Economy of Orissa

Orissa’s economy has a contrasting scenario. Despite of vast land, forest and mineral resources it hasn’t made significant stride.About 75% of the total population lives on farming and cultivation. Hence agriculture is the backbone of Orissa’s economy.

Apart from that, Industries play a crucial role in the economic development of the state. Because of its mineral wealth and strategic location it attracts foreign investment in steel, aluminum, power, refineries, and infrastructure. Orissa is also emerging as a player in the outsourcing IT (Information Technology) and IT services industry. The total planned investment in the state is projected to be 90 billion U.S. dollars. India’s gross state domestic product in 1980 was just Rs.37, 080 million which reached a whopping figure of Rs.387, 280 million in 2000.

Recently, the Central Government has agreed to accord SEZ (Special Economic Zone) status to eight sites in Orissa among which are Infocity at Bhubaneswar and Paradip. With various initiatives taken by the state as well as the central government, the state is marching ahead to become a major player in the Indian economy.