 "Drought shock dims Odisha's growth: Economic Survey")
The real growth rate of the state economy has been projected at a limping 6.16 per cent in 2015-16, even lower than 6.24 per cent that the state clocked in 2014-15.
"The natural shock of severe droughts in 28 districts of the state might be the major reason in limiting the overall growth rate in 2015-16. The real growth rate of agriculture broad sector expects to fall sharply by 12.85 per cent primarily due to the huge fall of cropped area, yield rate and production of food grains (cereals and pulses) by about five per cent, 40 per cent and 44 per cent respectively in 2015-16," the survey report said.
For Odisha, growth would be fuelled by industries and services sectors. Industry and services sectors are anticipated to grow at the rate of 10.58 per cent and 9.65 per cent respectively in FY16. Growth in industry and services sectors is expected to come mainly on the back of mining & quarrying, trade, repair, hotels and restaurants, railways, transport and real estate.
Growth rate in industry sector in FY16 would be higher than 7.24 per cent registered in the year-ago fiscal given the state's renewed push for manufacturing and emphasis on easing business procedures.
The survey says, Odisha's per capita income is slated to grow 4.95 per cent to reach a level of Rs 55,116 during 2015-16. In 2014-15, the state's per capita income stood at Rs 52,516, higher by 5.23 per cent over previous fiscal and logging the maximum growth in the last five years. However, the state's per capita income has grown slower than the pan-India average from 2012-13 to 2014-15.
Advanced estimates for Odisha's GSDP (Gross State Domestic Product) for 2015-16 show industry and services sectors contributing 37.02 per cent and 45.28 per cent respectively. Agriculture sector's share is pegged at 17.70 per cent.
