Odisha Economic Survey 2017-18: Share Of Industry In GSDP Fall By 8.8%

Bhubaneswar: Despite being a mineral-rich state with huge potential for industrsialisation, the share of the industry in the Gross State Domestic Product (GSDP) of Odisha has come down to an estimated 34.8 per cent in 2017-18 from 43.6 per cent in 2011-12, said the report of the “Odisha Economic Survey 2017-18”, which was tabled by the Finance Minister Shashi Bhusan Behera at the State Assembly here on Thursday.

The report, however, said the economy of Odisha registered a growth rate of 7.14 per cent in 2017-18 at 2011-12 prices surpassing the all-India figure of 6.5 per cent during the same period.

The services sector contributed 45.25 per cent to the GSDP in 2017-18, compared with 38.54 per cent in 2011-12.

In terms of the size of the economy, GSDP at 2011-12 prices stood at Rs 2.30 lakh crore in the same period, and increased to Rs 3.23 lakh crore in 2016-17, the report said while expecting it to rise up to Rs 3.46 lakh crore in 2017-18, showing a growth rate of 7.14 per cent,” the report said.

The share of agriculture, however, declined to 20 per cent from an overbearing 60 per cent in the 1960s, but the share of population dependent on the sector continues to be significant at around 50 per cent, it stated.

The report further said the mining, manufacturing and construction sectors were estimated to grow moderately at 4.6 per cent during 2017-18 while electricity, water supply and other utility services sub-sector is expected to clock a growth rate of 9.6 per cent.

The per capita income at base year price of the state in terms of GSDP is estimated to be Rs 77,193 in 2017-18 as against Rs 72,780 in 2016-17. The per capita income of the state, at current prices, is likely to touch the level of Rs 92,727 while it will be Rs 126,349 at the national level,” said the report.

The consumer price inflation in the state exhibited a fluctuating trend, and was at the lowest level of 1.3 per cent in 2017 (up to November) as against the all-India level of 3.1 per cent.

In terms of poverty alleviation, the report said Odisha had the distinction of achieving the largest poverty reduction from 57.2 per cent to 32.6 per cent between 2004-05 and 2011-12.