Bhubaneswar, the capital city of Odisha.
|GDP||₹4.43 lakh crore (US$64 billion) (2017-18 est.)|
GDP per capita
|₹92,727 (US$1,300) (2017-18)|
GDP per capita rank
GDP by sector
|Agriculture 28% |
Services 44% (2017-18)
|20.7% of GSDP (2018-19 est.)|
|Revenues||₹1 lakh crore (US$14 billion) (2018-19 est.)|
|Expenses||₹1.20 lakh crore (US$17 billion) (2018-19 est.)|
All values, unless otherwise stated, are in US dollars.
The economy of Odisha is one of the fastest growing economy in India. 49,527 crore (US$ 9.296 billion). According to the Reserve Bank of India, It received ₹ 53,000 crore (US$ 8.33 billion) worth of new FDI commitments in the 2012-13 fiscal year.According to 2014-15 economic survey, Odisha's gross state domestic product (GSDP) was expected to grow at 8.78%. Odisha has an agriculture-based economy which is in transition towards an industry and service-based economy. According to recent estimates, the size of Odisha's economy has increased by 122.27 per cent during the last six years in terms of the gross state domestic product (GSDP). Thereby, Odisha achieved an annual average growth rate of 6.23 per cent during that period. Odisha is also one of the top FDI destinations in India. In the fiscal year 2011-12, Odisha received investment proposals worth ₹
India, officially the Republic of India, is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand and Indonesia.
Odisha is one of the 28 states of India. Located in eastern India, it is surrounded by the states of West Bengal to the northeast, Jharkhand to the north, Chhattisgarh to the west and northwest, and Andhra Pradesh to the south. Odisha has 485 kilometres (301 mi) of coastline along the Bay of Bengal on its east, from Balasore to Ganjam. It is the 8th largest state by area, and the 11th largest by population. The state also has the third largest population of Scheduled Tribes in India. Odia is the official and most widely spoken language, spoken by 36.6 million according to the 2016 Census.
Agriculture is the science and art of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to live in cities. The history of agriculture began thousands of years ago. After gathering wild grains beginning at least 105,000 years ago, nascent farmers began to plant them around 11,500 years ago. Pigs, sheep and cattle were domesticated over 10,000 years ago. Plants were independently cultivated in at least 11 regions of the world. Industrial agriculture based on large-scale monoculture in the twentieth century came to dominate agricultural output, though about 2 billion people still depended on subsistence agriculture into the twenty-first.
In 2013-14, the GSDP growth rate dropped to 2.21%. This slown down was attributed to the Phailin cyclone, which caused a negative growth of 9.78% in the agricultural sector and also affected several other sectors. As of June 2014 [update] , Odisha has 10,95,151 people registered in various employment exchanges of the state. Of them, 10,42,826 reported themselves educated. Odisha had a rural unemployment rate of 8.7% and an urban unemployment rate 5.8% calculated based on the current daily status basis in the 68th National Sample Survey (2011-2012). The per capita income of the state was ₹ 98,983 (US$ 1,531) in 2013-14. The state has a public debt of ₹ 38,666 crore (US$ 6.34 billion), which is ₹ 8,909 per capita (US$ 146), at the end of 2013-14.According to the 2011 Census of India, Odisha has a working population of 17,541,589, among them 61% are main workers and rest are marginal workers. 33.9% of the total working female population are main workers.
The decennial Census of India has been conducted 15 times, as of 2011. While it has been undertaken every 10 years, beginning in 1872 under british Viceroy Lord Mayo, the first complete census was taken in 1881. Post 1949, it has been conducted by the Registrar General and Census Commissioner of India under the Ministry of Home Affairs, Government of India. All the censuses since 1951 were conducted under the 1948 Census of India Act. The last census was held in 2011, whilst the next will be held in 2021.
Full employment is a situation in which everyone who wants a job can have work hours they need on fair wages. Because people switch jobs, full employment involves a positive stable rate of unemployment. An economy with full employment might still have underemployment where part-time workers cannot find jobs appropriate to their skill level. In macroeconomics, full employment is sometimes defined as the level of employment at which there is no cyclical or deficient-demand unemployment.
Per capita income (PCI) or average income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area's total income by its total population.
According to ASSOCHAM, in the fiscal year 2011-12, Odisha received investment proposals worth ₹ 49,527 crore (US$ 9.296 billion). According to the Reserve Bank of India, Odisha received new FDI proposals worth Rs 53,000 crore (US$8.333 billion) in the 2012-13 fiscal year. In 2012-13, ₹ 125 crore (US$ 19.66 million) worth of foreign aid was received by NGOs in the state.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is one of the apex trade associations of India. The organisation represents the interests of trade and commerce in India, and acts as an interface between issues and initiatives. The goal of this organisation is to promote both domestic and international trade, and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India.
