West Bengal’s largest export partner continues to be neighbouring country Bangladesh as exports has grown from 13.4% in 2018-19 to 17.4% in 2022-23.
The export list is followed by the UAE and US, said Raju Mishra, joint secretary for the industry, commerce and enterprises department.
The stare government also unveiled Bengal’s new Export Promotion Policy 2023 at the seventh edition of the Bengal Global Business Summit (BGBS).
The policy is expected to facilitate investments from the Asian Development Bank (ADB), World Bank and private partners.
The new export policy is expected to double the state’s figures by the next decade.
While focusing on Bengal’s potential in the export segment, Raju Mishra, joint secretary for the industry, commerce and enterprises department, said the ADB had already joined hands with the state government for the construction of three economic corridors – Dankuni-Haldia, Dankuni-Kalyani and Dankuni-Raghunathpur – which would help Bengal double its export in the next decade.
Among Bengal’s districts, Kolkata leads with a 38.2% share of the state’s exports, followed by Howrah at 10% and East Midnapore at 9.2% in 2022-23. Hoe Yun Jeong, deputy country director of ADB India Resident Mission, expressed optimism about the policy’s impact on the state’s economy.
“Our bilateral relations have been upgraded from strategic partnerships to special strategic partnership in India. The new export policy will help boost the economy of the state,” he said.
Mishra said, “Major export sectors in Bengal are iron and steel, gem and jewellery. However, tea, leather, textile, engineering goods and petroleum products are also export focuses. West Bengal’s overall exports amount to 13 billion dollars, a growth rate of 6.1%.
Additionally, the Gross State Domestic Product (GSDP) for the state has reached Rs 17.2 lakh crore for the fiscal year 2023-24, showcasing a remarkable 2.6 times growth compared to the 2013-14 period.”