Economy
of Odisha // Sources of economy of Odisha
Base of Economy
of Odisha
Odisha, the
land of Lord Jagannatha is natural resourceful place. It is located in eastern
part of India. It is an east-costal state which is on the Bay of Bengal. This
land is full of natural resources including rivers, mountains, mine, marine,
forest and plain lands etc. Economy of this state is enriched by earnings from
these sources. Farming is the backbone of its economy. Apart from natural
resource some artificial sources like hotel and tourism, infrastructure
industry, government and private sectors also contribute extremely to its
financial strength. In modern time IT sector impacts on its financial status
very much. Let’s discuss in detail all about these sources.
Agriculture
Agriculture industry
plays important and major role to strengthen the economy of Odisha. Around 70%
of its total population depends on agriculture. The plane lands, availability
of water and supportive climate is highly suitable for farming. According to
season different crops and vegetables are grown. Kharif and Rabi are the two
types of common seasonal crops that farmers do and earn. Apart from it fish
farming, poultry farming, animal husbandry like cow, buffalo and goat for milk
and flesh; shrimp in marine are the strong sources for its economy.
Mine
The mine in Odisha extracts coal, minerals, iron ore, bauxite and chromite. The state is well-known for largest producer of Aluminium and Still in India. Tata Still and JSPL are the major companies that operate in Odisha and use the mine raw materials. It is one of the best earning for the state.
Hotel and
Tourism
Odisha is
famous for cultural heritage like Lord Jagannathan Temple, the Sun Temple, the
Lingaraj Temple, the Chilika Lake, Nandankanan; the Zoological and Botanical
Park and many regional visiting places are the major part of its economy. Every
year many visitors from world-wide visit our state and contribute to its
finance indirectly.
Infrastructure industry
Under this
industry all types of power generation, constructions including roads and
buildings, Smart cities etc comes. Odisha is capable of producing surplus
electricity and sales it to other states for revenue. Hydroelectricity, Thermal
power and solar power are the major sources of electricity production in this
state which is strong source of earning. A good network of roads connects remote
to urban area and industries that helps to increase state economy.
Manufacturing Industry
Odisha has
large scale of iron and still production factories like Tata Still and JSPL and
many more. These industries give not only employability but also a strong
income for the state. However some other smelters, iron industries and aluminum
factories add its finance too. Many small scale industries and handlooms play
supportive role towards strengthening economy.
Service sector
Government of Odisha has a number of departments where thousands of employees work as well as generate revenue for state economy. Apart from it IT sector including Wipro, Infosys and many more are emerging companies are also increase state finance condition. Transporting is another strong source of profit for state government. Both govt. and private transporting helps towards improvement of state economy. Odisha has become an educational hub which is a media of state prosperity.
Trade and
Commerce
This state
exports some of its production at best price to neighbor state. The products
like sweet potatoes, turmeric, betel lives, prawn fish, mine products as raw
material are exported against high paid.
Conclusion
Odisha is
enriched with natural as well artificial resources still it is backward state
of India. The reason behind it is unskilled labour, lack of capital to invest, no
support from government for start-up etc.
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