Odisha’s GDP projected to grow at 9.14% versus India’s 7%

Even as the national economy has recorded a sluggish growth of 5.5 per cent in the current fiscal and the mandarins in the Planning Commission have projected a growth rate of 7 per cent in 2013-14, the State Government has projected a growth of 9.14 per cent for the current financial year. “As per advance estimates, the State economy is expected to grow in real terms at 2004-05 prices at a rate of 9.14 per cent in 2012-13,” the Economic Survey report 2012-13 presented in the Assembly said.

The services and industry sectors have contributed significantly to the growth of the State’s economy. The services sector has become increasingly pronounced in recent years and its share to the Gross State Domestic Product (GSDP) is expected to be 58.28 per cent while the contribution of industry sector will be 24.23 per cent during the current fiscal (2012-13).

The analysis made in the survey report said that the share of agriculture is expected to rise to 17.49 per cent. This pattern of diversification in the State economy is in line with the changes at the national and international level.

The major area of concern is that when the share of agriculture sector is declining, the number of people dependant on agriculture is not reducing proportionately. More than 60 per cent of the State’s population still depends on agriculture.

The survey report said the State is on high growth trajectory from 2002-03. The service sector has reported high growth on sustained basis. Though the industry sector reported growth during 10th Plan, the growth rate fluctuated from year to year during the 11th Plan period.

“There is an urgent need to take appropriate measures to raise productivity of agriculture and allied sectors substantially so that the incomes and employment opportunities of those who depend on these sectors are enhanced in a sustained manner,” the report said. The real per capita income of the State has fallen from about 90 per cent of the national average in 1950-51 to about 61 pc in 2002-03. However, the trend has been reversed since 2004-05 and the gap with the national average has been reducing steadily.

The real per capita income of the State was ` 24,134 in 2011-12 while the advance estimate for 2012-13 said it will be ` 25,584.

source: Indian Express

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