Manufacturing Sector To Be Major Booster For Odisha Economy In 2021-22 Fiscal: Report

Bhubaneswar: The manufacturing sector is set to give a major boost to Odisha economy in next three years, mostly riding on the fresh investment.

The sector is expected to grow by 19.3% in 2021-22 financial year and balance around 15.3 pc in next two years, according to the Fiscal Strategy Report of the Finance Department.

Similarly, the agriculture, which has been growing at a steady rate of 5%, will witness a growth of 6.4% in next financial year.

The report further stated that the state economy, which contracted by 4.9% due to COVID-19 pandemic, will grow at 10.5% in 2021-22 and level at 8% in subsequent 2 years.

Finance Minister Niranjan Pujari in this year’s budget speech had also estimated the economic growth at 10-11%. The Odisha Economic Survey 2019-20 had projected the growth of Odisha economy at 6.16% in 2019-20 compared to 7.9% in 2018-19.

The other sectors that have started reviving after opening of the economy and will witness growth include mining, tourism, trade, hotel and restaurant, transport, communication and services.

Also Read: COVID-19 Impact: Odisha Economy Growth May Come Down By 2% This Financial Year