Odisha’s growth rate is expected to decline to 6.16% of GSDP in 2019-20 against 7.90% in 2018-19, the Economic Survey Report tabled in the Legislative Assembly on Monday said.
Lower agriculture production due to cyclone and deceleration in mining and manufacturing led to the dip in the growth rate, the report said.
However, the per capita income in the State in 2019-20 is expected to reach Rs 1,01,587 from Rs 95,164 in 2018-19. As per advance estimates for 2019-20, the State’s per capita net domestic product at current price is estimated to grow at 6.75%. During the same period, the per capita net national income is estimated at Rs 1,35,050 making an increase of 6.84% compared to Rs 1,26,406 in 2018-19.
The report further said that services sector is the largest contributor to the State’s GVA with 40.51% followed by the industries sector with 39.60% and the agriculture and allied sectors with 19.90% in 2019-20(AE).
During the same period, the agriculture and allied sectors are expected to achieve growth at constant price (2011-12) of 7.61% while the industries sector will attain growth of 4.88% and the services sector with 6.84%.
The average annual inflation in the State based on CPI remained stable between 2% and 3% during 2017-18 to 2018-19 and increased to 3.8% in 2019-20 (till December). While inflation in rural Odisha was mainly driven by miscellaneous groups followed by food items and fuel and light, inflation in urban Odisha was influenced by miscellaneous groups followed by housing and food items, the report stated.