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Odisha's economic growth for 2013-14 pegged at 5.60 pct

Jun 17 2014, 21:49 IST
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Odisha's overall economic growth rate in 2013-14 is pegged at 5.60 per cent which is 2.49 per cent less compared to the 2012-13 fiscal. (Reuters) Odisha's overall economic growth rate in 2013-14 is pegged at 5.60 per cent which is 2.49 per cent less compared to the 2012-13 fiscal. (Reuters)
SummaryOdisha's real per capita income has started rising and the gap with the national average has been progressively reducing over the years.

Odisha's overall economic growth rate in 2013-14 is pegged at 5.60 per cent which is 2.49 per cent less compared to the 2012-13 fiscal, according to the Economic Survey Report 2014.

The overall economic growth rate in 2012-13 fiscal was registered as 8.09 percent.

However, Odisha's real per capita income has started rising and the gap with the national average has been progressively reducing over the years, according to the economic survey report, 2014 tabled in the assembly here today.

The service sector has become more and more pronounced in recent years, the report said adding that the share of the service sector to the state GSDP is expected to be 59 per cent and that of the share of the industry sector 25.4 per cent during 2013-14.

The share of agriculture sector is expected to come down to 15.6 per cent in 2013-14, the report said.

"This signifies faster diversification of Odisha Economy. This pattern of diversification in the State Economy is in line with the national and international experience," the survey said.

Noting that Odisha has made significant achievement in terms of economic growth, poverty reduction and other socio- economic indicators, the survey said the state government has to bring visible improvements in state finances and to create fiscal space for higher plan size and capital outlays.

"It is heartening to note that there has been a reduction in poverty by 24.6 per cent points between 2004-05 and 2011-12 as per the Tendulkar Committee methodology. This is the highest poverty reduction during the reference period among major states," points out the Economic Survey.

The Survey suggests that Odisha's Economy needs to grow faster than the national average over a long period of time in order to catch up with the national benchmarks.

The focus should be on diversification and high growth rate in agriculture and allied sector, employment generations, development of infrastructures like port, roads, railways, irrigation, points out the Economic Survey.

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