The Indian rupee is the official currency of India. The rupee is subdivided into 100 paise, though as of 2019, coins of denomination of 1 rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.
A crore (; abbreviated cr) or koti denotes ten million (10,000,000 or 107 in scientific notation) and is equal to 100 lakh in the Indian numbering system. It is written as 1,00,00,000 with the local style of digit group separators (a lakh is equal to one hundred thousand and is written as 1,00,000).
|Year||GSDP (in crore Indian rupees)|
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According to the 2011 Census of India, 61.8% of the working population are engaged in agricultural activities.However, the agricultural's contribution to the GSDP was 16.3% in the fiscal year 2013-14 and it was estimated to be 15.4% in 2014-15. The area under cultivation was 5,691 hectares in 2005-06 and it dropped to 5,424 hectares in 2013-14. Rice is the dominant crop in Odisha. It is grown on 77% of the area under cultivation. Odisha produced 8,360 metric tonnes of rice in 2013-14, a drop from 10,210 metric tonnes due the cyclone Phailin. Given below is a table of 2015 national output share of select agricultural crops and allied segments in Odisha based on 2011 prices
Rice is the seed of the grass species Oryza sativa or Oryza glaberrima. As a cereal grain, it is the most widely consumed staple food for a large part of the world's human population, especially in Asia. It is the agricultural commodity with the third-highest worldwide production, after sugarcane and maize.
|Segment||National Share %|
During 2013-14, the state exported 4.13 lakh tonnes and ₹ 1,800 crore worth of seafood. In 2014-15, the value of exports rose by 26% to ₹ 2,300 crore with 4.67 tonnes being exported. Odisha is the fourth largest shrimp producing state in India. On 22 November 2017, Odisha government decided to launch "Nabakrushna Choudhury Seccha Unnayan Yojana" to provide irrigation facility to about 55,000 hectare of agricultural land across Odisha. The scheme would be implemented with an outlay of Rs 635 crore over a period of three years. Under the scheme, 46,296 hectare command area of 14 major and medium irrigations and 284 minor irrigation projects will be revived.
A lakh (; abbreviated L; sometimes written Lac or Lacs) is a unit in the Indian numbering system equal to one hundred thousand (100,000; scientific notation: 105). In the Indian convention of digit grouping, it is written as 1,00,000. For example, in India 150,000 rupees becomes 1.5 lakh rupees, written as ₹1,50,000 or INR 1,50,000.
The term shrimp is used to refer to some decapod crustaceans, although the exact animals covered can vary. Used broadly, shrimp may cover any of the groups with elongated bodies and a primarily swimming mode of locomotion – most commonly Caridea and Dendrobranchiata. In some fields, however, the term is used more narrowly and may be restricted to Caridea, to smaller species of either group or to only the marine species. Under the broader definition, shrimp may be synonymous with prawn, covering stalk-eyed swimming crustaceans with long narrow muscular tails (abdomens), long whiskers (antennae), and slender legs. Any small crustacean which resembles a shrimp tends to be called one. They swim forward by paddling with swimmerets on the underside of their abdomens, although their escape response is typically repeated flicks with the tail driving them backwards very quickly. Crabs and lobsters have strong walking legs, whereas shrimp have thin, fragile legs which they use primarily for perching.
The primary industries in Odisha are manufacturing; mining and quarrying; electricity, gas and water supply and construction. The industrial sector's contribution to the state's GSDP was estimated at 33.45% in 2014-15. Most of Odisha's industries are mineral-based. Odisha has 25% of India's iron reserves. It has 10% of India's production capacity in steel. Odisha is the top aluminium producing state in India. Two of the largest aluminium plants in India are in Odisha, NALCO and Vedanta Resources. Mining contributed an estimated 6.31% to the GSDP.
Iron is a chemical element with symbol Fe and atomic number 26. It is a metal that belongs to the first transition series and group 8 of the periodic table. It is by mass the most common element on Earth, forming much of Earth's outer and inner core. It is the fourth most common element in the Earth's crust.
Steel is an alloy of iron and carbon, and sometimes other elements. Because of its high tensile strength and low cost, it is a major component used in buildings, infrastructure, tools, ships, trains, automobiles, machines, appliances, and weapons.
Aluminium is a chemical element with the symbol Al and atomic number 13. It is a silvery-white, soft, non-magnetic and ductile metal in the boron group. By mass, aluminium makes up about 8% of the Earth's crust; it is the third most abundant element after oxygen and silicon and the most abundant metal in the crust, though it is less common in the mantle below. The chief ore of aluminium is bauxite. Aluminium metal is highly reactive, such that native specimens are rare and limited to extreme reducing environments. Instead, it is found combined in over 270 different minerals.
