Economic Performance of Odisha
Odisha is one of the richest states in India in terms of minerals. The state’s major minerals are iron, coal, bauxite, manganese, nickel, chromite, limestone, dolomite, graphite, ornamental stones, coastal sand, china clay, tin ore, and more. The state contributes to the largest share of India’s mineral production in terms of value. The value of minerals produced in the state was 200.92 billion Rupees ($ 3.12 billion) between 2017 and 2018.
Odisha holds more than 55% of India’s bauxite reserves, making it an ideal place to start aluminum and aluminum businesses. It ranks first in the country in terms of production capacity and actual aluminum production.
Odisha is one of the preferred investment destinations for domestic and international iron and steel companies and one of the largest iron and steel producers in India. The total production of iron ore in Odisha in 2018-19 was 36.83 million tons *.
Between 2011-12 and 2017-2018, the country’s gross domestic product (CAGR) rose 10.30% to Rs 4.16 trillion ($ 64.54 billion) while the country’s gross domestic product (NSDP) grew. The compound annual growth rate of 10.08% reached 3.63 trillion Rupees ($ 56.37 billion).
Odisha is one of the top ten states with the highest number of MSMEs. As part of the industrial policy resolution of 2015, the state offers companies a wide range of tax and political incentives. In addition, the state has specific guidelines for the IT sector and Micro, Small and Medium enterprises. The state government has set up an “Odisha team” to stimulate investment.
Odisha has great potential for tourism development. It is one of the most important sectors of the state’s economy, both in terms of foreign exchange income and employment. In 2017, 1,40,11,229 domestic tourists and 1,00,014 foreign tourists visited Odisha.
Currently we are facing global warming and climate change due to which governments around the globe are uniting to reduce the pace of climate change and keep the earth’s land temperature below 1.5℃. In the case of Odisha state, it is rich in natural reserves & minerals, forest and wildlife.
There are many large and small rivers flowing from the state of Odisha. All rivers end in the Bay of Bengal. Of all the rivers, Mahanad is the largest. It started on the American plate in Madhya Pradesh. The length of the river is 858 km. Hirakud Dam in Sambalpur, Burla was built on the Mahanadi River. The Indravati Dam was built in Jeypore.
The dams are used for electricity generation, hydropower and irrigation. The river forms the Cuttack delta, from which many tributaries flow, such as Kathjodi, Kuakhia, Birupa. In addition to Mahanadi, there are other rivers in the state, such as Submarekha, Budhabalang, Baitarani, Brahmani, Rushikulya, Bansadhara. The two largest lakes in the state are Chilika and Anushpa. Both lakes are major tourist attractions and offer quality fish breeds.
Southwest and northeast monsoon winds cause heavy rainfall in the state. The state offers a wide variety of forests due to its geographic location. There are forests like evergreens, monsoons, tides, and mountains in this state. These forests have many tree and plant species that have made this state one of the most important forest resources in the country. Currently, about 32 percent of the state is forested.
The state forest features trees like Teak, sal, shisu, khaira, etc. along with bamboo in the plant. About eighty percent of the state’s forests are deciduous. This type of forest offers many valuable tree species for residential and commercial use. In addition, the forest also offers an abundance of Kenduleves for the bidi industry.
There are many nature reserves in different parts of the state to protect wildlife. Similipal in Mayurbhanj, Badrama in Sambalpur is famous for its tigers and other animals. Chilika is known as a bird sanctuary.