Odisha’s economy is estimated to grow at 7.14 per cent compared to national growth rate of 6.5 per cent in 2017-18 at the 2011-12 base prices.
The Economic Survey Report 2017-18, tabled in the State Assembly on Thursday, revealed that the Gross State Domestic Product (GSDP) is likely to grow at a rate of 7.14 per cent at 2011-12 prices.
However, it stated that the real growth rate stood at 10,39 per cent in 2016-17. “During the fiscal period 2011 to 2017, while the State’s economy expanded by 53 per cent, its real per capita income increased by 42 per cent to an estimated level of Rs92,727 in 2017-18,” revealed the report.
It revealed that the State achieved the largest poverty reduction of 24.6 percentage points from 52.2 per cent to 32.6 per cent between 2004-05 and 2011-12. Poverty declined among SCs and STs by 26.51 and 20.88 percentage points, respectively. Northern, southern and coastal regions recorded poverty reduction with 30.53, 25.40 and 19.95 percentage points, respectively.
The report revealed that with 72.9 per cent literacy rate, Odisha is at par with national average.
The year 2016-17 saw an unprecedented growth of nearly 20 per cent in agriculture sector after a severe contraction of over minus 13 per cent in 2015-16. The share of industry sector in Odisha’s GSDP at 35 per cent is significant and the manufacturing GVA in the organised industrial sector is 88 per cent, which is much more than the corresponding national average.
On the employment front, Odisha has made notable improvements in Worker Population Ratio (WPR) with 46.09 per cent and labour Force Participation Rate (lFPR) with 53.2 per cent by reaching closer to national average of 47.8 per cent and 53.2 per cent, respectively in 2015-16.
The unemployment rate (UR) in Odisha at 3.8 per cent in 2015-16 was almost at par with 3.7 percent in the country.
Inflation rate, related to food and beverages, has fallen sharply ot 1.3 percent per annum. Finance, infrastructure, and social sectors have also improved on their performance. The social sector has grown by 12.4 per cent in 2016-17.
Urban Odisha recorded a higher UR of 4.4 percent than rural Odisha (3.7 percent) in 2015-16. The FRBM (Amendment) Act, 2011 has made it mandatory for the State to generate revenue surplus, keep the fiscal deficit within 3 per cent of GSDP, achieve Debt/GSDP ratio (2 per cent) at Finance Commission recommendation level.