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Odisha’s growth rate likely to fall to 6.16pc in FY20

Bhubaneswar, Feb 17: Natural calamities and

deceleration in mining and manufacturing sectors were among the key factors that may lower Odisha’s economic growth to 6.16 per cent in the 2019-20 fiscal, a state government report showed on Monday.

Odisha’s growth rate was 7.90 per cent in the last financial year, the Economic Survey Report presented in the assembly by Finance Minister Niranjan Pujari, said.

The national economy is also projected to decelerate to 5 per cent in 2019-20, the report said.

During the last decade, Odisha faced natural calamities like flood, cyclone, tornado and drought, it said.

However, the report said the per capita income of the state in 2019-20 is expected to reach Rs 1,01,578, up from Rs 95,164 in 2018-19.

As per advance estimates, the state’s per capita net domestic product at current prices is estimated to grow at 6.75 per cent in the current fiscal.

While the services sector continued to be the largest contributor to Odisha’s GVA (gross value added) at 40.51 per cent, it was followed by the industries sector (39.60 per cent) and agriculture and allied sectors (19.90 per cent) in 2019-20.

PTI

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