I want essay on Buisness and industries in Odisha
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Answer:
The economy of Odisha is one of the fastest growing economy in India.[5] According to 2014-15 economic survey, Odisha's gross state domestic product (GSDP) was expected to grow at 8.78%.[6] 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.[7] Odisha is also one of the top FDI destinations in India. In the fiscal year 2011–12, Odisha received investment proposals worth ₹49,527 crore (US$9.296 billion).[8] 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.[9]
Answer:
Orissa is overwhelmingly a horticultural state where almost seventy for every penny of the working populace relies on upon farming. The state has almost forty for every penny of Scheduled Castes (SC) and Scheduled Tribes (ST) populace, which together make 9.78 million, separated from the individuals having a place with the Other Backward Castes (OBC). The state is rich in mineral assets. It has 5,428 million tons of iron mineral store which is one-third of the aggregate iron-metal stores of the nation. One-fourth of the coal store of the nation is in the state, notwithstanding 98 to 99 and 63 percent of chromites and bauxite stores individually. Moreover, the accessible base incorporates water in bounty, power at a shabby rate, 480 kms of coastline with one expansive port at Paradip and two proposed ports at Dhamra and Gopalpur.Odisha, some time ago called Orissa, being an agrarian economy is extraordinarily well in mechanical development in addition to different states in India. Odisha’s businesses are basically mineral based and hold 10% of aggregate limits of the country. Odisha has copious common assets and a vast coastline. It contains assets like coal, iron metal, bauxite and chromite. It gets interests in steel, aluminum, power, refineries and ports.
The industrial structure of Odisha consists of four main categories:
Medium industries
Cottage industries
Large scale heavy industries
Large scale industries
The large scale, medium and large scale heavy industries include: cement industry, aluminum industry, fertilizer industry, chemical industry, agro-based industry and aeronautical industry.
The state is also rich in forest resources being an agraraian economy. Cottage industry includes: sericulture industry, sugar mills, cotton textile mills and rice mills.
The availability of nonrenewable natural resources drove the path of industrialization in Odisha. The rich iron and steel reserves of Odisha has attracted huge investments by Tata Consultancy Services(TCS), Jindal Steel, etc. In addition to minerals, Odiaha lies on India’s east coast which provides easier access to mineral-rich areas.Odisha’s overall economic growth rate in 2013-14 is pegged at 5.60 per cent which is 2.49 per cent less compared to the 2012-13 fiscal, according to the Economic Survey Report 2014.
The overall economic growth rate in 2012-13 fiscal was registered as 8.09 percent.
However, Odisha’s real per capita income has started rising and the gap with the national average has been progressively reducing over the years, according to the economic survey report, 2014 tabled in the assembly here today.
The service sector has become more and more pronounced in recent years, the report said adding that the share of the service sector to the state GSDP is expected to be 59 per cent and that of the share of the industry sector 25.4 per cent during 2013-14.
The share of agriculture sector is expected to come down to 15.6 per cent in 2013-14, the report said.
“This signifies faster diversification of Odisha Economy. This pattern of diversification in the State Economy is in line with the national and international experience,” the survey said.
The focus should be on diversification and high growth rate in agriculture and allied sector, employment generations through industriaization, development of infrastructures like port, roads, railways, irrigation, points out the Economic Survey.