Odisha’s economy estimated to grow at 6.16% in 2019-20
Bhubaneswar: Odisha’s economy is estimated to grow at 6.16 per cent in 2019-20 as against 7.90 per cent in 2018-19, a report said on Monday.
According to the Economic Survey Report 2019-20, Odisha’s Gross State Domestic Product (GSDP) is estimated to grow at the rate of 6.16 per cent due to lower agriculture production being affected by cyclone and deceleration in mining and manufacturing.
It said the national economy is also projected to decelerate to 5 per cent in 2019-20.
The per-capita income is expected to grow at 6.75 per cent during 2019.20.
“Per-capita income of Odisha in 2019-20 is expected to reach Rs 101,587 up from Rs 95,164 in 2018-19. As per advance estimate, 2019-20, the state’s per-capita net domestic production at current price is estimated to grow at 6.75 per cent,” said the report.
It said that the services sector is the largest contributor to Odisha’s growth with 40.51 per cent followed by industries sector with 39.60 per cent and agriculture and allied sector with 19.90 per cent in 2019-20.
During the same period, agriculture and allied is expected to achieve growth at constant price (2011-12) of 7.61 per cent, while industries sector will attain growth of 4.88 pr cent and services sector with 6.84 per cent, the report said.
The average annual inflation based on consumer price inflation remained stable between 2 per cent and 3 per cent, during 2017-18 to 2018-19, in the state. It increased to 3.8 per cent in 2019-20 (till December).
The report said inflammation in rural Odisha was mainly driven by miscellaneous groups followed by food items and fuel and light, whereas inflation in urban Odisha is influenced by miscellaneous groups followed by housing and food items.
The report said the cyclone of 2019-20 may cause a contraction in agricultural output.
The sector needs a boost in activities like livestock rearing and aquaculture to support higher growth in agriculture and allied sector and these have the potential to be the drivers of sustainable agricultural growth, it said.