State economy on a high

Bhubaneswar: Notwithstanding the global economic downturn, the anticipated growth rate of the state economy is estimated to be 9.14 per cent in 2012-13, as per Economic Survey Report.

According to advance estimates, Odisha’s service sector is expected to be about 58.3 per cent of the Gross State Domestic Product (GSDP) followed by industry (24.2%) and agriculture (17.5%). The report said, the high growth rates recorded by the state in the 10th and 11th Five Year Plans are mainly due to high growth registered by the industry and service sectors.

Figures in the report show the share of Sundragarh district’s Gross District Domestic Product (GDDP) to GSDP is highest with 8.72 per cent followed by Khurda and Cuttack district at 7.34 and 7.08 per cent respectively.

The report finds that the share of agriculture sector in the state’s GSDP is expected to be 17.5 per cent in 2012-13 and likely to grow at 16.11 per cent during the year.

The industry sector, which has been understandably hit hard by global economic slowdown, disruption and other mining activities, is expected to grow at a rate of 2.5 per cent during 2012-13.

According to the Economic Survey Report, the service sector is likely to grow at a rate of 9.1 per cent during the aforesaid year.

The report stated in 2012-13 per capita income (PCI) of Odisha is estimated to be Rs 25,584 per annum with Jharsuguda district has highest PCI and Nabarangpur the lowest.