Bhubaneswar: The Economy Survey Report has been tabled in Odisha Assembly today.
As per the report, the economy of Odisha has grown at 7.1 percent per annum during the period 2012-13 to 2019-20 (at constant 2011-12 basic prices) and expected to contract by 4.92 percent in 2020-21 as per the Advance Estimates. The decline in the growth rate between 2019-20 and 2020-21 (Advance Estimate) is attributed to the impact of Covid-19.
But for the resilience of the state economy and effective governance measure in managing the pandemic, the decline would have been much sharper. The measures taken by the State Government to fight Covid-19 has brought about sharp rise in public expenditure on health care to protect lives, the report said.
A comparative analysis of growth performance of Odisha vis-a-vis other states of India during 2012-13 to 2019-20 reveals a positive differential trend in the State’s average annual growth rate. It indicates that between 2012-13 and 2019-20, Odisha’s economy grew at an average annual rate of 7.1 per cent, a rate faster than the national average of 6.6 per cent and 13 other states of the country. The contraction in Odisha’s real GSDP growth in 2020-21 at -4.92 per cent is lower than the contraction of the national economy (-7.7 per cent).
Per Capita Income (PCI) of Odisha rose from INR. 48499 in 2011-12 to INR. 104566 in 2019-20 (RE) registering an increase of about 115.60 per cent over the period. During this period PCI-India surged from INR.63462 to INR. 134226 i.e. by 111.51 per cent. This suggests that over about a decade Per Capita Income of Odisha has grown faster than PCI-India. PCI-Odisha, which was about 76.42 per cent of the national PCI in 2011- 12, increased to 80.46 per cent in 2020-21. Per capita income of Odisha in 2019-20 (1st RE) at current prices is seen to be higher than that of Bihar, Uttar Pradesh, Jharkhand, Meghalaya, Madhya Pradesh and Chhattisgarh.
The share of agriculture and allied sectors in GVA of the state is estimated at 21.27 per cent, while that of industry is 36.26 per cent and contribution of services is 42.47 per cent in 2020-21 in terms of the Advance Estimates. Overall Agriculture sector contracted by 6.54 per cent as per constant price in which crop sub-sector suffered declined of (-)4.27 per cent and livestock experienced (-)32.97 per cent decreased in 2020-21 (AE) under the impact of Covid-19, flood, & cyclone, AMPHAN in some parts of the State and long dry spells during Kharif season resulting in overall contraction of agriculture sector.
Industry sector contracted by 8.83 % in constant prices of (2011- 12) as per 2020-21 (AE). The services sector recorded a decrease of -3.18 per cent in 2020-21(AE) because of decline in Trade & Repair Services; Transport, Storage, Communication; and Real estate activities.
The services sector recorded a negative growth at -3.18 percent in 2020-21(AE) because of negative growth in Trade & Repair Services; Transport, Storage, Communication; and Real estate activities, the report added.