Economy of Odisha

Odisha’s Economic indicators

Economic Growth: In 2014-15 and 2015-16, the economy of Odisha grew at 6.2%. This is higher than the growth of 3.5% in 2012-13. Service sector saw a steady improvement in annual growth, from 4.6% in 2012-13 to 9.8% in 2015-16. On the other hand, agriculture saw a volatile growth pattern, with annual growth rates fluctuating between 17.3% to -12.5%.

Economy of Odisha

Per-capita income: Odisha has a per-capita income of Rs 52,516. This is the sixth lowest in the country.

Unemployment: Unemployment rate in the state has been declining since 2012-13. In 2012-13, the unemployment rate was 5.1%, which declined to 3.8% in 2015-16.

Over 76 percent of the people are dependent on agriculture. Out of the gross cropped area of 87.46 lakh hectares, 18.79 lakh hectares are irrigated. Rice, pulses, oil seeds, jute, mesta, sugarcane, coconut and turmeric are important crops. There are also Cash Crops like tea, Cotton and rubber. The state contributes one-tenth of the rice production in India. Jute, gram, sesame, ragi, mustard, rape and maize are second-ranking crops in different districts. District-wise, jute ranks second in Cuttack and Balasore, gram in Puri and Phulabani and Maize in Mayurbhanj. The Infrastructure-2/”>INFRASTRUCTURE for the development of Industry in Odisha is available.

A combination of coal, iron Ore, limestone, bauxite and a host of other Minerals on the one hand and port facilities on the other are the unique features in Odisha. In addition, the bountiful forest Resources and agricultural products provide ample scope for the development of forest-based and agro-based industries.

The major industries of the state include cement, aluminium, ceramic glass, chemical, fertilizer, heavy water, aeronautical industry, and agro-based industries such as cotton textiles, sericulture, sugar mills and rice mills.

The economy of Odisha is a balanced mix of agricultural and industrial sectors. The Odisha economy has been boosted with the presence of modern infrastructural facilities. The transportation system has been upgraded with well-maintained road networks, an international airport at Bhubaneswar, major Ports and rail Network connecting all major cities of the country.

Stress has been given on the improvement of the power sector. The extensive telecom network in Odisha constitutes mostly of modern microwave systems and optical fibres. In the agricultural sector, the presence of fertile soils and favourable Climate has aided Odisha to emerge as one of the leading agricultural states of the country. The state is also one of the major fish producing states.

A list of the major contributors to the Odisha economy and leading industries of the state are:

Agriculture
Forest based husbandry
Minerals
Cement
Paper
Sugar
Fertilizer
Iron and steel
Handloom
Information and technology

The steel Plants in Odisha are greatly responsible for the industrial boom that the state has witnessed in the recent past. The active presence of companies and organizations like ESSAR, Steel Authority of India, POSCO, Nilachal Ispat Nigam Limited, Jindal Steel etc. has resulted in the overall improvement of the industrial scenario of the state. The significance of small scale industries like handloom and handicrafts cannot be overlooked as they contribute a considerable amount of revenue to the state’s economy.

Odisha Agriculture

Odisha Agriculture is the major contributor to the state’s economy. Agriculture is the chief occupation in Odisha. About 76% of the total working Population is engaged with agriculture and agriculture related industries. The total cropped area in Odisha is 87, 46,000 Hectares and out of that 18, 79,000 Hectares are under Irrigation.

Odisha is one of the largest producers of rice in India. The state grows almost one tenth of the total rice production of the country. Favourable climate and presence of rich soils accounts for the flourishing agriculture of Odisha. The main crops cultivated in the state are:

Rice
Jute
Oil seeds
Pulses
Coconut
Mesta
Sugarcane
tea
Rubber
Cotton
Gram
Mustard
Maize
Sesame
Ragi
Potato
Soybean

Odisha Fisheries-2/”>Fisheries

The Odisha Fisheries have emerged as one of the important components of the economy of the state. With a coastline of 480 Kilometres of length, vast swamp areas, numerous rivers and fresh water lakes, Odisha has a huge scope for brackish water, inland and marine fisheries.

Fresh water fisheries in Odisha include 2,56,000 Hectares of reservoirs, lakes and swamps, 1,16,000 Hectares of ponds and tanks and 1,55,000 Hectares of canals and 1,80,000 Hectares of rivers.

Brackish or salt water fisheries in Odisha include 8,100 of backwater regions, cultivated brinies adding up to 32,587 Hectares and 2,98,000 Hectares of estuaries and 79,000 Hectares of Lagoons.

Odisha Industry

The Odisha Industry is going places with excellent industrial infrastructure and presence of top national and international companies. The state has witnessed an industrial upsurge due to the favourable industrial Atmosphere in the state. The State Government of Odisha has invited major industrial houses of the country and abroad to invest in the state. It has achieved a considerable amount of success and several prime companies have set up their plants in the state.

