Odisha Expects to Grow @6.16% in 2015-16

BHUBANESWAR: Odisha’s economy expects a real growth rate of 6.16 percent during 2015-16 at 2011-12 base and market price, according to the economic survey report 2015-16 tabled in the Odisha assembly.

The natural shock of severe drought in 28 districts of the state might be the major reason for limiting the overall growth rate in 2015-16. The real growth rate of broad agriculture sector expects to fall sharply by -12.85 percent primarily due to huge fall in cropped area, yield rate and production of food grains (cereals and pulses) by about 5 percent, 40 percent, and 44 percent respectively in 2015-16.

Broad industry and services sector with robust anticipated real growth rates of 10.58 percent and 9.65 percent respectively will be the major drivers of Odisha’s economic growth in 2015-16.

The growth rate of industry services sectors will be influenced principally by mining and quarrying sectors, trade, repair, hotels and restaurants, railways, transport by other means, storage and real estates.

Odisha grew impressively during 2014-15 with a real growth rate of 6.24 percent at 2011-12 base and marker prices.

The broad agriculture and services sectors with a robust real growth rate of 9.26 % and 9.38 % respectively were the leading contributors to an overall growth rate of the state during 2014-15.