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Odisha Economic Survey: Know What Opportunities Lie Ahead For The State


28 June 2019

OMMCOM NEWS


Bhubaneswar: The recently published Odisha Economic Survey affirms that the State has improved its economic growth in the year 2018-19 to 8.4% from 7.4% in previous financial year. However, there are more opportunities for the State ahead for further development.

The State can gain more with promotion of livestock and aquaculture. Given the developmental gains attached with livestock and changing consumption pattern in favour of milk, the State can ensure further developmental impact with promotion of livestock.

Promotion of crop diversification, further investment in irrigation, increased power consumption in agriculture, use of hybrid seeds, organic farming marketing infrastructure and promotion of fertilizer consumption can further enhance agricultural income.

Promotion of women-entrepreneurship and employment can lead to substantial gains. The State has higher sex ratio (979) relative to all-India average (943). Gender gap in literacy rate has dropped to 14.4% in 2014 from 24.9% in 2001. However, 54.6% of males moved to urban areas for work, only 5.2% females did the same. Only 19.5% of females participate in labour force as compared with 78.6% males (2017-18). Efforts in correcting these imbalances can create lasting impact on overall economy.

Promotion of medium and high-tech industries in the State can lead to enhanced income generation. Nearly 83% of industrial output in the State is high-tech and medium-tech based. As high-tech and medium-tech industries generate more value and contribute to higher economic growth, the State has recognized six sectors, including electronics manufacturing for sustainable growth of industries.

Odisha is urbanising but at a slower pace. Urbanisation rate in Odisha in 2011 was 16.7%, increasing from 14.9% in 2001. At all-India level, urbanisation rate is 31%. With the emphasis on industrialization, rate of urbanization can be accelerated. Efforts towards building financial and administrative capacity of local governments can contribute towards holistic urban development.

Additional efforts on social spending can give boost to human development indicators, the report concludes.