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Odisha economy has witnessed high growth rates during the last decade. Odisha reported an average annual growth rate of 8.23 per cent during the 11th Five Year Plan (2007-12). The anticipated growth rate of Odisha is estimated to be 9.14 percent in 2012-13.
Odisha economy continues to be on a high growth trajectory. Diversification of economic activities has led to a visible structural shift from an agriculture based economy to an industry-led and service-led economy in Odisha. The service sector accounts for about 58.3 percent of the Gross State Domestic Product (GSDP) followed by industry (24.2 percent) and agriculture (17.5 percent)
The industry sector contributes about 25 percent share to Odisha's Gross State Domestic Product. The share of the manufacturing sub-sector is around 63 percent and that of mining and quarrying sub-sector 24 percent.
Most large-scale industries in Odisha are mineral based. In producing steel, Odisha retains 10 percent of the total capacity of the nation, while it has 25 percent of the total iron ore reserves in the country. Odisha has been receiving heavy investments in the industrial sector in recent years. There are new potential entrants such as Vedant, Jindal and Posco into this sector in Odisha. When the investments fully materialize, the steel producing capacity of the state will improve substantially and Odisha will grow at a much faster rate. Odisha occupies the first place in the country in aluminum production capacity and actual production. Aluminum products in India is concentrated within four big plants, two of which are in Odisha. In 2010-11 total aluminum production in Odisha was 51 percent of the total production by all the four big plants.
Industries in Odisha are classified into five categories on the basis of investment: large scale heavy industries, large scale industries, small and medium scale industries, handicraft and cottage industries and khadi and village industries. Large scale industries , heavy or otherwise, include firms that produce iron and steel, cement, aluminum, Ferro - manganese, fertilizers, chemicals, aeronautical items, heavy water, textiles, refractory, ceramic glass and paper. Most large industries in Odisha are mineral based.
Steel can be called the backbone of industry in the state. Until recently, Odisha had about 10 percent of steel production capacity in the country, while it has 25 percent of total iron ore reserves of the country. The Rourkela Steel Plant is the largest of all state plants. There are new large scale potential entrants into steel such as Vedanta, Jindal, Posco, Tata and Essar.
The Micro, Small & Medium Enterprises (MSMEs) contribute significantly to value addition, employment generation, exports and overall growth and development of the country's economy. In Odisha itself MSME units are generating maximum employment next to agriculture. The MSME sector is responsible for about 40 per cent of the exports and 45 per cent of the total manufacturing output in the country. Other MSME units in the state are from the sectors of engineering & metal based, textiles, glass & ceramics, forest & wood based, repairing & services, chemicals & allied, paper & paper products, rubber & plastics, electrical & electronics, limestone & leather, miscellaneous manufacturing.
Industries in Odisha are classified into five categories on the basis of investment: large scale heavy industries, large scale industries, small and medium scale industries, handicraft and cottage industries and khadi and village industries. Large scale industries , heavy or otherwise, include firms that produce iron and steel, cement, aluminum, Ferro -manganese, fertilizers, chemicals, aeronautical items, heavy water, textiles, refractory, ceramic glass and paper. Most large industries in Odisha are mineral based.
Steel can be called the backbone of industry in the state. Until recently, Odisha had about 10 percent of steel production capacity in the country, while it has 25 percent of total iron ore reserves of the country. The Rourkela Steel Plant is the largest of all state plants. There are new large scale potential entrants into steel such as Vedanta, Jindal, Posco, Tata and Essar.
In terms of the value of mineral output, Odisha ranks the highest in the country and its share is increasing. This sector has been increasingly employing capital intensive and labor saving technologies with a view to enhancing its global competitiveness.
Odisha is richly endowed with large varieties of minerals which include chromite, bauxite, graphite, iron ore, manganese ore, limestone, clay, quartz and quartzite, nickel, copper, lead, coal and many precious stones. The state occupies a prominent place in the minerals map of the country, both in terms of deposits and production. Endowed with rich minerals, Odisha has huge potential for a rapid industrialization process. Within the state, coal constitutes the lion's share (88 %) of all mineral deposits followed by iron ore and bauxite.
This sector comprises of sub sectors such as banking and insurance, real estate, public administration, trade, hotels and restaurants, construction, transport and communication and other services. This sector dominates the state's economy, its share in GDSP being about 58 percent in recent years and has been growing at a higher rate in a comparatively stable manner. During 2012-13, the sector was expected to grow at a rate of 9 percent. Trade, hotels and restaurants sub-sector is expected to dominate the service sector contributing to it about 24 percent share. The other dominant sectors are transport and communication sub-sectors.
