Bengal has 2nd highest number of MSMEs in India, 14% of India's total MSMEs

West Bengal’s economy has grown significantly, with a Gross State Domestic Product (GSDP) of INR 14.44 lakh crore (US$206.64 billion) in 2020-21. The state’s economy has been expanding at an average annual rate of 12.6% between 2015-16 and 2020-21, which is above the national growth rate. West Bengal benefits from a combination of natural resources, robust domestic and international connectivity, a large skilled workforce, and competitive operating costs. These factors have contributed to its position as a gateway to Eastern and North-Eastern India, as well as Southeast Asia.

Over 75% of West Bengal's Gross Value Added (GVA) comes from the secondary (industrial) and tertiary (services) sectors. The industrial sector, which includes manufacturing industries, is a major contributor to the state’s economy, as is the services sector, which includes transport, trade, communications, and other service-related industries. Both sectors have expanded considerably, contributing to increased wealth generation, industrial output, and employment in the state.

The Micro, Small, and Medium Enterprises (MSMEs) sector is a key driver of West Bengal’s economy. The state has the second highest number of MSMEs in India, accounting for 14% of the country's total MSMEs. These enterprises play a significant role in the state’s production, exports, and employment generation. They contribute to several sectors, including manufacturing, agriculture, and services, and are pivotal in the development of local economies across the state.

In addition to MSMEs, West Bengal is home to a diverse range of large industries. The state has established industries in sectors such as iron and steel, tea, leather, jute, FMCG, textiles, chemicals, pharmaceuticals, cement, rubber, gems and jewelry, and petrochemicals. Many domestic and international companies operate in these industries, contributing to the state's industrial output and exports. West Bengal’s industrial base is diverse, with both traditional industries like jute and tea, as well as emerging sectors like chemicals, pharmaceuticals, and FMCG.

The state is also a hub for the IT industry. Several large IT companies have established operations in West Bengal, and the state is home to numerous data centers. The presence of high-quality internet connectivity and a skilled workforce has made the state an attractive destination for the IT and technology sectors. In addition to IT, sectors like logistics, real estate, and infrastructure development have also experienced growth, driven by both public and private investments.