SME Times is powered by   
Search News
Just in:   • Trifecta Capital closes 2nd debt fund at Rs 1,025 cr  • ICICI Bank reduces home loan interest rate to 6.70%  • Higher infra spend ups 'Construction Equipment' volumes  • Ezstays completes seed round of funding  • Demand for luxury smart homes, villas rise 
Last updated: 20 Feb, 2021  

Orissa map THMB Odisha's economy expected to contract by 4.92% in 2020-21

Orissa map
   Top Stories
» Feb exports down on container shortage: FIEO
» Industry should stress skill training: Naidu
» GVA growth more accurate than GDP numbers for FY21: DEA
» Forex reserves rise by $689 mn
» Champion industry, aluminium, looks for 5% RoDTEP rate to boost exports
SME Times News Bureau | 20 Feb, 2021
The economy of Odisha is expected to contract by 4.92 per cent in 2020-21 due to the impact of the Covid-19 pandemic, as per the Economic Survey Report 2020-21 released on Saturday.

The economy of Odisha has grown at 7.1 per cent per annum during the period 2012-13 to 2019-20 and is expected to contract by 4.92 per cent in 2020-21 as per the Advance Estimates, it said.

The decline in the growth rate between 2019-20 and 2020-21 is attributed to the devastating impact of Covid-19 on the state economy, said the report.

The contraction in Odisha's real GSDP growth in 2020-21 at -4.92 per cent is lower than the contraction of the national economy at -7.7 per cent.

The agriculture sector of the state is estimated to contract by 6.54 per cent in comparison to a positive growth of 3.40 per cent at national level.

The industry sector and services sector contracted by 8.83 per cent and 3.18 per cent in Odisha as compared to 9.57 per cent and 8.77 per cent contraction at national level during 2020-21, the report said.

The stringent measures imposed by the state government to contain the spread of Covid-19 in earlier phases and the impact of severe cyclone Amphan had greater impact on Rabi crops.

Similarly, floods in some parts of the state and long dry spells and pest attack on Kharif paddy was accompanied with contraction of livestock sub-sector by 32.97 per cent.

"However overall economic base of the state has emerged stronger which resulted in a significantly less contraction of the overall state economy in comparison to National scenario," it said.

The per-capita income of Odisha in 2020-21 is estimated at Rs 1,02,156 in comparison to Rs. 1,04,566 in 2019-20. The per-capita income of the state is expected to decline by 2.30 per cent as against the decline of 5.41 per cent at national level.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 06 Mar, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Resurgence in MSME credit(1)
» L&T secures Rs.3.44 billion project from Power Grid(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter