The Budget has made a strong shift towards economic change and investment-led growth, according to a themed study by SBI Research that was released on Thursday as the Bharatiya Janata Party (BJP)-controlled government in West Bengal unveiled the complete Budget for the 2026–2027 fiscal year.

According to the report, themes associated with investment, governance, fiscal management, technology, entrepreneurship, tourism, and climate resilience (which had previously been ignored in earlier budgets) are receiving increased attention, implying a strategic reorientation of the budget discussion toward industrialization, productive capacity creation, and long-term growth acceleration.

Despite receiving a bigger portion of Central Government subsidies, West Bengal’s financial situation has been unstable due to increased debt accumulation.

Grants from the Centre and tax devolution to West Bengal have consistently exceeded 50% of the state’s total tax revenue over the years.

According to Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, “This has occurred because of increased unconditional cash transfers, more off-balance sheet borrowing, higher committed spending, and higher leakages in terms of ‘middleman intermediation’ diverting monetary resources. ”

“There is a lot of potential for higher non-tax income in West Bengal that has been overlooked for years, and raising general administrative efficiency is essential for increasing non-tax revenues,” Ghosh said.

The seventh-largest producer of coal-bed methene is West Bengal. Given the locational advantage in coal gasification and CBM, the report stated that the state has the potential to become the center of methanol manufacture.

“As part of a future effort, it is necessary to operationalize an Eastern Multimodal Growth Corridor linking Bihar, Odisha, West Bengal, and Assam by integrating existing rail, road, port, and inland-waterway assets,” it said.

According to Budget estimates for 2026-27, the revenue deficit is estimated to be Rs 21,984. 41 crore, or 1. 02 percent of the Gross State Domestic Product (GSDP), as opposed to Rs 41,164. 05 crore in the prior fiscal year 2025-26.