section in West Bengal has witnessed a decline in their consumption levels since the financial year of 2011–12, the first fiscal under the Trinamool Congress regime since 2011.
According to Malviya, this is the most alarming economic factor considering that the urban elite section in any state drives economic growth and investment.
"This is the direct result of Mamata Banerjee's misgovernance: a hostile business climate, policy paralysis, and politics that prioritize patronage over growth. When a state begins to consume less, it is a clear signal that its economy is stagnating. West Bengal deserves far better than this cycle of economic decay," Malviya observed in the state, which he posted on the wall of his social media handle on Friday morning.
Economic and industry observers in the state agree with Malviya's contention and also pointed out the economic reasons behind the slow growth in consumption levels, static economic growth, and few big-ticket investments.
"On one hand, the state government announced policies that negate the minimum state intervention in getting land for industry, which is a disincentive for setting up industries in the manufacturing sector, which requires huge plots of land at one go. On the other hand, the state's government's no Special Economic Zone (SEZ) policy is a disincentive towards attracting investments in the services sectors, especially Information Technology Enabled Services (ITES) sector," a city-based economic advisor pointed out.
He also said that because of this lack of investments, the state's own revenue generation had been largely state excise dependent for years, which again, are not all, a healthy state of economy.