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Odisha's growth betters national average at 7.94%

Sat, 25th Feb 2017 (Source:Business Standard)

Odisha has registered a gross state domestic product (GSDP) growth rate of 7.94 per cent in 2016-17, overshooting the average national rate of 7.1 per cent, according to advance estimates in the Economic Survey.

The state has recovered from its 6.1 per cent growth rate in 2015-16 triggered by an erratic monsoon. This year’s higher economic growth is also attributed to an improved monsoon.

Odisha’s economy has been on a high-growth trajectory in recent years after lagging the national average for decades. From 2003, the state registered growth of above 8 per cent as against the national average of 7.5 per cent. The Economic Survey says Odisha’s per capita income reached Rs 61,678 in 2016-17, climbing 7.05 per cent from Rs 57,616 in 2015-16. Over the same period, India’s per capita income grew 6.5 per cent to Rs 81,805 from Rs 77,524.

Odisha’s real GSDP has reached Rs 3.14 lakh crore in 2016-17. Industry contributed 36.56 per cent to the state’s GSDP against the pan-India average of 28.81 per cent. The share of agriculture rose to 19.91 per cent in 2016-17 from 18.68 per cent in 2015-16. 

Manufacturing’s share declined from 19.19 per cent in 2015-16 to 18.27 per cent in 2016-17. The gross value added in manufacturing stood at Rs 63,695 crore, with iron and steel and non-ferrous metals contributing 72 per cent of this value.

At 43.53 per cent, the services sector has the largest share of the state’s GSDP. The sector is expected to grow 8.08 per cent in 2016-17. Trade, hotels and restaurants is the leading contributor in services with a 10.99 per cent share.

The state government’s total expenditure, which was 18.48 per cent of the GSDP in 2011-12, spiked to 24.82 per cent in 2016-17. Capital expenditure, too, has risen in this period from 3.27 per cent to 5.17 per cent.

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