Odisha registers 7.94 pc growth rate in 2016-17

Odisha government announced on Saturday that the state has registered a GSDP growth rate of 7.94 per cent in 2016-17 against the national average rate of 7.1 per cent.
Odisha registers 7.94 pc growth rate in 2016-17 -...
India TV Business Desk Bhubaneswar 26 Feb 2017, 11:38 AM IST

Odisha government announced on Saturday that the state has registered a gross state domestic product (GSDP) growth rate of 7.94 per cent in 2016-17 against the national average rate of 7.1 per cent.

According to the Economic Survey-2016-17, which was tabled in the state Assembly on Saturday, the major highlight of accelerated growth was the modest pick up in the agriculture production due to improved monsoon. 

The state has recovered from its 6.1 per cent growth rate in 2015-16 triggered by an erratic monsoon.

"This can be attributed to sustained development initiatives and prudent marco management of economy. The economy has been witnessing structural transformation from an agriculture-based economy to services and industry driven economy," the report said.

The state has been on a high-growth trajectory in recent years after lagging the national average in several decades, it said. From 2003, the state registered a robust growth of above eight per cent as against the national average of 7.5 per cent, thus becoming a major state in terms of economy, the report said. 

The report said that per capita income reached Rs 61,678 in 2016-17 against Rs 57,616 during 2015-16, a 7.05 per cent rise. Over the same period, India's per capita income grew 6.5 per cent to Rs 81,805 from Rs 77,524. 

"The per capita income of India appeared to be 1.3 times higher than Odisha," said the report, but noted that the per capita income has affected as 62 per cent of total workforce depends on agriculture even though its share has come down to a level of around 18 per cent. 

Odisha's real GSDP has reached Rs 3.14 lakh crore in 2016-17, with the largest share of the services sector with 43.5 3 per cent while industry contributed 36.56 per cent. Manufacturing's share declined from 19.19 per cent in 2015-16 to 18.27 per cent in 2016-17.

(With IANS inputs)

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