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Odisha’s Economic Growth Improves, Avg Monthly Household Income Increases, Know Other Details


28 June 2019

OMMCOM NEWS


Bhubaneswar: The Planning and Convergence Department of the State has published the annual Economic Survey Report of the year 2018-19. As per the report, Odisha has improved its economic growth in the year 2018-19 to 8.4% from 7.4% in previous financial year.

“This implies that the State is not just growing annually but it increased the rate at which it grows,” the report added.

An analysis of growth over a five year period between Odisha and other states shows that Odisha on an average has grown at a faster rate than states such as Haryana, Punjab, Kerala, Chhattisgarh, Madhya Pradesh, Maharashtra and Jharkhand.

Other key takeaways from the report:

The State’s rank on per-capita income improved from 25th in 1996-97 to 16th in 2016-17.

Average monthly household income in agriculture has increased to Rs 7,731 in 2016-17 from Rs 4,976 in 2012-13. It is a positive trend in the light of State’s efforts towards eradication of poverty.

Inflation in 2018-19 was 2.9%,which is lower than all India, implying greater purchasing power.

Odisha’s performance has increased in various dimensions of human development, i.e., long and healthy life, knowledge, decent standard of living, gender security etc.

Odisha was one of the best performing States in reduction of Infant Mortality Rate (IMR), with a 41 points decline from 1998-99 to 2015-16. Odisha’s performance in reduction of stunting, wasting and underweight has been best in the country.

As per Census 2011, Odisha’s literacy rate was 72.9%, registering a decadal increase of 9.8 percentage points.

As per NITI Aayog’s Sustainable Development Goals (SDG) India Index Baseline Report 2018, Odisha has been classified as a ‘Performer’ State, based on its aggregate performance on 13 out of 17 SDGs. Significantly, Odisha is classified as ‘Achiever’ State in Goal 15: Life on Land.

Industrial sector comprised nearly 39.5% of Gross State Value Added in 2018-19 as compared with 29.8% at all India level. Manufacturing and mining were high growth sectors reporting a growth of 15.8% and 4.3% respectively. The State has improved its share in total manufacturing output at all India level (1.4% in 2004-05 to 2.1% in 2016-17).

Odisha has the largest share in total mineral production in India (at 34.3%, 2017-18). The State is also the largest aluminium and stainless steel producer. Since 2013- 14, mineral production of majority of the minerals has increased substantially.

Service sector is the largest contributing sector to State at 41.6%. Trade, repair, hotels and restaurants remain the most important subsector in services. Odisha also has higher share of enterprises in trade (32%, Odisha v/s 29%, India) as per Sixth Economic Census.

Odisha is an example of responsible financial management. The State has been reporting revenue surplus since 2005-06. In 2018-19 (Estimates), the State reported 2.2% revenue surplus and 2.9% of fiscal deficit as against the requirement of 0% and 3.5% respectively.