Economic Survey Report shows Odisha’s growth rate will be at -4.92% in 2020-21

Bhubaneswar: Odisha’s growth rate will be at -4.92% in 2020-21, which is better than India’s growth at-7.7% during the period. The Central Statistical Organization (CSO) pegged the country’s growth rate at -7.7% in 2020-21.

According to the State Economic Survey Report tabled in the State Assembly today ahead of the State Budget, the economy of Odisha grew at 7.1 per cent per annum during 2012-13 to 2019-20 and is expected to grow at -4.92 per cent in 2020-21.

The survey report tabled by Odisha Finance Minister Niranjan Pujari attributed the decline in the growth rate for 2020- 21 to the devastating impact of Covid-19 on the state economy. But the resilience of the state economy and effective governance measure in managing the pandemic would help the State to perform better. Otherwise the growth rate numbers would have been sharper, the report added.

As per the International Monetary Fund (IMF) assessment the world output is expected to grow at -4.9 per cent in 2020-21.

The Per Capita Income (PCI) of Odisha rose from Rs 48,499 in 2011-12 to Rs 1,04,566 in 2019-20 revised estimates registering an increase of about 115.60% over the period. During this period PCI-India surged from Rs 63,462 to Rs 1,34,226 i.e. by 111.51%.

“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 report added.

The per-capita income of Odisha in 2020-21 is estimated at Rs 1,02,156 in comparison to Rs. 1,04,566 in 2019-20. The per-capita income of the state is expected to decline by 2.30 per cent as against the decline of 5.41 per cent at national level.

The share of agriculture and allied sectors in gross value added (GVA) of the state is estimated at 21.27%, while that of industry is 36.26% and contribution of services is 42.47% in 2020-21 in terms of the Advance Estimates.

The State Budget will be presented in the State Assembly on February 22.

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