Bengal Budget: FM proposes to support revival of Calcutta Stock Exchange, set up greenfield airports

Presenting the first Budget of the new BJP government in West Bengal, Finance Minister Swapan Dasgupta, on Monday, proposed to support the revival of the 118-year-old Calcutta Stock Exchange, set up a greenfield airport near Kolkata, along with three new airports across the State, building a thermal power plant under PPP mode, and a Budgetary allocation of ₹5,000 crore for incentivising fresh investment, as the government hoped to rejuvenate industrial and infrastructure sectors and reinstate the State’s position as a major economic hub in the country.

Tabling the State Budget of over ₹4.38 lakh crore for the financial year 2026-27 in the West Bengal Assembly, Dasgupta said, “The Calcutta Stock Exchange, an 118-year-old institution, is on the verge of closure due to several hurdles. The government proposes to support the revival of the Calcutta Stock Exchange.”

The Calcutta Stock Exchange (CSE) is one of India’s oldest bourses. Trading at CSE was suspended by SEBI in April 2013 following regulatory non-compliance. For several years, efforts were on to revive it.

Focusing on infrastructure development of the State, Dasgupta said Kolkata’s Netaji Subhas Chandra Bose International Airport is facing significant passenger congestion, and there is a need for having a second airport in the city to boost regional economy. “The government will identify 1,000-1,500 acres near Kalyani to set up a new green-field airport near Kolkata,” he said. The Budget also proposed to set up three new airports across the State.

“To make air travel more accessible and affordable, and to strengthen regional tourism, new airports will be developed and made functional under the Udan scheme of Government of India. Such new airports will be set up in Purulia, Balurghat and Malda,” the FM said.

“The existing airport at Cooch Behar will be expanded. I propose an allocation of ₹10 crore for this purpose in the current financial year. The State government will provide 25 acres to Hasimara Air Force Station and 37 acres to Kalaikunda Air Force Station for expansion and provide the development of these strategic facilities,” Dasgupta informed.

The Budget also proposed a new thermal power project at Santaldih in Purulia district to overcome any electricity shortage in the State. In a major announcement, the government proposed allocation of ₹5,000 crore for incentivising fresh investment. Notably, industry bodies have been urging the reinstatement of industrial incentives, withdrawn by the erstwhile Trinamool Congress government, to restore investor confidence and provide policy certainty.

In another major effort to attract big-ticket investment, the BJP government will ‘re-examine’ the Urban Land Ceiling Act. Dasgupta described the Urban Land (Ceiling and Regulation) Act, 1976, as a major bottleneck to attracting large-scale investments in the State. Moreover, he said that companies setting up units over ₹100-crore investments need not take clearances from the local administration, thereby ensuring ease of doing business. The government proposed to set up a semiconductor unit at Durgapur, and an IT park in Siliguri.

On agriculture development in the State, a notable inclusion is the focus on agriculture through the integration of select districts under the PM Dhana-Dhaanya framework, which can significantly enhance farm productivity, drive crop diversification and improve rural incomes. Parallel emphasis was given on MSMEs—already numbering close to 90 lakh in the State—through improved access to finance and capital market linkages, which is expected to unlock scale, formalisation and job creation. The government also proposed to give support to the farmers over and above MSP during the Kharif season, as also a power tariff subsidy.