From the Bengal Global Business Summit in February to the Business and Industry Conclave in December, the state government exuded confidence in sustaining a Gross State Domestic Product (GSDP) growth of around 12 per cent, banking on large-scale investments in ports, power, digital infrastructure and services, which now account for over 55 per cent of the state’s economy.
The year also witnessed the Calcutta Stock Exchange (CSE) move towards a voluntary exit from its exchange business.
After over a decade of suspended trading, shareholders in April approved the winding up of operations. While CSE will continue as a holding company through its subsidiary on national platforms, the proposed Rs 253 crore sub-lease of its three-acre EM Bypass land parcel marked the end of an era for local equity trading.
Infrastructure and energy dominated the investment narrative. The state government in December floated a fresh global tender for the Rs 25,000 crore Tajpur Deep Sea Port after an earlier contract was set aside, offering 1,000 acres of freehold land and a 99-year concession to attract global operators. The project is expected to anchor West Bengal’s long-term logistics and export strategy.
“We are witnessing strong interest from private investors to collaborate with the port,” Samrat Rahi, Deputy Chairman of Syama Prasad Mookerjee Port, said.
In the power sector, JSW Energy announced plans to double the capacity of its Salboni thermal power project to 3,200 mw, taking the overall investment to around Rs 40,000 crore, making it one of the largest private-sector energy commitments in the state so far.The state’s maritime ambitions received a major boost when Kolkata Port secured investment commitments exceeding Rs 48,000 crore during India Maritime Week 2025 in Mumbai. The largest single proposal came from Haldia Petrochemicals Limited, which committed Rs 10,000 crore, alongside investment announcements by Adani Ports and JSW Ports.
The year was turbulent for the jute industry as raw jute prices crossed Rs 11,000 per quintal amid shortages and alleged hoarding, forcing shutdowns at mills such as Jagatdal and Mahadev.
An impasse between millers and the Jute Commissioner’s Office over frozen jute bag prices, said to be 10-12 per cent below cost, hit production and wages, impacting thousands of workers.
The tea sector too faced a grim 2025 as production fell 17 per cent due to climate distress.
Darjeeling output languished at 5.5 million kg amid rising Nepal imports. The industry pivoted to new labour codes despite Rs 50 crore in flood losses and persistent financial instability for estates.
Amid the stress in legacy sectors, technology-led investments offered a contrasting narrative.
At the business summit in February, Reliance Industries Chairman Mukesh Ambani pledged to double the group’s investment in West Bengal to Rs 50,000 crore by the end of the decade, with a focus on a new artificial intelligence data centre in Kolkata.
ITC Ltd strengthened its technology footprint by inaugurating a Global Centre of Excellence for AI in New Town, aligning with the state’s push towards a knowledge-driven and services-led economy.
The hospitality and real estate segments also saw renewed traction.
ITC announced plans to add at least three new hotels in Darjeeling and the Sundarbans. Combined with earlier announcements, the company plans to open eight new hotel properties in the state, in addition to the seven it currently operates or manages.
“Capital flows to regions where it can flourish and multiply. Bengal is now future-ready,” ITC Chairman Sanjiv Puri said at the business conclave in December, citing governance stability and opportunity as key drivers behind the company’s expansion in the state.
The RP-Sanjiv Goenka Group unveiled investment plans of Rs 18,500 crore, including a Rs 12,000 crore storage battery and renewable energy project.
RPSG Group Chairman Sanjiv Goenka credited the Mamata Banerjee-led government’s “decisive leadership” for facilitating rapid investments.
The state’s fiscal position, however, remained a key point of political contention.
The BJP released a report, titled ‘West Bengal Industrial Graveyard’, earlier this month, alleging that the state’s debt had risen by over 300 per cent since 2011 to a projected Rs 7.71 lakh crore in the current fiscal. It claimed that only 3 per cent of investment proposals from previous business summits had materialised on the ground.
Chief Minister Mamata Banerjee rejected the allegations as a negative campaign to malign the state, asserting that the state continues to operate within the fiscal responsibility and budget management framework despite nearly Rs 1.97 lakh crore in pending central dues.
Progress was also reported at the country’s largest coal block ‘Deocha Pachami’ in Birbhum, where initial basalt mining commenced in February and the government indicated a shift towards underground mining to minimise displacement and environmental impact.
As 2025 drew to a close, West Bengal’s economic landscape presented a complex picture, buoyed by record investment intent in ports, power, AI and services, yet challenged by fiscal concerns.