West Bengal Budget 2023: State hikes DA by 3% for govt employees; FY23 SGDP to grow 8.4%

Chandrima Bhattacharya, who presented a Rs 3.39-lakh-crore Bengal Budget for 2023-24, said IT, internet of things and artificial intelligence sectors have attracted significant investments in the state.

Team Newsable

First Published Feb 15, 2023, 4:43 PM IST | Last Updated Feb 15, 2023, 4:43 PM IST

West Bengal Finance Minister Chandrima Bhattacharya on Wednesday (February 15) presented a Rs 3.39-lakh crore budget for 2023-24, with a proposal to waive agricultural income tax on tea gardens for two years and extend credit facility to young entrepreneurs. The state government also hiked the DA (dearness allowance) for government employees by 3 percent

She said the state GDP is projected to grow at 8.4 per cent and the industry at 7.8 percent in the ongoing 2022-23 fiscal.

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She further announced that there will be a Rs 350-crore start-up fund to extend up to Rs 5 lakh each to young entrepreneurs.

In the Budget 2023-24, Bengal's SGDP is projected to grow at 8.4 percent and industry is expected to grow at 7.8 percent in the financial year 2022-23.

The West Bengal finance minister said about 12,500-km of rural roads to be constructed at a cost of Rs 3,000 crore. Agricultural income tax on tea gardens for 2023-24 and 2024-25 to be waived.

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"I propose to provide a Rs 3.39-lakh crore budget for the financial year 2023-24," Bhattacharya said, while placing the financial statement in the assembly.

The minister also said a Rs 350-crore fund will be set up to extend credit of up to Rs 5 lakh each to 2 lakh young entrepreneurs.

Announcing sops for the ailing tea sector and for rural areas, which will be witnessing panchayat polls soon, the finance minister said, Agricultural income tax on tea gardens for 2023-24 and 2024-25 will be waived. Also, 11,500-km of rural roads will be constructed at a cost of Rs 3,000 crore.

Besides, the budget also proposes full waiver of charges on irrigation water supplied to farms. The minister also announced an additional dearness allowance of 3 percent for state government employees, including teachers and pensioners.

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