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Odisha's economy contracted by 5.3% due to slowdown: CM
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SME Times News Bureau | 28 Mar, 2022
Odisha's economy contracted by 5.3 per cent compared to the 7.3 per cent
contraction in the national economy during the financial year 2020-21
due to the slowdown, Chief Minister Naveen Patnaik said here on Monday.
While
making his statement on the motion of thanks on the Governor's speech
in the state Assembly through video conferencing, Patnaik said:
"Recovery of the economy from the impact of the pandemic was a huge
challenge, and we have met this challenge with resolve and we have been
able to successfully reboot our economy."
Over the last 10 years,
Odisha has grown at an average rate of 6.5 per cent against the
national average of 5.3 per cent. During 2020-21, due to the slowdown,
Odisha's economy contracted by 5.3 per cent compared to the 7.3 per cent
contraction in the national economy and that would mean, the state was
comparatively less affected, he said.
As per advance estimates
for 2021-22, the state registered 10.1 per cent growth compared to the
8.8 per cent growth in the national economy, he stated.
He said
Odisha is the only state to be fully FRBM (Fiscal Responsibility and
Budget Management) compliant since enactment. Fiscal prudence and
inclusive development are "our twin policy objectives" that guide "our
growth trajectory," said the chief minister.
Claiming that
Odisha is the pioneer state in implementing international best practices
in public financial management, Patnaik said his government is
providing complete budget information in user-friendly formats on the
website of the finance department as well as the dedicated Odisha budget
portal.
Inspite of the pandemic, Odisha has emerged as a leading
investment destination by attracting over Rs 4.4 lakh crore investment
intents during the last three years with more than 1.53 lakh employment
opportunities, he said.
The state government has provided special
financial support to the MSME sector to tide over the Covid crisis. The
government had continuous engagement with the industry to ensure that
their production and logistics are not hampered by the pandemic, he
pointed out.
The chief minister said: "We aim to saturate all
rural households with tap water connection by 2024 with a capital outlay
of Rs 50,263 crore under the state saturation plan. Odisha is a
trendsetter in the country in achieving universal coverage of tap-water
connections."
"Our food security mission has secured 4th place among large states in the third State Food Safety Index for 2020-21."
About
various incentives and aid provided to the needy people during the
Covid-19 pandemic, Patnaik said cash incentive of Rs 2,000 (in two
tranches) to each of the beneficiary families has also been provided by
incurring an expenditure of Rs 960 crore.
The government has
distributed financial assistance of Rs 3,000 under Biju Pucca Ghar
Yojana to each beneficiary for repair, renovation of their pucca houses
sanctioned since 2014. It is further proposed to provide financial
assistance of Rs 5,000 each to eligible but left-out households of the
state who are yet to get any rural housing assistance, he added.
Speaking
about sports development, Patnaik said Odisha is playing a key role in
the turnaround of Indian sports scenario with its continuous support for
players and investment in sports infrastructure.
In recognition
of the brilliant performance of the Indian hockey team at Tokyo
Olympics-2020, the chief minister said his government has decided to
sponsor Indian Hockey for another 10 years till 2033. Transforming the
sports landscape and empowering athletes is the vision of the
government, he added.
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