Odisha registers Rs 40,872 crore business in exports in 2016-17

Bhubaneswar: Odisha has achieved an extraordinary growth of exports in 2016-17. The exports turnover has gone up to Rs.40,872 crore during 2016-17.

The exports from Odisha have increased by 114% against last year. The export of different productions was of Rs.19082 crore in 2015-16.

The growth has been mainly due to increase in the value of exports of iron ore (301%), bulk minerals and ores (311%), residual chemical and allied products (861%), iron and steel (104%), aluminium and products of aluminium (72%) and petroleum products, said MSME secretary L.N. Gupta.

The export turnover of the state was merely Rs.563 crore in 2001-02. It rose by 15 times to Rs.8917 crore in 2005-07.

Due to global recession and reduction in price of steel, the export turnover, however, got reduced to Rs.1215 crore during 2007-08. Since the year 2008-09, the value of exports from Odisha has been rising on sustained basis.

The export turnover, which was Rs.15411 crore only in 2008-09, has now risen to a level of Rs.40879 crore in 2016-17 thus registering an increase of 165% in the last 9 years.

Gupta said that with Inland Container Depots (ICDs) at Jharsuguda and Balasore likely to be operationalised shortly, exports from the state will further get a boost.

It may be mentioned that Testing Laboratories by Export Inspection Agency and MPEDA are nearing completion and expected to be commissioned by August 2017.

The process of formulation of New Odisha Export Policy-2017 is also under progress.