By Bizodisha Bureau, Bhubaneswar, March 22, 2018: Odisha has clocked a growth rate of 7.14% in the current fiscal beating the national average of 6.5%, according to the latest Economic Survey Report 2017-18 tabled on Thursday in the Odisha Legislative Assembly.

While the Survey paints a rosy picture about the state’s economy, it admits at the same time low growth in agriculture sector and diminishing contribution of industry sector to the State’s Gross Domestic Product (GSDP).

Odisha’s economy is estimated to grow at 7.14 per cent in 2017-18 as compared to 7.94 per cent (Advance Estimates) in 2016-17. Similarly, Odisha’s Gross State Domestic Product (GSDP) is likely to grow at a rate of 7.14 per cent at 2011-12 prices.

The GSDP at 2011-12 prices stood at Rs 2.30 lakh crore in 2011-12 and increased to Rs 3.23 lakh thousand crore in 2016-17. It is further expected to rise up to Rs 3.46 lakh crore in 2017-18, at a growth rate of 7.14 per cent, the report said.

Agriculture and allied sectors experienced a decline of 4.70 per cent (AE) during 2017-18 as compared to a growth 19.65 per cent during the previous year.

The share of agriculture has declined to 20 per cent from 60 per cent in the 1960s while the share of population dependent on the sector continues to be significant at around 50 per cent.

The report said, during 2016-17 the mining sector growth at 10 per cent was robust while manufacturing and construction sectors grew at 5 and 6 per cent, respectively. During 2017-18, the mining and manufacturing and construction sectors are estimated to grow moderately at 4.6 per cent, while electricity, water supply and other utility services sub-sector is expected to clock a growth of 9.6 per cent.

Over the past 5 years, the average growth for the industry sector as a whole has been 5.72 per cent per annum, the report said.

As per, services sector was the leading contributor to GSDP with its share increasing from 38.54 per cent in 2011-12 to 45.22 per cent in 2017-18 surpassing agriculture and industries over the years.

The sector exhibited an accelerated growth rate of 10.7 per cent in 2016-17 and is estimated to grow at 12.4 per cent in 2017-18, the report stated.

The per capita income at base year prices in terms of GSDP is estimated to be Rs 77,193 in 2017-18, a 6.06 per cent growth from Rs 72,780 in 2016-17.

At current prices, the per capita income of the state during 2017-18 is likely to touch the level of Rs 92,727 as compared to Rs 126,349 at the national level.

There was a need for continued policy priority for agriculture, especially in its allied sectors, in view of the high employment potential and favourable agro-climatic conditions, the Survey argued.

The mining, manufacturing and construction sectors were estimated to grow moderately at 4.6 per cent, while electricity, water supply and other utility services sub-sector is expected to clock a growth rate of 9.6 per cent, the report added.

The consumer price inflation in the state was at 1.3 per cent till November 2017.