Archive · 23 Aug 2026
West Bengal Finance Minister Warns of Decades-Long Economic Decline
Swapan Dasgupta, West Bengal’s finance minister, said the state’s economy has weakened for about 50 years.
He said problems began with labour unrest and political violence.
He also pointed to the Tata Group leaving Singur as an important setback.
Dasgupta said many young people have moved to other Indian cities or abroad for work.
Because of this, he described Kolkata as having many older residents and fewer young people.
He said West Bengal also has a shortage of useful job skills.
The state wants to attract more businesses and change its reputation as being unfriendly to business.
Dasgupta said manufacturing, services, and deep technology could help the economy grow again.
He warned that improvement would take time and would not happen through miracles.
Swapan Dasgupta said West Bengal had experienced nearly 50 years of uninterrupted economic decline.
He attributed the decline partly to labour militancy, left-wing turbulence, and the Tata Group’s exit from Singur.
Dasgupta said many young Bengalis had left for cities including Bengaluru, Gurugram, Noida, and destinations overseas.
He identified a major skill deficit and an anti-business perception as challenges facing the state.
He said revival would require manufacturing, services, and deep-tech growth rather than attempts to recreate Bengal’s past economy.
- Who
- Swapan Dasgupta, West Bengal’s finance minister, speaking with Business Today Group Editor Siddharth Zarabi.
- What
- Dasgupta discussed West Bengal’s economic decline, youth migration, skill shortage, and plans for economic revival.
- When
- At the Business Today India@100 event; the article does not provide a specific date.
- Where
- At Business Today’s India@100 event; the event’s location is not specified.
- Why
- He said the state must reverse decades of decline and develop manufacturing, services, and deep technology.
- Speaker
- Swapan Dasgupta, West Bengal’s finance minister
- Period of decline
- Dasgupta described the decline as lasting about 50 years.
- Main challenge
- A large skill deficit in West Bengal
- Youth migration
- Dasgupta said young people had moved to Bengaluru, Gurugram, Noida, and overseas destinations.
- Industrial setback
- He cited the Tata Group’s exit from Singur as a major negative signal for business.
- Proposed growth areas
- Manufacturing, services, and deep technology
- Historical position
- Dasgupta said West Bengal ranked second economically around the time of Independence.