Tourism has a huge growth potential in Odisha and being a labour intensive activity it has the capacity to generate employment on a large scale. Odisha has a rich cultural heritage and offers fascinating tourist attractions including a myriad of temples and monuments, beaches, eco-tourism, adventure tourism, flora and fauna and national parks and sanctuaries. Bhubaneswar, the city of temples, the ancient sun temple of Konark, Lord Jagannath temple at Puri, the Buddhist monastic complexes at Ratnagiri, Lalitgiri and Udayagiri are vestiges of a rich cultural heritage. Besides, several sanctuaries and wildlife parks and Chilka lake are some of the major natural tourist attraction points of Odisha. There is a steady trend of increase in tourist arrivals in the state. Apart from India, the state attracts a large flow of tourists from overseas. In 2011, 60,722 foreign Tourists visited Odisha.
Hotel and tourism industries are strongly linked. This sub-sector is expected to contribute 14 percent share in the real gross state domestic product (GSDP) of Odisha and is expected to grow at 12.41 percent in 2012-13. During 2011, there were 1328 hotels of which 150 catered to high-spending groups (HSG), 245 to middle spending groups (MSG) and 933 to lower spending groups (LSG). Given the trend, this sector has high potential to contribute to the tourism sector in the state.
The state has undertaken massive steps to improve the use of information technology especially in public administration. E-Governance is encouraged and enforced at various levels. Two software technology parks are in operation, one in Bhubaneswar and the other in Rourkela. Their presence results in more efficient use of information technology in the private sector.
The agro-climatic conditions of Odisha are favorable for the production of different types vegetables, fruits and spices. Odisha ranked fourth in terms of production of vegetables in the country. Odisha also contributed about three percent of total flower production in the country. Rose, gladioli, marigold and tuberose are the main flowers grown in Odisha.
Odisha, being a maritime state, has considerable scope for development of inland, brackish water and marine fisheries. The state is endowed with a long coastline of 480 km with continental shelf are 24000 sq km along the Bay of Bengal. The state offers tremendous opportunities for development of fresh water, brackish water and marine fisheries with scope of fish production. According to the Fishery Survey in India (FSI), the fisheries potential in Odisha is 513,667
Fish is a popular food item in Odisha. The state ranks ninth in terms of production of fish. During 2011-12, Odisha produced 381.83 TMT of fish of which 267.53 TMT came from inland sources and 114.30TMT from marine sources. Crab and shrimp production has also been increasing over the years. The seafood export sector has been reporting impressive growth during the last few years.
The state has a total brackish water area of 4.18 lakh hectares out of which 32,587 hectares is suitable for prawn culture. 11975.77 MT brackish water shrimps were produced during 2011-12.
Odisha is considered the land of handicrafts, which are an integral part of the state's cultural heritage. As many as 50 different crafts are produced by about 1.30 lakh artisans, dispersed throughout the state.
This sector occupies an important place in preserving the states heritage and culture. The handloom products of Orissa have got wide recognition all over the country and abroad for their highly artistic designs, craftsmanship and durability. Odisha is also known for its exquisite silk and tassar fabrics. Sericulture is an agro-based industry providing employment to the rural poor on a large scale.
Exports from Odisha has been showing a rising trend. The total value (provisional) of goods exported from the state totaled over is Rupees 16 billion in 2011-12. Mineral and metallurgical products constituted 57 percent and 30 percent shares respectively of exports from Odisha followed by electronics 9 percent and others 4 percent. In the mineral sector, iron ore is the most important mineral in export basket of all minerals. Its share in total exports of minerals stood at 96.2 percent in 2011-12. Other minerals exported are chromites and manganese.
Bhubaneswar, the capital city of Odisha is fast coming up as a modern city with many amenities. Alongside, the city is witnessing rapid industralisation.
Establishment of an Info Park
Establishment of an International Convention
Centre
Establishment of an IIT
Development of the second INFOCITY for
Establishment of IT industries.
Establishment of a bio-pharma IT Park to be
implemented by M/S Konark Knowledge Park.
A sector specific SEZ for IT/ITES BPO industries
named Info Valley (Infocity II) has been developed
A mega food park.