Odisha has 9036.36 MW installed capacity of electricity production, out of which 6753.04 MW is coal-generated. 2166.93 MW is generated by hydro power and 116.39 MW by other renewable sources.
Odisha was the first state in India to reform its power sector. In 1996, it passed the Orissa Electricity Reform Act to restructure and privatize the sector. Before the Act, the single public-sector company Orissa State Electricity Board (OSEB) had been producing and supplying electricity in the state since its establishment in 1961. But by 1994-95, OSEB had run into heavy losses and there was a gap of 45% between consumption and production. The reforms unbundled power generation from transmission and distribution. Following the reforms, hydro power plants were handed over to Odisha Hydro Power Corporation (OHPC) and the existing thermal power plants were transferred to Odisha Power Generation Corporation (OPGC). Grid Corporation of Odisha (Gridco) was given the task of power supply. Initially, these were operated as state-owned farms, but later were corporatised.
In August 2014, the government announced a plan to invest ₹ 54,000 crore in the power sector over the next 5 years, to provide 24-hours electricity to both the urban and rural regions. Odisha expects to reach a power surplus during its peak consumption months by 2015-16.
The service sector contributed an estimated 51% to the GSDP in 2014-15. The primary sub-sectors are: community, social and personal services, which contributed 13.45% to the GSDP; trade, hotels and restaurants, which contributed 13.09%; financial and insurance services, which contributed 13.64%; and transport, storage and communication, which contributed 10.99%.The state has a well-developed banking network compared to many states of India. There is one bank branch for every 12,000 people. 90% of the branches are in the rural region.
The economy of Pakistan is the 24th largest in the world in terms of purchasing power parity (PPP), and 42nd largest in terms of nominal gross domestic product. Pakistan has a population of over 212.2 million, giving it a nominal GDP per capita of $1,357 in 2019, which ranks 154th in the world and giving it a PPP GDP per capita of 5,839 in 2019, which ranks 132th in the world for 2019. However, Pakistan's undocumented economy is estimated to be 36% of its overall economy, which is not taken into consideration when calculating per capita income. Pakistan is a developing country and is one of the Next Eleven countries identified by Jim O'Neill in a research paper as having a high potential of becoming, along with the BRICS countries, among the world's largest economies in the 21st century. The economy is semi-industrialized, with centres of growth along the Indus River. Primary export commodities include textiles, leather goods, sports goods, chemicals, carpets/rugs and medical instruments.
Steel Authority of India Limited (SAIL) is an Indian state-owned steel making company based in New Delhi, India. It is a public sector undertaking, owned and operated by the Government of India with an annual turnover of INR 66,267 Crore for fiscal year 2018-19. Incorporated on 24 January 1974, SAIL has 71,297 employees. With an annual production of 16.30 million metric tons, SAIL is the 20th largest steel producer in the world and the 3rd largest in India. The Hot Metal production capacity of the company will further increase and is expected to reach a level of 50 million tonnes per annum by 2025. Sri Anil Kumar Chaudhary is the current Chairman of SAIL.
A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct control.
India is the world's third largest producer and third largest consumer of electricity. The national electric grid in India has an installed capacity of 364.17 GW as of 31 October 2019. Renewable power plants, which also include large hydroelectric plants, constitute 34.86% of India's total installed capacity. During the 2018-19 fiscal year, the gross electricity generated by utilities in India was 1,372 TWh and the total electricity generation in the country was 1,547 TWh. The gross electricity consumption in 2018-19 was 1,181 kWh per capita. In 2015-16, electric energy consumption in agriculture was recorded as being the highest (17.89%) worldwide. The per capita electricity consumption is low compared to most other countries despite India having a low electricity tariff.
The economy of India is characterised as a developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the IMF, on a per capita income basis, India ranked 142nd by GDP (nominal) and 119th by GDP (PPP) per capita in 2018. From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation; the end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China. Historically India was one of the largest economy in the world for most of the two millennia from 1st until 19th century.
