Noting that the West Bengal government has differences with the Centre on issues related to revival of the economy, state industry minister Partha Chatterjee on Thursday said the TMC dispensation is looking to boost demand and increase the purchasing power of people for overall development.
Participating in the Budget discussion in the assembly, he said the BJP-led NDA government at the Centre is pushing for supply stimulation, while the state is in favour of demand creation, which will lead to the welfare of people.
"If there is demand, then there will be supply. This is what the Keynesian theory advocates. What we are saying is to increase the purchasing power of people which will lead to overall development and creation of a welfare state," Chatterjee said.
Renowned economist John Maynard Keynes argued that demand deficiency and persistent unemployment can be tackled if the government undertakes various investment programmes, thereby raising demand and public expenditure.
Chatterjee on Wednesday presented the Budget for the financial year 2021-2022 in the assembly as state Finance Minister Amit Mitra was unwell.
The minister said the debt-GDP ratio of the state stood at 40.65 per cent in 2010-11, which came down to 34.57 per cent in 2019-20.
"Is this not progress," he asked.
Chatterjee also criticised the Centre for its disinvestment policy and for not paying the state government's dues in time.
"The Centre should pay the dues to the state...the 'Make in India' campaign of the central government has turned into 'sale of India' with many PSUs being put on the block," he said.