Orissa Economy is characterized by the dominance of the
agricultural sector. Agriculture continues to be the mainstay of the
Orissa Economy contributing about 28.13% to
net state domestic product during 2001-2002. Agriculture alone provides
direct and indirect employment to around 65% of the total workforce of Orissa as per 2001 provisional census. Nevertheless, the sector continues to be characterized by low productivity. Although the contribution of
agriculture to
state income has significantly declined, the percentage of work force engaged in
agriculture has remained somewhat unchanged. This implies that there has been an overcrowding in
agriculture without any perceptible increase in
production. Therefore,
agricultural growth holds the key to the overall development of the
Orissa Economy by way of
creating employment, generating income, providing raw materials to the industrial sector, and ensuring self-reliance in
food production and
food security to the deprived sections.
Orissa holds the promise of becoming one of
India's major manufacturing hubs in the near future. The
rate of growth in Orissa has been encouraging in comparison to the
national average.
The
Orissa Economy is witnessing unprecedented
investment, both domestic and foreign. A whopping US$50 bn is expected to be invested in the state for
building steel and aluminum producing capacity, power projects, ports, and other
infrastructure. If things go as planned in Orissa, the state could emerge as one of the
most significant FDI destinations in the world, rivaling Shenzhen in China
Orissa is also a
major outsourcing destination for IT (Information Technology) and
IT services firms. With the clogged highways of Hyderabad and Bangalore causing massive traffic jams,
Orissa's still pristine
Bhubaneshwar provides excellent
opportunities for large IT firms to set up their shops.
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