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7.5% GROWTH IN DOMESTIC PRODUCT FORECAST 

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Staff Reporter Calcutta Published 19.03.99, 12:00 AM
Calcutta, March 19 :    Calcutta, March 19:  The West Bengal government has envisaged a 7.5 per cent growth in the state domestic product (SDP) for the year 1999-2000. While presenting the budget, state finance minister Asim Dasgupta said that reduction in the incremental capital-output ratio and higher levels of investment and realisation will help in attaining the SDP target. The government has projected a 6.7 per cent SDP growth in 1998-99, against the GDP growth of 5.8 per cent. Dasgupta said in the current year, the rate of growth of the manufacturing index at the state level in the first six months has been about 5.9 per cent. This is higher than the rate of growth of the corresponding index at 3.2 per cent, over the same period at the national level. The government expects a spurt in industrial activity in the next fiscal with the commissioning of Haldia Petrochemicals Limited and the Rs 1,500 crore PTA project of Mitsubishi. Additional thrust in agriculture, forestry and fishery will also result in higher growth figures in these sectors in the next financial year. While the plan outlay, including the provision for the year 1998-99 was Rs 4,950 crore, plan outlay for 1999-2000 has been estimated at Rs 5753 crore. According to present indications, the state will be able to achieve a plan size of about Rs 4,516 crore, which is nearly 91 per cent of the budgetary outlay. Dasgupta said this year (1998-99) has been particularly difficult for all states.    
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