Odisha registers 7.94 pc growth rate in 2016-17

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SME Times News Bureau | 27 Feb, 2017
Odisha has registered a gross state domestic product (GSDP) growth rate of 7.94 percent in 2016-17 against the national average rate of 7.1 percent, the state government announced on Saturday.

According to the Economic Survey-2016-17, which was tabled in the state Assembly on Saturday, the major highlight of accelerated growth was the modest pick up in the agriculture production due to improved monsoon. The state has recovered from its 6.1 percent growth rate in 2015-16 triggered by an erratic monsoon.

"This can be attributed to sustained development initiatives and prudent marco management of economy. The economy has been witnessing structural transformation from an agriculture-based economy to services and industry driven economy," said the report.

It said that the economy of the state has been on a high-growth trajectory in recent years after lagging the national average in several decades. From 2003, the state registered a robust growth of above eight percent as against the national average of 7.5 percent, thus becoming a major state in terms of economy, it said.

The report said that per capita income reached Rs 61,678 in 2016-17 against Rs 57,616 during 2015-16, a 7.05 percent rise. Over the same period, India's per capita income grew 6.5 percent to Rs 81,805 from Rs 77,524.

"The per capita income of India appeared to be 1.3 times higher than Odisha," said the report, but noted that the per capita income has affected as 62 percent of total workforce depends on agriculture even though its share has come down to a level of around 18 percent.

Odisha's real GSDP has reached Rs 3.14 lakh crore in 2016-17, with the largest share of the services sector with 43.5 3 percent while industry contributed 36.56 percent. Manufacturing's share declined from 19.19 percent in 2015-16 to 18.27 percent in 2016-17.