Kolkata and Catchment Areas Need Redevelopment as Modern Industrial Hub to Transform Eastern States into High-Growth Economy

Sanyal suggested redeveloping old, non-functional industrial areas, along with adjacent lands, using modern and advanced technology-based industries to trigger an economic revival in West Bengal. He stated that such development in Kolkata would create a ripple effect, contributing to the growth of neighboring states including Odisha, Bihar, Jharkhand, Sikkim, and the North Eastern states. It will create more employment opportunities in West Bengal.. Sanyal noted that West Bengal was the third-highest contributor to India’s GDP, at 10.5%, in 1960-61.

However, he pointed out that West Bengal’s GDP contribution has been steadily declining since the mid-1960s. Sanyal emphasized that high-growth urban clusters are key to economic progress. He also highlighted India’s economy shifting from an agricultural base to one driven by manufacturing and services.

Sanyal called for reforms in municipal management, including the effective implementation of the Swachh Bharat program, as well as the introduction of high-technology-based transformations to convert municipal waste into wealth, such as through energy generation like bio-gas.

He stressed that each state must capitalize on its available resources and utilize them for economic development. Every state needs to focus on targeted industrial growth, he added, noting that the future of any state’s economic development will depend on its ability to fast-track industrial progress with an emphasis on manufacturing industries.

In his welcome address, Shri Anant Saharia, President of the Calcutta Chamber of Commerce, indicated that the Union Budget 2026-27 will empower youth through innovative job creation via the expansion of the MSME sector. It will also focus on transforming Tier II and Tier III cities into modern smart cities, thereby improving the quality of life in these areas.