Odisha’s economy estimated to grow at 7.14% in 2017-18

Bhubaneswar: Odisha’s economy is estimated to grow at 7.14 per cent as against the national average of 6.5 per cent in 2017-18, a report said on Thursday.

According to the Economic Survey Report 2017-18, tabled in the state assembly, Odisha’s Gross State Domestic Product (GSDP) is estimated to grow at a rate of 7.14 per cent at 2011-12 prices, which surpasses all India growth rate of 6.5 per cent.

In terms of the size, GSDP at 2011-12 prices stood at Rs 2.30 lakh crore in 2011-12 and increased to Rs 3.23 lakh thousand crore in 2016-17.

It is further expected to rise up to Rs 3.46 lakh crore in 2017-18, showing a growth rate of 7.14 per cent compared to 2016-17, the report said.

The per capita income at base year price of the state in terms of GSDP is estimated to be Rs 77,193 in 2017-18, which experienced a 6.06 per cent rise from Rs 72,780 in 2016-17.

At current prices, the per capita income of the state during 2017-18 is likely to touch the level of Rs 92,727, while it will be Rs 126,349 at the national level.

The report said that service sector as a leading contributor to GSDP has contributed 38.54 per cent in 2011-12 which increases tremendously to 45.22 per cent in 2017-18 and surpasses agriculture and industry sector over years.

The sector exhibited an accelerated growth rate of 10.7 per cent in 2016-17 and is estimated to grow at 12.4 per cent in 2017-18, it added.

The consumer price inflation in the state exhibited a fluctuating trend and was the lowest level of 1.3 per cent in 2017 (up to November 2017) as against all India level of 3.1 per cent.

The share of agriculture has declined to 20 per cent from an overbearing 60 per cent in the 1960s, but the share of population dependent on the sector continues to be significant at around 50 per cent.

The report said there was a need for continued policy priority for agriculture, especially in its allied sectors, in view of the high employment potential and favourable agro-climatic conditions.

The mining, manufacturing and construction sectors were estimated to grow moderately at 4.6 per cent, while electricity, water supply and other utility services sub-sector is expected to clock a growth rate of 9.6 per cent, the report added.

(IANS)