The industrial structure of Odisha mainly consists of four categories:

Medium industries
Cottage industries
Large scale heavy industries
Large scale industries

The large scale medium and large scale heavy industries include the:

Cement industry
Ceramic Glass plants
Refractory units
Ferro Manganese plants
Aluminium industry
Fertilizer plants
Agro Based Industries
Chemical industries
Tyre factories
Aeronautical industry

Odisha Steel

Odisha Steel is an emerging sector that will supplement the industrial sphere of Odisha. The developing industries producing steel will dominate the economy of the state. The presence of raw materials in abundance in the region has resulted in attracting the big investors to the region.

In the year 2004, the government of Odisha had received 40 proposals for establishing steel plants in Odisha. The large scale steel enterprises have opted to invest in the state of Odisha. The reasons behind the sudden interest of the steel plants like TATA Steel and Ruia’s Essar Steel are the large iron ore deposits in the districts of Keojhar. The state mines 58 percent of iron ore which is an important raw material for making steel.

Odisha has deposits of the other raw material required for the production of steel in substantial quantities. The state also has a ready market for the steel products. Labour and electricity in the state are cheap which account for a low cost of production. The infrastructure of the state is also well developed that facilitates the Industrial Sector. These factors have lured the reputed steel companies of the country to the state.,

The economy of Odisha is the 11th largest in India by Nominal GDP and the 9th largest by purchasing power parity. The state has a diversified economy with a strong focus on agriculture, mining, and manufacturing. Odisha is also home to a number of important industries, including steel, aluminum, and power generation.

The state’s economy has been growing at a healthy rate in recent years, and it is expected to continue to grow in the coming years. Odisha is well-positioned to take advantage of the opportunities presented by the Make in India initiative, and the state is expected to play a major role in the development of the Indian economy.

Agriculture

Agriculture is the backbone of the Odisha economy, accounting for about 20% of the state’s GDP. The state is a major producer of rice, wheat, pulses, oilseeds, and vegetables. Odisha is also home to a number of important Livestock industries, including Dairy, Poultry, and fisheries.

The state government has been taking a number of steps to promote Agriculture in Odisha. These include providing subsidies for inputs such as seeds, Fertilizers, and pesticides; providing irrigation facilities; and promoting the use of modern agricultural technologies.

Mining

Odisha is a major producer of minerals, including iron ore, bauxite, coal, and manganese. The state’s mining industry accounts for about 10% of the state’s GDP.

The state government has been taking a number of steps to promote mining in Odisha. These include providing infrastructure support, such as roads and railways; promoting the development of mining-related industries; and ensuring that mining is done in a sustainable manner.

Manufacturing

The manufacturing sector is growing rapidly in Odisha. The state is home to a number of important manufacturing industries, including steel, aluminum, power generation, and pharmaceuticals.

The state government has been taking a number of steps to promote manufacturing in Odisha. These include providing incentives to investors, developing infrastructure, and promoting the development of clusters of related industries.

Steel

The steel industry is one of the most important industries in Odisha. The state is home to a number of steel plants, including the Rourkela Steel Plant, the Bhubaneswar Steel Plant, and the Jindal Steel and Power Limited plant.

The state government has been taking a number of steps to promote the steel industry in Odisha. These include providing incentives to investors, developing infrastructure, and promoting the development of clusters of related industries.

Aluminum

The aluminum industry is another important industry in Odisha. The state is home to a number of aluminum plants, including the National Aluminum Company Limited plant and the Hindalco Industries Limited plant.

The state government has been taking a number of steps to promote the aluminum industry in Odisha. These include providing incentives to investors, developing infrastructure, and promoting the development of clusters of related industries.

Power generation

The power generation sector is also growing rapidly in Odisha. The state is home to a number of power plants, including the Talcher Thermal Power Plant, the Ib Thermal Power Plant, and the NTPC Ramagundam Super Thermal Power Plant.

The state government has been taking a number of steps to promote power generation in Odisha. These include providing incentives to investors, developing infrastructure, and promoting the development of clusters of related industries.

Make in India

The Make in India initiative is a government program that aims to promote manufacturing in India. The program has a number of objectives, including increasing the share of manufacturing in the Indian economy, creating jobs, and improving the competitiveness of Indian industries.

Odisha is well-positioned to take advantage of the opportunities presented by the Make in India initiative. The state has a number of strengths, including a large and skilled workforce, a good infrastructure, and a favorable Investment climate.

Indian economy

The Indian economy is the world’s sixth-largest economy by nominal GDP and the third-largest by purchasing power parity. The economy is growing at a rapid pace, and it is expected to continue to grow in the coming years.

