Bengal proposes 9.1% rise in tax revenue in FY17 budget

West Bengal, already grappling with an acute financial stress, today placed a full-fledged budget for 2016-17, proposing a 9.1 per cent rise in tax collection against the revised figure of 2015-16.
In the budget for 2016-17, state finance minister Amit Mitra proposed a tax revenue of Rs 50,773 crore as against Rs 42,919 crore achieved in 2015-16.
The budgeted figure for 2015-16 stood at Rs 46,496 crore.
There has been no provision made for additional revenue generation for the current fiscal.
Presenting the budget with a size of Rs 1,29,530 crore for the financial year, Mitra said the focus areas are social infrastructure, MSME and capital expenditure.

Plan expenditure has been raised from Rs 49,000 crore to Rs 53,000 crore.

The budget has allocated Rs 200 crore to support higher education among lower income groups and Rs 100 crore for setting up virtual classrooms in the government-aided schools and colleges.
Budgetary allocation for rural development and panchayat departments has also been raised to over Rs 10,000 crore.
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Meanwhile, Bengal Inc gave a mixed reaction to the budget.
"We congratulate the state finance minister for presenting a forward looking budget for 2016-17, with an almost five-fold increase in planned expenditure," The Bengal Chamber said in a statement.

"Pushing down fiscal and revenue deficits within manageable limits even in the backdrop of a huge inherited debt burden of over Rs 2.5 lakh crore, is laudable," it added.
The Indian Chamber of Commerce termed the proposed plan expenditure increase to Rs 57,905 crore a 'dampner'.
"A clearer roadmap on matching the fiscal consolidation needs of the government with the huge intended social sector spending is solicited.
"Detailed blueprint of fiscal incentives for big ticket investments and ancilliarisation would have been helpful in pin-pointing growth sectors for the economy," the chamber said.