Kerala has the eleventh largest economy in India. Service industry dominates the Kerala economy. Kerala's per capita GDP in 2016-17 was Rs.140,107. Kerala's high GDP and productivity figures with higher development figures is often dubbed the "Kerala Phenomenon" or the "Kerala Model" of development by economists, political scientists, and sociologists. This phenomenon arises mainly from Kerala's land reforms, social upliftment of entire communities implemented by various governments ruled the state. Some describe Kerala's economy as a "democratic socialist welfare state". Some, such as Financial Express, use the term "Money Order Economy". Kerala's economic progress is above the national average, with numerous major corporations and manufacturing plants being headquartered in Kerala, specifically in Trivandrum,Kochi, Kozhikode. Estimates of the 2013 Tendulkar Committee Report on poverty suggest that percentages of population below poverty line in rural and urban Kerala are 9.14% and 4.97%
Karnataka is one of the highest economic growth states in India with an expected GSDP growth of 8.2% in the 2010-11 fiscal year. The total expected GSDP of Karnataka in 2010–2011 is about ₹2719.56 billion. Per capita GSDP during 2008–2009 was US$1034.9. Karnataka recorded the highest growth rates in terms of GDP and per capita GDP in the last decade compared to other states. In 2008–09, the tertiary sector contributed the most to GSDP, followed by the secondary sector, and the primary sector.
The energy policy of India is largely defined by the country's expanding energy deficit and increased focus on developing alternative sources of energy, particularly nuclear, solar and wind energy. India ranks 81 position in overall energy self-sufficiency at 66% in 2014.
Wind power generation capacity in India has significantly increased in recent years. As of 31 March 2019 the total installed wind power capacity was 36.625 GW, the fourth largest installed wind power capacity in the world. Wind power capacity is mainly spread across the South, West, North and East regions.
The economy of West Bengal is the sixth-largest state economy in India with ₹11.77 lakh crore (US$170 billion) in gross domestic product. In 2017–18, its public debt stood at ₹3.60 lakh crore (US$52 billion) or 35.36% of GSDP. The state primarily dependent on agriculture and medium-sized industry, although services and heavy industries play an increasingly significant role in the economy of the country.
According to the 2008 Global Hunger Index, Punjab has the lowest level of hunger in India. Less than one-fourth of children below the age of five are underweight.
The economy of Bihar is largely service-oriented, but it also has a significant agricultural base. The state also has a small industrial sector. As of 2016, agriculture accounts for 23%, industry 17% and service 60% of the economy of the state For the period 2002-2007, average growth rate of Manufacturing in the state was 0.38%, against the national average of 7.8%. Bihar has the lowest GDP per capita in India, but there are pockets of higher per capita income like the southern half of the state and its capital city, Patna, had per capita income greater than that of Bangalore or Hyderabad in 2008.
The economy of Andhra Pradesh is one of the fastest growing economies in India, with growth outstripping that of the wider Indian economy in the past few years. The GSDP at constant (2011-12) Prices for the year 2018-19 is estimated at ₹850,000 crores as against ₹490,134 crores for 2015-16 indicating a growth of 11.61%. Per Capita Income at current prices increased to ₹122,376 from ₹108,163 in 2015-16 registering a growth of 13.14%.
Uttarakhand's gross state domestic product for 2004 is estimated at $6 billion in current prices. Born out of partition of Uttar Pradesh, the new state of Uttarakhand produces about 8% of the output of the old Uttar Pradesh state.
The Union budget of India for 2010–11 was presented by Finance minister Pranab Mukherjee in the Lok Sabha on Friday, February 26, 2010.
Mizoram is one of the fastest growing economies among the states of India with a per capital income of Rs 50,021. Mizoram had the second highest GSDP growth during the 11th Five Year Plan (2007–2012) in Northeast India at 11% exceeding the target of 7.8% which is also much higher than the national average of 7.9%. During the 10th Five Year Plan (2002–2007), the Gross State Domestic Product (GSDP) was expected to grow at around 5.3% but grew at 5.7%. The biggest contributors to GSDP growth are Agriculture, Public Administration and Construction work. Tertiary sector of service sector continued to have the contribution to the GSDP with its share hovering between 58% and 60% during the past half a decade.
Make in India, a type of Swadeshi movement covering 25 sectors of the Indian economy, it was launched by the Government of India on 25 September 2014 to encourage companies to manufacture their products in India and enthuse with dedicated investments into manufacturing.
The Odisha State Budget for 2015–2016 was presented by Finance Minister of Odisha, Pradip Kumar Amat on 16 February 2015 in Odisha Legislative Assembly. Finance Minister Pradip Kumar Amat presented the Odisha Annual State Budget of ₹ 84,487.77 Crore with total revenue expenditure estimated at ₹ 65,838.99.
Foreign direct investment (FDI) in India is a major monetary source for economic development in India. Foreign companies invest directly in fast growing private Indian businesses to take benefits of cheaper wages and changing business environment of India. Economic liberalisation started in India in wake of the 1991 economic crisis and since then FDI has steadily increased in India, which subsequently generated more than one crore jobs. According to the Financial Times, in 2015 India overtook China and the United States as the top destination for the Foreign Direct Investment. In first half of the 2015, India attracted investment of $31 billion compared to $28 billion and $27 billion of China and the US respectively.