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

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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.