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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.
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As on 13 Aug, 2022 |
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