Odisha’s Economic Growth Rate Decelerates
Owing to the severe cyclone and a slowdown in the agriculture, mining and manufacturing sector, Odisha is set to record a 6.16 percent economic growth for the current fiscal. This is a decline from the previous year’s 7.9 percent. Nevertheless, the State continues to outperform the national average of 5 percent as per projected estimates.
Meanwhile, the per capita income of the state is expected to grow at 6.75 percent during 2019.20. “Per-capita income of Odisha in 2019-20 is expected to reach
1,01,587, up from 95,164 in 2018-19. As per the advance estimate, 2019-20, the State’s per capita net domestic product at the current price is estimated to grow at 6.75 percent,” as per the report. The per capita net national income during this period is projected at 1,35,050.
According to the report, the largest contributor to Odisha’s growth in the current fiscal is the services sector at 40.51 percent, followed by the industries sector at 39.6 percent and agriculture and allied sector at 19.90 percent.
However, the report fails to provide a clear picture of some critical factors such as poverty reduction and employment. On the employment front, it claims that the working-age population has increased from 21.5 million in 2001 to 25.8 million in 2011.
“The working-age population will grow to 30.4 million in 2021 and this is, of course, a challenge before the Government to provide them employment,” the report said.