Odisha is playing a major role in the development of the Indian economy. The state is home to a number of important industries, including steel, aluminum, power generation, and pharmaceuticals. Odisha is also a major producer of agricultural products.

The state government has been taking a number of steps to promote Economic Development in Odisha. These include providing infrastructure support, promoting investment, and developing human resources.

What is the economy of Odisha?

The economy of Odisha is the 11th largest economy in India, with a gross state domestic product (GSDP) of â¹1.25 trillion (US$18 billion) in 2017â18. The state’s economy is primarily driven by agriculture, mining, and manufacturing.

What are the major industries in Odisha?

The major industries in Odisha are steel, aluminium, mining, power, and textiles. The state is home to some of the largest steel plants in India, including the Rourkela Steel Plant and the Bhubaneswar Steel Plant. Odisha is also a major producer of aluminium, coal, and iron ore.

What are the major challenges facing the economy of Odisha?

The major challenges facing the economy of Odisha are infrastructure, Education, and healthcare. The state has a poor infrastructure, with inadequate roads, railways, and Airports. The education system in Odisha is also in need of improvement. The state has a high dropout rate and a low Literacy rate. The healthcare system in Odisha is also inadequate, with a shortage of doctors and hospitals.

What are the government’s initiatives to improve the economy of Odisha?

The government of Odisha has taken several initiatives to improve the economy of the state. These initiatives include the following:

The state government has launched several infrastructure projects, including the construction of new roads, railways, and airports.
The government has also launched several education initiatives, including the construction of new schools and colleges.
The government has also launched several healthcare initiatives, including the construction of new hospitals and clinics.

What are the prospects for the future of the economy of Odisha?

The prospects for the future of the economy of Odisha are positive. The state has a number of strengths, including a young population, a rich natural resource base, and a growing manufacturing sector. The state government is also taking several initiatives to improve the economy. With these strengths and initiatives, the economy of Odisha is expected to grow in the future.

Sure, here are some MCQs without mentioning the topic Economy of Odisha:

Which of the following is not a major industry in Odisha?
(A) Steel
(B) Mining
(C) Tourism
(D) Agriculture
Odisha is the largest producer of which of the following minerals?
(A) Iron ore
(B) Coal
(C) Bauxite
(D) Copper
Which of the following is the capital of Odisha?
(A) Bhubaneswar
(B) Cuttack
(C) Rourkela
(D) Sambalpur
Odisha is home to which of the following UNESCO World Heritage Sites?
(A) Konark Sun Temple
(B) Bhubaneswar Temples
(C) Chilika Lake
(D) Dhauligiri
The Official Language of Odisha is:
(A) Odia
(B) Hindi
(C) English
(D) Telugu
The POPULATION OF ODISHA is approximately:
(A) 45 million
(B) 50 million
(C) 55 million
(D) 60 million
The literacy rate in Odisha is approximately:
(A) 60%
(B) 70%
(C) 80%
(D) 90%
The life expectancy in Odisha is approximately:
(A) 60 years
(B) 65 years
(C) 70 years
(D) 75 years
The per capita income in Odisha is approximately:
(A) $1,000
(B) $2,000
(C) $3,000
(D) $4,000
The main religion in Odisha is:
(A) Hinduism-2/”>Hinduism
(B) Islam
(C) Christianity
(D) Buddhism-2/”>Buddhism
The main crops grown in Odisha are:
(A) Rice
(B) Wheat
(C) Sugarcane
(D) Cotton
The main exports of Odisha are:
(A) Iron ore
(B) Coal
(C) Bauxite
(D) Copper
The main imports of Odisha are:
(A) Petroleum products
(B) Machinery
(C) Consumer goods
(D) Foodgrains
The main languages spoken in Odisha are:
(A) Odia
(B) Hindi
(C) English
(D) Telugu
The main ethnic groups in Odisha are:
(A) Odias
(B) Hindus
(C) Muslims
(D) Christians
The main Political Parties in Odisha are:
(A) Biju Janata Dal (BJD)
(B) Indian National Congress (INC)
(C) Bharatiya Janata Party (BJP)
(D) Communist Party of India (Marxist) (CPI(M))
The chief minister of Odisha is:
(A) Naveen Patnaik
(B) Nitish Kumar
(C) Mamata Banerjee
(D) Pinarayi Vijayan
The governor of Odisha is:
(A) Ganeshi Lal
(B) Banwarilal Purohit
(C) Satya Pal Malik
(D) Arif Mohammad Khan
The official currency of Odisha is:
(A) Indian rupee
(B) US dollar
(C) Euro
(D) Pound sterling
The time zone in Odisha is:
(A) UTC+5:30
(B) UTC+6:00
(C) UTC+6:30
(D) UTC+7:00